Colmark & Associates LLC Taxes & Accounting

04/18/2023

01/23/2020

This checklist may help you prepare for tax season

03/11/2019

I am finding some refunds are up some are down but the actual tax paid is what you should look at. Most of the time the refunds are down because the Withhold tables were adjusted to give you more money in your paycheck.

Tax refunds are not actually a useful metric for evaluating tax burden. But Democrats used preliminary IRS data to mislead about Trump's tax cut law.

01/25/2019

https://www.forbes.com/sites/kellyphillipserb/2019/01/07/irs-announces-tax-season-start-date-despite-government-shutdown/

The Internal Revenue Service (IRS) has announced the tax season start date despite the ongoing government shutdown.

01/15/2019

Tax time is here whether you are ready or not. I have shared just a few of the changes in the new tax law for individuals.

In 2019, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income exclusion.

The tax rate structure, which ranges from 10 to 37 percent, remains similar to 2018; however, the tax-bracket thresholds increase for each filing status. Standard deductions also rise. As a reminder, personal exemptions have been eliminated through tax year 2025.

Standard Deduction
In 2019, the standard deduction increases to $12,200 for individuals (up from $12,000 in 2018) and to $24,400 for married couples (up from $24,000 in 2018).

Alternative Minimum Tax (AMT)
In 2019, AMT exemption amounts increase to $71,700 for individuals (up from $70,300 in 2018) and $111,700 for married couples filing jointly (up from $109,400 in 2018). Also, the phaseout threshold increases to $510,300 ($1,020,600 for married filing jointly). Both the exemption and threshold amounts are indexed annually for inflation.

01/12/2018

Welcome and Happy New Year! Of course with every new year, comes everyone's favorite season: Tax Season! Let us make it easy for you this year. Contact us to see how we can put your mind at ease.