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Tax Law Changes for Tax Year 2019

Standard Deduction Amount
. Single    -    $12,200

. Married Filing Jointly and Qualifying Widow   -   $24,400
. Married Filing Separately   -   $12,200                                             
. Head of Household   -   $18,350

If the taxpayer is 65 or older and/or blind, the basic amount will increase.

Standard Mileage Rates
Beginning on Jan. 1, 2019 the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 57.5 cents per mile for business miles driven
  • 17 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Ira Contributions limits to all of your Traditional and Roth IRAs cannot be more than:

TAX YEARS 2019 & 2020
$6,000 ($7,000 if you are 50 or older) or if taxable compensation for the year is less than this dollar limit.

TAX YEARS 2015 - 2018
$5,500 ($6,500 if more than 50 years old)