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.
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10% |
0 to $9,700 |
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12% |
$9,700 to $39,475 |
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22% |
$39,475 to $84,200 |
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24% |
$84,200 to $160,725 |
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32% |
$160,725 to $204,100 |
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35% |
$204,100 to $510,300 |
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37% |
Over $510,300 |
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2019 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $24,400 |
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10% |
0 to $19,400 |
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12% |
$19,400 to $78,950 |
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22% |
$78,950 to $168,400 |
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24% |
$168,400 to $321,450 |
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32% |
$321,450 to $408,200 |
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35% |
$408,200 to $612,350 |
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37% |
Over $612,350 |
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2019 Tax Rates – Married Filing Separately – Standard Deduction $12,200 |
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10% |
0 to $9,700 |
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12% |
$9,700 to $39,475 |
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22% |
$39,475 to $84,200 |
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24% |
$84,200 to $160,725 |
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32% |
$160,725 to $204,100 |
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35% |
$204,100 to $306,175 |
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37% |
Over $306,175 |
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2019 Tax Rates – Head of Household – Standard Deduction $18,350 |
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10% |
0 to $13,850 |
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12% |
$13,850 to $52,850 |
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22% |
$52,850 to $84,200 |
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24% |
$84,200 to $160,700 |
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32% |
$160,700 to $204,100 |
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35% |
$204,100 to $510,300 |
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37% |
Over $510,300 |
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2019 Tax Rates – Estates & Trusts |
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10% |
0 to $2,600 |
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24% |
$2,600 to $9,300 |
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35% |
$9,300 to $12,750 |
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37% |
Over $12,750 |
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Social Security |
2019 Tax Rates |
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Social Security Tax Rate: Employers |
6.2% |
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Social Security Tax Rate: Employees |
6.2% |
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Social Security Tax Rate: Self-Employed |
15.3% |
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Maximum Taxable Earnings |
$132,900 |
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Medicare Base Salary |
Unlimited |
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Medicare Tax Rate: Employers |
1.45% |
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Medicare Tax Rate: Employees |
1.45% |
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Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) |
0.9% |
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Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) |
3.8% |
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Miscellaneous |
2019 Tax Rates |
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Business expensing limit: Cap on equipment purchases |
$2,100%,000 |
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Business expensing limit: New and Used Equipment and Software |
$1,020,000 |
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Qualified Business Income threshold amount: |
$160,700 (single and head of household); $321,400 (married filing joint return) |
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Qualified Small Employer Health Reimbursement Arrangement limit: |
$5,150 (single coverage); $10,450 (family coverage) |
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Prior-year safe harbor for estimated taxes of higher-income |
110% of your 2018 tax liability |
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Standard mileage rate for business driving |
58 cents |
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Standard mileage rate for medical driving |
20 cents |
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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 |
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Standard mileage rate for charitable driving |
14 cents |
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Child Tax Credit |
$2,000 |
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Unearned income maximum for children under 19 before kiddie tax applies |
$1,100 |
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Maximum capital gains tax rate for taxpayers with income up to $39,375 for single filers, $78,750 for married filing jointly |
0% |
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Maximum capital gains tax rate for taxpayers with income above $39,375 for single filers, $78,750 for married filing jointly |
15% |
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Maximum capital gains tax rate for taxpayers with income above $434,100% for single filers, $488,850 for married filing jointly |
20% |
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Capital gains tax rate for unrecaptured Sec. 1250 gains |
25% |
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Capital gains tax rate on collectibles |
28% |
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Maximum contribution for Traditional/Roth IRA |
$6,000 if under age 50 |
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Maximum employee contribution to SIMPLE IRA |
$13,000 if under age 50 |
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Maximum Contribution to SEP IRA |
25% of eligible compensation |
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401(k) maximum employee contribution limit |
$19,000 if under age 50 |
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Estate tax exemption |
$11,400,000 |
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Annual Exclusion for Gifts |
$15,000 |
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Education |
2019 Tax Rates |
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American Opportunity Credit (Hope) |
$2,500 |
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Lifetime Learning Credit |
$2,000 |
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Student Loan Interest Deduction |
$2,500 |
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Coverdell Education Savings Contribution |
$2,000 |
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Source: IRS Revenue Procedure 2018-57 |
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Standard Meal Rates for Family Child Care Providers for 2019 income tax returns |
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Continental U.S. |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
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For each breakfast |
$1.33 |
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For each lunch or supper |
$2.49 |
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For each snack (up to 3 per day for each child) |
$0.74 |
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Alaska |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
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For each breakfast |
$2.12 |
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For each lunch or supper |
$4.04 |
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For each snack (up to 3 per day for each child) |
$1.20 |
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Hawaii |
2019-20 Tax Rates (July 1, 2019-June 30, 2020) |
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For each breakfast |
$1.54 |
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For each lunch or supper |
$2.92 |
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For each snack (up to 3 per day for each child) |
$0.87 |
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Source: Federal Register |
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