Filing Your 2019 Tax Return In Brief

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Filing Your 2019 Tax Return In Brief
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• With 2018 fast coming to an end, its time to ask
  yourself if youre ready for the new tax season?
  2019 brings in a variety of changes and each of
  these could go on to affect how you file and Form
  1040.
• Be sure to check your withholding
• Thanks to the TCJA, or Tax Cuts and Jobs Act,
  each taxpayer may receive a smaller refund or tax
  bill due to their decreased withholding. If you
  have a dual income household, work more than one
  job or for only part of the year, have dependents
  that claim Child Tax Credits or other dependents,
  receive high tax refunds or tax bills for the
  previous year or are a high-income taxpayer in
  general, then you would be strongly advised to
  check your withholding.

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• Take note that the standard deduction increases
• The TCJA doubles all filing statuss standard
  deduction, and in order to itemize your
  deductions, you will need to exceed the standard
  deduction, which in many cases, may be tricky.
  For more detailed information on standard
  deductions, please consult with a qualified and
  experienced tax professional as soon as possible.
• Find your tax bracket
• In comparison to the previous year, the federal
  income tax brackets are now 10, 12, 22, 24,
  32, 35 and 37 rather than 10, 15, 25, 28,
  33, 35 and 39 for 2017.

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• Itemized deductions have been limited or gotten
  rid of altogether
• If youre a taxpayer who itemizes their return
  each tax year, then you may be faced with myriad
  Changes, a few of which are mentioned below
• Unreimbursed medical expenses must exceed 7.5 of
  your AGI for deduction (this increases to 10 for
  the tax year 2019
• Alimony payments are no longer deductible
• 60 limitation of AGI for charitable
  contributions deductions
• You can deduct interest on your mortgage or home
  equity loan that takes place before Dec 15th 2017
  for up to 1,000,000 or 500,000 if you are
  married filing separate.

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• Moving expenses have been eliminated except for
  members of the US Armed Forces
• Changes to dependent benefits
• Personal exemption for your dependents, as well
  as for yourself and your spouse, have been gotten
  rid of by the TCJA, however, CTCs (Child Tax
  Credit) maximum credit has increased to 2,000
  and 1,400 of it can be refundable per qualifying
  child as the Additional Child Tax Credit or ACTC.
• Tax reform is an unavoidable reality, and no
  matter how much we love or loathe the changes, we
  cannot escape them, no matter how hard we try!

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• If youre worried or uncertain about what tax
  reform means for you as we enter 2019, its best
  to get your information and guidance directly
  from a tax expert, and please do so before its
  too late and tax time is upon us again.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami , Heyer Associates would be a right
  option.