We Keep You Up to Date

New Tax Laws for 2019

 We keep you informed of the most important changes:

Tax Brackets

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.

Standard Deduction

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.

Personal Exemptions

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

Business Mileage

58 cents per mile