What's New for 2019 Taxes?

DISCLAIMER: I am a CPA, but I am not your CPA. This article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.

Last year when the Tax Cuts and Jobs Act of 2017 took effect there was a swarm of changes for taxpayers to get a handle on. That isn’t quite the case for the 2019 tax year; but there are a few changes that you still need to update yourself on that went in effect for 2019.

In today’s episode I will be going through some of the new tax items for 2019. I will be reviewing through the 2019 standard deduction amounts and mileage rates; reviewing changes in itemized deductions; and discussing the individual shared responsibility provision as it applies to health insurance coverage.

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Standard Deduction for 2019

  • Single $12,200

  • Married Filing Separate $12,200

  • Married Filing Jointly $24,400

  • Head of Household $18,350

2019 Mileage Rates

  • Business 58¢ per mile

  • Medical 20¢ per mile

  • Charitable 14¢ per mile

Itemized Deductions

  • Limit on deduction for taxes of $10,000

  • Medical bills deductible in excess of 10% of Adjusted Gross Income

Health Insurance Coverage

  • Individual Shared Responsibility Provision still in place but no penalty in 2019 for failure to maintain health insurance coverage.

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