Resources

Tax Organizers

When you’re ready to prepare your tax paperwork, these organizers we put together can help you to get organized and prepared.

2018 Tax Updates

2018 Mileage Rates

  • Business 54.5¢ / mile
  • Medical 18¢ / mile
  • Moving 18¢ / mile
  • Charitable 14¢ / mile

2019 Mileage Rates

  • Business 58¢ / mile
  • Medical 20¢ / mile
  • Moving 20¢ / mile (disallowed except for military)
  • Charitable 14¢ / mile

Things that can impact this 2018 tax year’s tax return:

  • The 2019 tax filing season will begin on January 28th, 2019. Any returns claiming the EIC (Earned Income Credit) will not be processed before February 27th, 2019.
  • The due dates on Federal schedule 1040’s are April 15, 2019. Also, form 1065 and 1120 are now due on March 15th, 2019.

Federal Rates and Limits 2018

  • FICA Social Security (OASDI) Wage Base $128,700
    Medicare (HI) Wage Base No Limit
  • Social Security (OASDI) Percentage 6.2% Medicare (HI) Percentage 1.45% (2.35% for individuals earning over $200,000)
  • Maximum Employee Social Security (OASDI) Withholding $7,979.40
    Maximum Medicare (HI) Withholding No Limit
  • Maximum Amount of Earnings to Still Receive Full Benefits Under Full Retirement Age $17,040
  • Amount of AGI Causing SS Benefits to be Taxable (85%)
    Married/Filing Jointly $44,000
    Single $34,000
  • Retirement Contributions Maximum Elective Deferral to 401(k) and 403(b) $18,000
  • Maximum Elective Deferral to SIMPLE IRA Plans $12,500 Maximum Annual
  • Contribution to Defined Contribution Plans Lesser of 100% of compensation or $54,000
    • Maximum Annual Contribution to Keogh or SEP-IRA $54,000
    • Maximum Annual Compensation Taken into Account for Contributions $270,000
    • Threshold Amount for (Individuals at least age 50 by EOY)
    • 401(k) Plans $6,000
    • SIMPLE Plans $3,000

2018 Tax Law Updates

Things that will affect your 2018 tax return:

  • Starting on January 1st of 2018, certain deductions have been increased, while others have been reduced or eliminated.
  • Standard Deduction: Increased to $12,000 for single taxpayers, $18,000 for head of household and  $24,000 for married couples.
  • Dependent Exemption: Eliminated
  • State, local and property taxes: They are now been limited to $10,000. (Schedule A)
  • New tax brackets are now in effect: 10%, 12%, 22%, 24%, 32%, 35%, 37%. This will reduce your overall taxes by anywhere from 1%-4% depending on your income levels, filing status, etc.
  • Capital Gains and Dividends: No change
  • Estate Tax: You can pass your heirs up to $22 million tax-free (for married couples). This doubled the former $11 million estate tax limit.
  • S-Corporations, partnerships, LLC’s and sole proprietors: The majority of these companies get to deduct 20% of their income tax-free.
  • AMT: The final bill raised the threshold to $500,000 for individuals and $1,000,000 for married couples (Note: some families in the $200,000-$500,000 income range may end up paying this tax, but it will be greatly reduced compared to prior years).
  • Mortgage Interest: Under the new tax law, homeowners can only deduct interest they pay on home mortgage debt less than $750,000, down from the former cap of $1,000,000.
  • Child Tax Credit: This credit has been doubled to $2,000 per child, $1,400 of this credit is refundable even if you do not have any tax liability.
  • The Tax Bill suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. This includes the following deductions that an employee had been permitted to deduct under current law:
    1. Casualty and theft losses from property used in performing services as an employee;
    2. Business bad debt of an employee;
    3. Business liability insurance premiums;
    4. Damages paid to a former employer for breach of an employment contract;
    5. Depreciation on a computer a employee’s employer requires him or her to use in his or her work;
    6. Dues to a chamber of commerce if membership helps the employee perform his or her job;
    7. Dues to professional societies;
    8. Educator expenses;
    9. Home office or part of a employee’s home used regularly and exclusively in his or her work;
    10. Job search expenses in the employee’s present occupation;
    11. Legal fees related to the employee’s job;
    12. Licenses and regulatory fees;
    13. Malpractice insurance premiums;
    14. Medical examinations required by an employer;
    15. Occupational taxes;
    16. Passport fees for a business trip;
    17. Research expenses of a college professor;
    18. Subscriptions to professional journals and trade magazines related to the employee’s work;
    19. Tools and supplies used in the employee’s work;
    20. Costs for travel, transportation, meals, entertainment, gifts, and local lodging related to the employee’s work;
    21. Union dues and expenses;
    22. Work clothes and uniforms if required and not suitable for everyday use; and
    23. Work-related education.The Tax Bill suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. This includes the following deductions that an employee had been permitted to deduct under current law.
  •  Starting this year, you will not be able to reverse the conversion of a traditional IRA into a Roth account. Under the old-law rules, you had until October 15 of the year after an ill-advised conversion to reverse it and avoid the conversion tax hit.

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