Tax Planning For Individuals
- Document Cash and Non-Cash Donations
- Track Home Office Expenses (Unreimbursed expenses related to your job)
- Document Education Expenses related to obtaining higher education degrees and/or certifications that will enhance your job skills.
- Make Contributions into your 401(k), 403(b) Plans, Roth or Traditional IRA's
Tax Cuts & Jobs Act
Here is a list of some important changes for 2019:
- Increased Standard Deduction Amounts for all filing statues
Married Filing Joint 24,000
Married Filing Separate 12,000
Head of Household 18,000
- State & Local tax deduction is now capped to $10,000. This includes both state income tax, sales/use tax and property taxes.
- Casualty Loss - Deduction NO LONGER ALLOWED unless loss is resulting from federally declared disaster. To claim the loss deduction, a FEMA number and property location is required.
- Charitable contributions deduction limit is now 60% of your Adjusted Gross Income (AGI). Any amount over $250 must be substantiated.
- Qualifying Relative Credit. You can now receive a $500 deduction for a qualifying relative.
- Moving Expenses are NO LONGER ALLOWABLE except if you are a member of the Armed Forces.