1. Get Ready for Taxes: Tax Tax Cuts and Jobs Act (TCJA) has changed how taxpayers file income taxes, especially for those who itemized their deductions. With the doubling of the standard deduction, many tax payers who previously itemized will likely choose to take the new, higher standard deduction. TCJA has also suspended personal exemptions, increased the child tax credit and limited or discontinued certain deductions. For a resource on all of the changes as a result of TCJA, check out IRS Publication 5307, "Tax Reform Basics for Individuals and Families".
2. Retirement Contributions Increased for 2019: IRS Notice 2018-83 announced increases in the dollar limitations for pension and other retirement plans for tax year 2019. Contribution limits for employees who participate in 401(k), 403 (b), some 457, and Federal Thrift Savings increased from $18,500 to $19,000. Income ranges for determining eligibility to make tax-deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit have all been increased for 2019.
3. Tax Scams: