We Keep You Up to Date
New Tax Laws for 2019
We keep you informed of the most important changes:
The 2019 income tax brackets will continue to keep the 10%, 12%, 22%, 24%, 32%, 35% and 37% tax brackets in place from last year.
The standard deduction rises to $12,200 for single taxpayers and married taxpayers filing separately. The standard deduction is $24,400 for married couples filing jointly and $18,350 for heads of household.
The personal exemption was phased out starting tax year 2018.
Earned Income Tax Credit (EITC)
For 2018, the maximum EITC amount available is $3,526 for taxpayers with one child; $5,716 for two children; $6,557 for three or more children and $529 for no children.
Child Tax Credit
Up to $2,000 for each qualifying child
Child & Dependent Care Credit
Nonrefundable Credit $3,000 max ($6,000 for 2+ kids)
Hope Sch. Credit
Refundable Credit $2,500 max
Lifetime Learning Credit
Up to $2,000 per return (Nonrefundable Credit)
Student Loan Interest Deduction
Up to $2,500
58 cents per mile