2019 - TAX FACTS  /  2018 Tax Policy Changes

2019 Social Security: 

Maximum Taxable Wages                                     $132,900

 

Medicare: 

Maximum Taxable Salary:                                    Unlimited

 

Medicare Tax Rate:                                              1.45%

 

Do I need to file this year?  (Click here for the filing requirements)

https://www.irs.gov/uac/do-i-need-to-file-a-tax-return

 

 

Want some help with determining the proper number of exemptions to claim on your W-4 for wage withholding? 

(click the link for the IRS’s withholding calculator or call our office for assistance)

https://www.irs.gov/individuals/irs-withholding-calculator

 

 

Prior-year Safe Habor for estimated taxes           110% of prior year tax

of higher-income:                                              

 

Standard mileage rate for business driving           58 cents / mile

2019

 

Unearned income maximum for children              $2,100 (threshold - and then sliding scale

before kiddie tax applies                                                 tax rate)

 

Maximum capital gains tax rate for taxpayers       0% 

in the 10% - 15% bracket

 

Maximum capital gains tax rate for taxpayers       15-20% 

above the 15% bracket                                      (high income taxpayers)

 

Capital gains tax rate on collectiblees                  28%

 

2019 Traditional / Roth IRA Contribution limit       $6,000 or

                                                                        $7,000 (age 49+)

 

Maximum employee contribution to            SIMPLE IRA 2018 $12,500 ($15,500 age 50 or older)

 

                                                                       25% of compensation

Maximum employee contribution to SEP IRA        up to $55,000

 

401(k) Maximum employee contribtuion limit       $19,000 under 50

                                                                        $25,000 above 50 

 

Self-employed health insurance deduction            100%

 

Federal Estate Tax                                            40% on Estate's excess

                                                                      value of $11.4 million ($22.8M married)

 

Annual Exclusion for Gifts                                 $15,000 per receipient

                                                                      (per year)

 

IRC Section 121 Capital Gains exclusion on        up to $500,000 for married couples

of primary residence if house was lived in 24      ($250,000 single)

of the 60 months preceding sale date 

 

2018 - Tax Policy Changes (Snapshot)_

 

       HELOC Debt - Based on the use of the funds, the interest from a HELOC loan may or

       may not be a deduction.  

 

       Mortgage interest paid on acquisition debt is limited to $750,000.

 

       Miscellaneous itemized deductions are no long deductible.  

 

       Pass-Through Business Income Deduction.  This will affect those individuals who have

       partnership or S corporation and sole-proprietor income.  

 

       C Corporations new flat tax rate is 21%.  Section 179 deduction is increased to $1 million. 

 

             

 

 

 

 

 

     Contact Us Today

Primary Location

Valentine Seevers & Associates Certified Public Accountants

3781 Evergreen Parkway

Evergreen, Colorado  80439

Phone: 303-674-5561

E-mail: info@vsaacpa.com

Satellite office for Valentine Seevers & Associates Certified Public Accountants 

BY APPOINTMENT ONLY 

13976 W Bowles Avenue

Suite #200

Littleton, Colorado  80127

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