Year End Tax Planning - Personal

January 2019

Dear Friends,

HAPPY NEW YEAR!  e hope last year was a good year for you and your families and that 2019 will be even better.

Yes, it’s TAX TIME and we’re getting ready. As you know, Congress passed The Tax Cuts and Jobs Act (TCJA) on December 20, 2017. This Act made many changes to the current tax law which began on January 1, 2018 and will sunset on December 31, 2025.

Some of the significant changes that will impact most of you:

  • Tax Rates and Brackets! The Act modified the rate structure for individuals.
  • Standard Deduction! The Act increased the standard deduction to $24,000 for joint filers, $18,000 for Head of Household filers, and $12,000 for all others.
  • Personal Exemptions! They are gone!
  • State and Local Income Tax Deduction! Individuals may claim combination of state and local income taxes up to $10,000. The previous tax law allowed an unlimited deduction unless you were subject to AMT.
  • Miscellaneous Itemized Deductions! They are gone!
  • Child Tax Credit! The CTC is increased to $2,000, of which $1,400 is refundable.

Some other items we don’t want you to forget:

  • SCAM ALERT! Please remember, the IRS or state will never e-mail or call you to request information or demand payment. Do not give anyone your personal information or make any payments over the phone.
  • IDENTITY THEFT If you have been a victim, please make sure we have your IRS PIN number to electronically file your return. The IRS sends out a new PIN each year.

We are enclosing our 2018 TAX ORGANIZER. Please take time to review it and fill in as much information as you can. This helps us prepare a complete and accurate return. Start gathering all your information. When you have it, you can drop it off, mail, fax or email it. Appointments are also available if needed. Please give us your ORIGINALS OF ALL DOCUMENTS.

Remember that we offer a full range of professional services and can help you with financial, estate and retirement planning, as well as health, life, disability and long-term care insurance. In addition, our expansive list of business clients allows us to recommend a wide array of professionals in the construction, service, retail and wholesale trades. Please feel free to contact us if we can help.

I again want to THANK YOU for putting your faith in me and the gang; Tina, Kim, Stacey, Maryellen, Dave, Bill, Shelly and Ronnie. It really means a lot. As always, if you have any questions, do not hesitate to give us a call.



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