Page 34 - AreaNewsletters "Nov'19" issue

Jack Be Click Jack of All Macs Authorized Apple Repair
F I NA NCE & B US I NE S S
Tax Tips By Janell Ball, RTRP, Pro Accounting & Tax Services, llc
New Standard Deduction vs. Itemized Deductions
For 2019, As most of you are aware when the TJCA went into e ect 2017 the standard deduction was increased to compensate for the elimination of exemptions. For 2019 the standard deduction for Single is $12,200.00, MFJ is $24,400.00, HOH is $18,350.00 and MFS is $12,200.00.
If you are still able to itemize the deductible items are Medical expenses (10% AGI limit applies ), State and local taxes (capped at $10,000), Mortgage Interest (fully deductible up to $750,000 debt limit for mortgages after 12/15/17), Investment Interest, Charitable Deductions (60% AGI limit), Casualty and theft losses (Allowed only on federally-declared disasters).
It is still not to late to check your federal withholdings:
Here is the link to check to make sure you are withholding enough: Follow the instructions and gather the recommended documents for an accurate withholding amount.
https://apps.irs.gov/app/tax-withholding-estimator
If you need help with tax planning now is the time to get on that task, give me a call at 303-324-8617 to discuss your tax needs.
Pro Accounting
& Tax Services, LLC
Janell D. Ball, Accountant Castle Rock, CO 80108
(303) 324-8617 Work
(303) 223-3303 Fax jdball65@gmail.com proaccountingtaxservices.com
November 2019 • Castle Rock “AreaNewsletters”
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