Current Tax News Items

 

Social Security

Monthly social security income benefits increased by 2.8% in 2019.  The wage base maximum for social security taxes increased to $132,900

 

2019 AMT

The alternative minimum tax (AMT) exemption for 2019 for married taxpayers filing joint returns will be $111,700 and for single taxpayers $71,700

 

Mileage Rates for 2019

The mileage rates for 2019 are 58 cents for business use of an automobile.  

 

Capital Gains tax rates and Dividends

Capital gains are taxed at 0%, and 20%.  The 0% rate applies to taxpayers otherwise in the tax bracket of 15% or 20% for regular tax purposes.   Taxpayers in the regular tax brackets of 25% or greater have a 20% capital gains tax rate.

Dividends received by an individual shareholder from domestic and qualified foreign corporations generally are taxed at the same rates that apply to capital gains.


Estate and Gift Taxes

The Estate and Gift Tax lifetime exclusion is $11,400,000 for 2019.  It will be adjusted for inflation on a yearly basis.

The annual gift tax exclusion is now $15,000.

 

Standard Deductions

The Standard deduction for 2019 increases to $12,200 for single and to $24,400 for married filing jointly

 

 

 

 

 

 



Donald C.Hubbard

6507 Pacific Ave. #342

Stockton, CA 95207

 

Updates

Social Security benefits increased by 2.8% for 2019.  The wage base for 2019 increased to $132,900.  

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© Don Hubbard