It’s a new year with a new start, but with that comes the shadow looming of “Taxes of Past”. Why is it that we’re so optimistic about the new beginnings a year brings to only have that dampened with the April Showers from the previous year’s tax season? As we all gather with our financial gurus, here are some helpful dates and reminders to help in your preparations.
Important Dates To Remember:
January 15th - Last estimated quarterly payment from previous year due
April 15th - Tax Filing Day - you may also file for the October 15th extension today
June 17th - 2nd estimated quarterly payment due
September 13 - 3rd estimated quarterly payment due
October 15th - Extension deadline
December 31st - Finalize any deductions, capitol gains & losses, and any loose ends before year end
Individual Income Tax Rates:
The rates are: 10%, 12%, 22%, 24%, 32%, 35%, and 37% for single and filing jointly. The income tax rates for estates and trusts are 10%, 24%, 35%, and 37%.
|Gift Tax Exclusions||2019|
|Annual Gift Tax Exclusion – single||$15,000|
|Annual Gift Tax Exclusion- jointly||$30,000|
|529 Plan- single||$75,000|
|529 Plan- jointly||$150,000|
|Age for LTC Premium Deduction Limits||2019|
|40 & Under||$420|
|71 & Over||$5,270|
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