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
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
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.