HW & Associates, LLC

CERTIFIED PUBLIC ACCOUNTANTS | BUSINESS DEVELOPMENT ADVISORS

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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.