HW & Associates, LLC

CERTIFIED PUBLIC ACCOUNTANTS | BUSINESS DEVELOPMENT ADVISORS

Select Page
Federal and MN Individual 2019 income tax filing and payment deadlines extended to July 15, 2020. CLICK HERE for instructions to change your automatic withdrawal of tax payments from 4/15 to new deadline. Clients expecting a refund should file as soon as possible to avoid delays in receipt.
Individual Year-End Tax Planning for 2019

Individual Year-End Tax Planning for 2019

Year-end planning for 2019 takes place against the backdrop of recent major changes in the rules for individuals. Changes impacting your individual tax planning for 2019 include:
• Lowered income tax rates
• A boosted standard deduction
• Severely limited itemized deductions
• No personal exemptions
• An increased child tax credit
• A watered-down alternative minimum tax

Tax-Planning Opportunities for Businesses and Business Owners

Tax-Planning Opportunities for Businesses and Business Owners

You may be entitled to a deduction of up to 20% of your qualified business income. This deduction may be limited if your taxable income exceeds $321,400 for a married couple filing jointly, $160,700 for singles and heads of household, and $160,725 for marrieds filing separately.