Tax tips: new laws and new forms for 2019.

As of filing year 2018, things have changed and everyone will be affected. We can help guide you through it all.

What to know.

  1. Itemizing is still allowed if you can beat the $24,000 standard deduction.Some deductions have new limitations, so we may need additional information from you if you can itemize.

  2. Employees can no longer write off unreimbursed expenses (except teachers who still qualify for an above the line deduction of up to $250 in expenses).

  3. There are no more personal exemptions.

  4. The child tax credit doubled and there is a new $500 Family Credit for other types of dependents.

  5. The Tax Brackets were adjusted and will result in many people paying less in income tax overall.

  6. There is a new Qualified Business Income Deduction that many small businesses will be eligible for.This is a very complicated credit, so we may need additional information from you.

What to do.

  1. Start gathering your information and bring it in as soon as possible. The sooner we know what you have, the better prepared we can be.

  2. Bring your tax information to us even if you have not yet received your Form 1095-B or 1095-C for health insurance coverage.  Health insurance is still required to be reported on this year’s taxes and there will still be penalties for those who were not covered; it does not go away until next year.

  3. Contact us for any questions you may have.
2153 SE Hawthorne Road, Suite 217
Gainesville, FL 32641

Email Us

© 2019 Soaring Tax Prep and Notary.

All rights reserved