The changes to the Internal Revenue Code (I.R.C.) for 2019 are certainly less extensive than the ones made for 2018. Nevertheless, some significant alterations and adjustments to the I.R.C. are evident this year.
This guide reviews the 2019 adjustments to the Internal Revenue Code and more:
- Tax season deadlines
- Key tax changes & Cost of Living Adjustments (COLAs) for households
- Key tax changes & COLAs for businesses
- Social Security & Medicare changes
- Last, but not least, some other interesting developments
Just a reminder as you read this guide: you should consult with a qualified tax or financial professional before making short-term or long-term changes to your tax or financial strategy.
This Special Report is not intended as a guide for the preparation of tax returns. The information contained herein is general in nature and is not intended to be, and should not be construed as, legal, accounting or tax advice or opinion. No information herein was intended or written to be used by readers for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Readers are cautioned that this material may not be applicable to, or suitable for, their specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision. Both Scarlet Oak Financial Services/ Faye Sykes and MarketingPro, Inc. disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. Neither Scarlet Oak Financial Services, Faye Sykes, nor MarketingPro, Inc. assume any obligation to inform readers of any changes in tax laws or other factors that could affect the information contained herein.
This material was prepared by MarketingPro, Inc. for use by Scarlet Oak Financial Services and Faye Sykes.
Citations.
1 – cnbc.com/2019/01/08/irs-confirms-tax-season-to-start-jan-28-despite-government-shutdown.html [1/8/19]
2 – blog.indinero.com/2019-business-tax-deadlines [6/1/18]
3 – thebalancesmb.com/payroll-tax-deadlines-for-january-and-february-3974577 [1/4/19]
4 – taxact.com/support/24459/2018/irs-filing-deadlines [1/10/19]
5 – trustetc.com/resources/investor-awareness/contribution-limits [11/1/18]
6 – shrm.org/resourcesandtools/hr-topics/benefits/pages/agencies-preview-form-5500-for-2019-filings-while-revamp-delayed.aspx [11/26/18]
7 – forbes.com/sites/kellyphillipserb/2018/11/15/irs-announces-2019-tax-rates-standard-deduction-amounts-and-more [11/15/18]
8 – fool.com/taxes/2018/12/15/your-2019-guide-to-the-alternative-minimum-tax.aspx [12/15/18]
9 – paychex.com/articles/compliance/aca-individual-mandate-penalty-reduced-2019 [12/21/18]
10 – foxbusiness.com/business-leaders/amazon-ceo-jeff-bezos-divorce-subject-to-these-tax-changes [1/10/19]
11 – forbes.com/sites/ashleaebeling/2018/11/01/irs-announces-2019-retirement-plan-contribution-limits-for-401ks-and-more/ [11/1/18]
12 – irs.gov/newsroom/401k-contribution-limit-increases-to-19000-for-2019-ira-limit-increases-to-6000 [11/27/18]
13 – forbes.com/sites/ashleaebeling/2018/11/15/irs-announces-higher-2019-estate-and-gift-tax-limits [11/15/18]
14 – taxfoundation.org/2019-tax-brackets [11/28/18]
15 – thebalance.com/lifetime-learning-tax-credit-3192933 [1/11/19]
16 – tinyurl.com/ycdgvpr5 [1/14/19]
17 – investrustwealthmanagement.com/2018/09/27/what-are-the-new-rules-for-401k-hardship-withdrawals/ [9/27/18]
18 – tax.thomsonreuters.com/news/moves-that-will-maximize-the-new-deduction-for-pass-through-income [12/12/18]
19 – shrm.org/resourcesandtools/hr-topics/compensation/pages/fica-social-security-tax-2019.aspx [12/19/18]
20 – irs.gov/pub/irs-pdf/p334.pdf [2019]
21 – tinyurl.com/ycd6bl8q [12/14/18]
22 – medicareresources.org/faqs/what-kind-of-medicare-benefit-changes-can-i-expect-this-year/ [10/15/18]
23 – forbes.com/sites/howardgleckman/2019/01/15/the-new-1040-will-fit-on-a-big-postcard-but-it-wont-make-tax-filing-any-simpler [1/15/19]
