Update on IRS Contingency Plan

On January 15, 2019 the government invoked the Lapsed Appropriations Contingency Plan (Tax Year 2018 Filing Season).   This is a plan that is updated annually and which outlines procedures for the IRS to follow when there is a temporary lapse in appropriations.  As...

Partial Government Shutdown Impacts IRS

Although most Americans have not felt the impact of the recent government shutdown, now closing in on three weeks in length and making it the second longest shutdown in US history, this impact may soon change as tax filing season is less than a month away.   With the...

Tax & Financial Planning Calendar for January 2019

Month Income Taxes Saving and Investing JANUARY 4th quarter 2018 estimates due 1/15/19 Expect to receive W-2s and 1099s by January 31, 2019 Review your withholdings for 2019, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare...

2018 & 2019 Tax Facts

• For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes...

IRS Issues Standard Mileage Rates for 2019

From IR-2018-251, December 14, 2018 WASHINGTON – The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning...

RE: 2019

Personal financial planning is an ongoing process. The good news is that financially speaking, most of 2018 was another really good year. The stock markets once again hit an all time high before giving back all of those gains at the end of the year . Real estate...