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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
57.5 cents/mile for business use
17 cents/mile for medical or moving purposes
14 cents/mile for charitable organizations


IRA Contribution Limits to all of your Traditional and Roth IRAs cannot be more than:

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.

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

 


 

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