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Tax filing due dates:

Personal tax returns are due April 15th. If necessary, Form 4868 can be electronically filed requesting a 6 month extension.  For businesses, the 

S-Corporation and Partnerships taxes are due March 16th and Form 7004 may be filed for a 6 month extension. C-Corporations are due April 15th and Form 7004 may be filed for a 6 month extension.

 

Change in tax rates:

Starting in 2018, most tax rates have been reduced. This means most people will pay less tax starting in 2018. For 2019: 10%, 12%, 22%, 24%, 32% and 35% 

 

Refunds: By law, the IRS cannot issue a refund on tax returns claiming the Earned Income Credit or the Additional Child Tax Credit before mid-February.  This applies to the entire refund - even the portion not associated with EITC and ACTC.

 

The Standard deduction amounts are as follows:

Single                              $12,200    $13,850 if age 65 and older

Married Filing Jointly         $24,400    plus $1,300 for each spouse age 65 or older

Married Filing Separately    $12,200    $13,500 if over age 65 and older

Head of Household            $18,350    plus $1,650 if age 65 and older

 

Earned Income Credit maximum amounts are:

With No Children $529

With One Child $3,526

With Two Children $5,828

With Three or More Children $6,557

 

Personal and Dependent Exemption amount:  The amount is -0-

 

Child Tax Credit amounts: The deduction amount is $2,000 and the

Refundable portion is $1,400

Other Dependent Credit amount: The deduction amount is $500 and the

Refundable portion is -0-

Adoption Credit:

The adoption credit can be up to $14,080 of costs, a $270 increase.

 

Deduction for state and local income, sales & property taxes modified:

On Schedule A the total deduction of $10,000 ($5,000 if Married Filing Separate)

Standard Mileage Rates:  

Beginning on January 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile for business miles driven which is up from 54.5 cents in 2018

  • 20 cents per mile driven for medical or moving purposes which is up from 18 cents in 2018.

  • 14 cents per mile driven in service of charitable organizations.

 

Penalties related to Obamacare:

No penalties imposed for tax year 2019. Previously The Affordable Care Act imposed penalties for those not having health care coverage unless you have an exemption.  For 2018: The basic fine is $695 per adult, $347.50 per child, with a family ceiling of $2,085. The income-based levy remains 2.5% of the excess of household income over the tax return filing threshold.

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