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2019 IRS TAX BRACKET CHANGES

4/1/2019

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​See below for your new bracket:
Your 2019 individual income tax brackets

2019 Individual Income Tax RatesSingle-Taxable IncomeMarried Filing Jointly - Taxable IncomeHead of Household - Taxable Income10 percent0 to $9,7000 to $19,4000 to $13,850
12 percent$9,701 to $39,475$19,401 to $78,950$13,851 to $52,850
22 percent$39,476 to $84,200$78,951 to $168,400$52,851 to $84,200
24 percent$84,201 to $160,725$168,401 to $321,450$84,201 to $160,700
32 percent$160,726 to $204,100$321,451 to $408,200$160,701 to $204,100
35 percent$204,101 to $510,300$408,201 to $612,350$204,101 to $510,300
37 percent$510,301 and up$612,351 and up$510,301 and upSource: IRS
The standard deduction has also increased for 2019, rising to $12,200 for single filers (up from $12,000 in 2018). Married joint filers will be eligible for a $24,400 standard deduction, an increase from $24,000 in 2018.
Meanwhile, heads of household — that is, filers who are single parents — are getting a $350 boost to their standard deduction. It will be $18,350 in 2019.
Personal exemptions, which were eliminated from 2018 through 2025 as part of the Tax Cuts and Jobs Act, will remain at zero.

Retirement contributionsIf you're putting money away in a retirement plan, you can save a little bit more in 2019.
The IRS boosted the employee contribution limit for 401(k), 403(b) and most 457 plans to $19,000, reflecting an increase from $18,500. Savers age 50 and older can put away an additional $6,000.
If you have an IRA, you can put away $6,000 in annual contributions in 2019. That's up from $5,500. Catch-up contributions for savers age 50 and older remain at $1,000.
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IRS WANTS THEIR MONEY, THE SHUTDOWN IS OVER

3/15/2019

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 Changes to the Child Tax Credit 👨‍👩‍👧‍👧If you took advantage of the child tax credit in 2017, you were able to claim a $1,000 credit on your income tax return for each child under 17 who qualified. For 2018, that deduction has doubled to $2,000 per qualifying child.
The child tax credit was nonrefundable before the TCJA. Now, the refundable portion is equal to 15% of your earned income over $2,500, up to $1,400. To estimate how much of the refund you would receive, you can use the following equation:
(Your salary - $2,500) x .15
In order to qualify your child to  for the new credit, they must meet all of the requirements on the Child Tax Credit Test.

Child Tax Credit Test
  • The child must be under age 17. More precisely, your child must have been 16 years or younger on the last day of 2018.
  • The child must be related to you. This includes your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, your grandchild, niece or nephew, or legally adopted child.
  • You must claim the child as a dependent on your federal tax return.
  • The child must be a U.S. Citizen, U.S. National, or a U.S. resident alien with an SSN.
  • The child must have lived with you for more than half of the tax year. Note: there are exceptions to the residency test, such as absences related to school, vacation, military service, and medical care.
  • The child must not provide more than half of his or her own support.

The new child tax credit eventually phases out for married taxpayers filing jointly with an income of $400,000 ($200,000 for all other taxpayers).
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IRS tax debt doesn’t sleep and neither do we.

3/14/2019

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IRS Tax debt is something that affects millions of tax payers every tax year. We are a complete tax resolution service that provides tax preparation and tax resolution for any one in the United States of America.
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Tax Time! 2019

1/25/2019

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Important Tax Deadlines

3/14/2018

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IMPORTANT 2018 Deadlines.
2018 Business Tax Deadlines for 2017 Tax Filing
Deadline for partnership(Form 1065) and S Corporations (Form 1120S). March 15, 2018
Deadline for C Corporations (Form 1120) and individuals (Form 1040).
April 17, 2018
Final deadline for partnerships and S Corporations (with extension). September 17, 2018
Final deadline for C Corporations and individuals (with extension). October 15, 2018
The minimum annual Franchise Tax Fee is due by 04/17/18.
California Single Member LLCs Tax Filing Deadline is Tuesday, April 17 th, 2018
Single Member LLCs (Form 568) not owned by a pass-through entity are due on April 17th. The minimum annual franchise tax fee is due by 04/17/18.
To request an extension to file contact [email protected] or call 866.901.9987

