By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning StrategiesPrint This Post
Like they say, there’s two things for sure in life, and one of those ramps up this time of year. That’s right, its tax season once again. Most tax laws have remained constant (a rarity in the last few years), but there are some changes in effect as well. In an effort to help you prepare for this year’s tax season we will once again publish our “Tax Tip Tuesdays” blog series over the next 11 weeks.
Again, there’s little change in the primary tax rules. For the 2019 tax year standard deductions remain at an all-time high, $12,200 for single filers, $24,400 for married filing joint filers. Moreover, state and local tax deductions are limited to $10,000, regardless of your filing status. Because of this, many taxpayers may not need to itemize their tax returns this year.
That said, there are some changes and some important reminders that we will cover during our blog series. Just a few examples are:
- The new SECURE Act will have an effect on many taxpayers, primarily in the retirement planning area
- Tax laws have changed for the Kiddie Tax rules
- Higher income earners still face higher taxes
- Tax scams continue to plague taxpayers
Preparing your tax return and the consequences thereof are rarely “fun” times. Hopefully the Tax Tip Tuesdays series, in coordination with planning from your Benjamin F. Edwards financial advisor and your tax advisor, can make the process a little less painful. To those ends, we look forward to sharing many planning tips over the next 11 weeks.
Happy Tax Season!