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Plano TX - What's New with Taxes in 2019?
In 2017, Congress passed The Tax Cuts and Jobs Act (TCJA), which was the largest piece of tax legislation that we’ve seen in three decades. The new law had an impact on almost all taxpayers who came to our Richardson, TX tax office, as well as taxpayers throughout the country. Most of the changes went into effect on January 1st, 2018. While changes in 2019 won’t have the same dramatic impact as last year’s changes, they will impact many taxpayers.
Increased Standard Deductions
Single and Married Filing Separately – Increased from $12,000 to $12,200 Head of Household – Increased from $18,000 to $18,350 Married Filing Jointly – Increased from $24,000 to $24,400 Redesign of Supplemental Schedules
In 2018 under the TCJA, while the IRS decreased the size of the Form 1040 and eliminated the 1040-EZ and 1040-A forms, they added six supplemental schedules that rolled into the 1040. In 2019, this has been decreased to three schedules.
Individual Health Insurance Mandate Penalty
The penalty for not having Health Insurance passed under the Affordable Care Act (also known as Obamacare) was eliminated in 2019.
The Qualified Business Income Deduction (QBID) Forms
Form 8995 will be used for most QBID simplified computations while Form 8995-A will be ... more
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