Took a few months off from blogging to catch my breath. We had a very busy tax season both in April and in October but the rush is over.
Many changes have occurred since the 2018 tax year. There is no more penalty for not having health care coverage. This coverage of course is encouraged and there is still a market place to acquire it at a discount.
The standard deduction will increase for the 2019 tax year which will cause more filers to elect to take the standard deduction and not itemize.
We have mentioned in the past how taking the standard deduction eliminates the deduction for your charitable contributions. A reminder that when you are taking out required IRA distributions (over age 70 1/2) you can send these required distributions directly to the charity and not report them as income on your return. That’s right, you will not have to report your required IRA distribution on your return if it goes directly to a charity. You end up getting your charitable deduction and the standard deduction. Some rules apply so be sure to talk with us.
Estate taxes—so many questions from my clients about a parent or spouse passing and do they need to file any estate tax returns. There are different answers for different situations—the important thing is that you ask us about it.
I’m sitting at my desk and it is October 30th (Happy Halloween to all seven of my readers!) and I finally feel like I am caught up with work. For 10 months I forgot what that feels like.
I’ll try to stay on top of my blogging and of course if you have any questions for me, call or email me and I’ll get back to you right away—again, a benefit of being all caught up.
Take care hope you get a TREAT and not a TRICK.