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2019 Tax Law Changes

Each year new tax laws are introduced, and some tax laws are excluded. For an individual, it is not possible to deal with them, we are tax professionals and are dealing with tax from the last two decades, and we keep our knowledge and skill updated. We can facilitate you with our expertise. But we believe that you should be aware of some basic tax law changes.Education & College You may be able to exclude all or part of the interest from qualifying Series EE or Series I bonds if you use the income for qualified educational expenses. You cannot take this benefit if your modified adjusted gross income is $96,100 or more ($151,600 if you file jointly, or if you file as Qualifying Widow(er) with Dependent Child). Businesses Schedule C-EZ is the simplified version of IRS Schedule C, Profit or Loss from Business (Sole Proprietorship). For 2019, the IRS has discontinued Schedule C-EZ, so the long form most be used by all.

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EmployeesThe maximum amount of earned income on which you pay Social Security tax is now $132,900. When you reach that amount with one employer, they should stop withholding Social Security tax from your pay until the following year. If you work for more than one employer, and your total earnings are more than $132,900, Tax Guardian calculates a credit for any overpayment of Social Security taxes.FamiliesThe child tax credit remains $2,000 per qualifying child. Phase out also remains steady at $200,000 ($400,000 if married filing jointly). Qualifying children must have a Social Security Number (SSN). If a child has an ITIN but no SSN you may be able to claim the Other Dependent Credit instead.