2019 - TAX FACTS  /  2018 Tax Policy Changes

2019 Social Security: 

Maximum Taxable Wages                                     $132,900



Maximum Taxable Salary:                                    Unlimited


Medicare Tax Rate:                                              1.45%


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




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)




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

of higher-income:                                              


Standard mileage rate for business driving           58 cents / mile



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

Valentine Seevers & Associates, PC

Certified Public Accountants

3781 Evergreen Parkway

Evergreen, Colorado  80439

(Long gray building next to Bank of the West and Safeway Gas Station on the frontage Road)

Phone: 303-674-5561

E-mail: info@vsaacpa.com

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