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From the category archives: Boulay

Individual Tax

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax regime made it difficult for some taxpayers to determine the proper amount to have withheld from their paychecks or include in their quarterly estimated tax payments for 2018.

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Standard Mileage Rates Increase for 2019

The IRS has issued the standard mileage rates for 2019. The business-use standard mileage rate for 2019 is 58 cents per mile, up 3.5 cents from 2018. The standard mileage rate for moving and medical purposes will be 20 cents per mile in 2019, up two cents from 2018. The charitable mileage rate is set by statute at 14 cents per mile, so that did not change.

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What do the 2019 Cost-of-Living Adjustments Mean for You?

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.

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2019 IRS Cost-of-Living Adjustments

The Internal Revenue Service has issued the 2019 annual limitations for qualified retirement plans and Social Security. Click here to view the contribution, compensation and other limitations for 2019 and prior years that may affect you.

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Opportunity Zones

Opportunity zones were created by the Tax Cuts and Jobs Act and allows taxpayers to defer capital gains and potentially reduce the amount of gain realize. There is also a possible exclusion of gain on appreciation from Qualified Opportunity Fund investments.

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3 Bills Form Tax Reform 2.0

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family and retirement savings and new business innovation. For example, one proposal would allow new businesses to write off more of their initial start-up costs.

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New TCJA Rules for Roth Conversion

You will not be able to covert your 2018 Roth IRA like in the past, but as of right now, 2017 IRA conversions are still eligible. The Tax Cuts and Jobs Act (TCJA) has had far reaching effects across the board, and Roth IRA conversions are no exception.

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Is More Tax Reform on the Horizon?

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of what the tax package may contain.

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A New Look for an Old Form: 2019 Early Release Draft Form W-4 Available

With the early release draft of the 2019 Form W-4 and the anticipated release of 2019 draft withholding tables, it may be wise to address whether making changes to your W-4 is appropriate. If you would like further information on how these changes may impact your personal tax situation or the employer withholding requirements, contact us at learnmore@BoulayGroup.com or 952.893.9320.

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Watch Out for Tax-related Identity Theft Scams All Year Long

With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing they probably want to think about is income taxes. Unfortunately, though, criminals who commit tax-related identity theft don’t work seasonally — they’re constantly devising and unleashing new schemes.

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