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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-
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.