Whether you’re an individual or a business owner, taxes are a fact of life. Still, when you work with an accounting firm like Excellent Tax and Accounting, our dedicated team of tax and accounting professionals makes sure that you have one less thing to worry about. If you are looking for a cost-effective solution to manage your finances or need time to get an exact financial situation to make informed decisions about the economic future, we will help you.

2019 Tax Rates – Single Taxpayers – Standard Deduction $12,200

2018 Rates

10%

0 to $9,700

12%

$9,700 to $39,475

22%

$39,475 to $84,200

24%

$84,200 to $160,725

32%

$160,725 to $204,100

35%

$204,100 to $510,300

37%

Over $510,300

2019 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,400

10%

0 to $19,400

12%

$19,400 to $78,950

22%

$78,950 to $168,400

24%

$168,400 to $321,450

32%

$321,450 to $408,200

35%

$408,200 to $612,350

37%

Over $612,350

2019 Tax Rates – Married Filing Separately – Standard Deduction $12,200

10%

0 to $9,700

12%

$9,700 to $39,475

22%

$39,475 to $84,200

24%

$84,200 to $160,725

32%

$160,725 to $204,100

35%

$204,100 to $306,175

37%

Over $306,175

2019 Tax Rates – Head of Household – Standard Deduction $18,350

10%

0 to $13,850

12%

$13,850 to $52,850

22%

$52,850 to $84,200

24%

$84,200 to $160,700

32%

$160,700 to $204,100

35%

$204,100 to $510,300

37%

Over $510,300

2019 Tax Rates – Estates & Trusts

10%

0 to $2,600

24%

$2,600 to $9,300

35%

$9,300 to $12,750

37%

Over $12,750

Social Security

2019 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$132,900

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

Medicare Tax Rate: Employees

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2019 Tax Rates

Business expensing limit: Cap on equipment purchases

$2,100%,000

Business expensing limit: New and Used Equipment and Software

$1,020,000

Qualified Business Income threshold amount:

$160,700 (single and head of household); $321,400 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,150 (single coverage); $10,450 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2018 tax liability

Standard mileage rate for business driving

58 cents

Standard mileage rate for medical driving

20 cents

Standard mileage rate for moving driving – Members of the Armed Forces on active duty who move because of a permanent change of station

20 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$2,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,100

Maximum capital gains tax rate for taxpayers with income up to $39,375 for single filers, $78,750 for married filing jointly

0%

Maximum capital gains tax rate for taxpayers with income above $39,375 for single filers, $78,750 for married filing jointly

15%

Maximum capital gains tax rate for taxpayers with income above $434,100% for single filers, $488,850 for married filing jointly

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$13,000 if under age 50
$16,000 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $56,000

401(k) maximum employee contribution limit

$19,000 if under age 50
$25,000 if 50 or older

Estate tax exemption

$11,400,000

Annual Exclusion for Gifts

$15,000

Education

2019 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Source: IRS Revenue Procedure 2018-57

Standard Meal Rates for Family Child Care Providers for 2019 income tax returns

Continental U.S.

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$1.33

For each lunch or supper

$2.49

For each snack (up to 3 per day for each child)

$0.74

Alaska

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$2.12

For each lunch or supper

$4.04

For each snack (up to 3 per day for each child)

$1.20

Hawaii

2019-20 Tax Rates (July 1, 2019-June 30, 2020)

For each breakfast

$1.54

For each lunch or supper

$2.92

For each snack (up to 3 per day for each child)

$0.87

Source: Federal Register

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