Tax Changes & COLAs for Businesses   On the business side, not much has changed this year after a truly momentous 2018.   1) Taxable income thresholds pertaining to the 20% deduction of qualified business income have been updated. Many pass-through business entities will be able to exclude a bit more income from federal taxation in…

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Tax Changes & COLAs for Households Here are some notable changes affecting individual taxpayers this year (the changes are far less seismic in 2019 than those brought about in 2018 by the Tax Cuts & Jobs Act).  Just a reminder as you move to this new section on Tax Changes & COLAs for Households. This…

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Other Tax Interesting Developments   1) The new 1040 form is the size of a (very large) postcard. Measuring 5″ x 7.5″, it is two-sided. In tandem with the new 1040, taxpayers may need to use up to six new schedules (named Schedule 1, 2, 3, 4, 5, and 6) and/or the traditional “alphabet” schedules to…

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Social Security & Medicare Changes   1) Social Security recipients get 2.8% more in retirement benefits. This is a COLA in response to inflation and represents the largest annual increase to Social Security payments in seven years. It means that the average monthly Social Security payment will be $1,461 during 2019. The maximum possible payment for…

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