In 2019, the standard deduction rose to $12,200 for individuals and $24,400 for married couples filing jointly, nearly double the pre-tax reform standard deduction in 2017. Tax reform made the number of households itemizing their deductions drop significantly—from about 37 million to an expected 16 million in 2018. However, many[…]
Read More »Maximum savings amounts increase for retirement plans in 2019. You can contribute up to $13,000 to a Simple IRA , up to $19,000 to a 401(k) and up to $6,000 to a traditional or Roth IRA. If you are over 50 or will be over 50 by the end of[…]
Read More »Like-kind exchanges — when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind” — have long been permitted under the Internal Revenue Code. Generally, if you make a like-kind exchange, you are not[…]
Read More »Many taxpayers did not update their W-4 form last year which led to an increased in their paychecks throughout the year, but it was sometimes more than the decrease in their taxes. Tax liabilities may have decreased on average but the size of tax refunds stayed about the same. The[…]
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