BREAKING NEWS

Personal taxes

• New tax laws are in effect – just to name a few
• W4 Form has been changed and tax tables have been modified. Please keep an eye   on your withholding taxes to make sure you are having enough taken out. tax projections can be performed to see if you are having enough withholding.
• Qualified Business Income credit has been slightly adjusted to current inflation
• Starting 2020 taxpayers RMD distributions is extended to the age of 72 and IRA contributions can be made at any age provided you have earned income
• Tax rates and withholding rates are slightly lower for 2019 & 2020
•  Individuals can now apply for an identity protection personal identification number with the IRS for an added prevention against identity theft upon request
• the penalty for not having medical insurance is now reduced to zero. But there may still be a penalty or credit for those taxpayers in the market place when the medical premiums are either too high or too low
• Effective October 1, 2020 in order to go out of the country or fly anywhere in the US, people will need the enhanced motor vehicle license or a current passport
• For NYS, if your income is under $250,000 you can elect to get your star exemption as a credit instead of as a deduction off your school tax bill.