Tax Changes for 2019

 
2019 Tax Items Include the following:
 
Revised: 12/11/2019
 
This page is subject to change as tax laws continually change.  
 
Individuals claiming earned income tax credits, additional child tax credits and/or education credits - ***NOTE*** IRS will delay refunds for returns with any of these three criteria.  The earliest a refund will be issued is the 3rd week in February.  This is applicable only to those claiming the three credits.  Most other taxpayers will NOT experience delayed refunds. 

Individual tax rates  Updated - applicable for 2019 tax returns

All the individual marginal tax rates under are retained (10%, 12%, 22%, 24%, 32%, 35% and 37%). 

Capital gains and dividends

Capital Gains Rates Vary depending on numerous factors including the type of transaction generating the capital gain and the effective tax rate of the taxpayer. 

Health Care Reform Act

With the 2019 tax returns, penalties for failure to have health insurance have ceased. 

2019: There is no longer a penalty for not having health insurance.    

 

Tax Return for Seniors - New for 2019, taxpayers aged 65 and over will have the option to file on new form 1040-SR which is a larger print form.  It is the same form as a form 1040, only larger print.  If you pay a preparer, such as this firm, to prepare a return, it will be electronically filed and the standard size print will be used. 

Business Tax Changes

See our separate pages for Section 179 & Bonus depreciation and the Business Tax Deduction Checklist pages.

Business e-file is open.  Early filing is recommended.

The IRS and SSA have changed due dates for returns.  ALL W2's and 1099's must be filed by January 31st. There is no extension available for these returns and significant penalties will be imposed for late filing of Forms W2 or 1099's.

All calendar year Partnership returns are due March 15th.  An extension is available.

All calendar year C Corporation returns are due April 15th.  An extension is available.

All calendar year S Corporation returns are due March 15th.  An extension is available. 

Visit our Newsletter Section for many more updates.

Myra B. Carlisle, CPA
Myra Carlisle & Company, PC
2107 Martin Street S Suite 100
Pell City, Alabama 35128-2354
205-884-4829

myracpa@cpataxbreaks.com

www.cpataxbreaks.com

 
IRS Circular 230 Notice: If this e-mail contains tax advice, this written advice was not intended to be used, and cannot be used by anyone,  for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax provisions.