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IRS DEBUTS new tax withholding calculator

3/1/2018

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IRS debuts new tax withholding tool  10 Hours Ago | 03:11The IRS has launched its new income tax withholding calculator, giving workers guidance on how much they should deduct for these levies under the new law.
Treasury Secretary Steven Mnuchin announced the release of the online tool at a news conference Wednesday.
This is the latest step the tax collection agency is taking to reflect changes stemming from the Tax Cuts and Jobs Act. The new legislation has increased the standard deduction, done away with personal exemptions and trimmed income tax rates.
In January, the Treasury released new withholding tables to give employers and payroll companies guidance on how much they ought to deduct from workers' pay.
"This is really about creating a tool for American taxpayers to double-check their withholding," Mnuchin said of the calculator.
Though the calculator is designed to work for wages, it includes a line that will allow users to input income from self-employment or other nonwage sources.
Check out the new IRS calculator here.
It's a good practice to take a look at your withholding to make sure you're deducting the correct amount of taxes under the new legislation.
"You don't want a big refund, where you're giving an interest-free loan to the government," said Melissa Labant, director of tax policy and advocacy at the American Institute of Certified Public Accountants. read more
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The IRS  begins to accept your tax return as early as Monday January 29, 2018

1/27/2018

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  • Though the new US tax law is in effect, changes do not apply to 2017 tax returns, due April 17.
  • Taxpayers can submit returns to the IRS as early as Monday, but there are certain things to be aware of before filing.
  • You may be able to file for free, and filing sooner is the best way to prevent tax fraud.

Taxes are about to get more interesting — or at least different.
President Donald Trump changed the US tax code for the first time in 30 years when he signed the Republican tax bill into law in December. The changes — including new tax brackets and modified tax deductions -- went into effect on January 1. Employees should see a difference in their paycheck by February, according to the IRS.
But there's no need to scramble to understand the new law before Tax Day, which falls on April 17 this year. Your tax return will reflect your 2017 taxes, meaning the new law won't apply.
The IRS begins accepting tax returns on Monday. Here's what to expect during this year's tax season.
You should receive all your tax documents by early FebruaryBefore you file your taxes, you'll need to collect all your 2017 tax documents. If you're an employee, that means your W-2; if you're a freelancer, you may have multiple 1099 forms. In some cases, you may have other statements, such as income earned from an interest-bearing savings account or interest paid on a loan, or even taxable bitcoin gains.
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House Passes Tax Bill, as Does Senate Panel

1/2/2018

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President Trump visited Capitol Hill to speak to House Republicans before the vote.CreditAl Drago for The New York TimesBy Thomas Kaplan and Alan Rappeport

Nov. 16, 2017

WASHINGTON — With 227 Republican votes,the House passed the most sweeping tax overhaul in three decades on Thursday, taking a significant leap forward as lawmakers seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
The swift approval came two weeks after the bill was unveiled, without a single hearing on the 400-plus-page legislation and over the objections of Democrats and 13 Republicans. The focus now shifts to the Senate, where read more ...
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Entrepreneurs grab these last minute tax breaks

12/30/2017

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If you're an entrepreneur, you're running out of time to reduce your 2017 tax bill.
That means it's time to whip out your receipts, review any upcoming payments and fund your retirement plans.
"For small business owners, accelerating deductions and deferring income is almost always part of year-end tax planning," said Gavin Morrissey, managing partner at Financial Strategy Associates in Needham, Massachusetts.
Click Link Below for more information...

​https://www.cnbc.com/2017/11/21/entrepreneurs-grab-these-last-minute-tax-breaks-while-you-still-can.html

Read More
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$11K+ thousand dollars in IRS tax debt APPROVED for CNC Status.

11/6/2017

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Tax Leaders Of America tax professionals have brought yet another case to a close for our client in Green Acres, FL from oweing $11k plus to a Currently Non Collectible status where the client is not obligated to pay monthly payments according to his financial situation. In most cases they have to be under a yearly probation period were the IRS will ask for proof of financials and assets to determine if tax payer will have the financial qualification for CNC status. Of course Tax Leaders Of America tax experts will remain in direct contact with Client to advise on IRS future notices and tax preparation on a on going basis for a lifetime to come. We love having repeted clients year after year. (The Difference between us and other tax relief companies)Excellent work Tax Leaders Of America tax team.
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