Tax Tips and Updates

Due date:

File your tax return by April 15, 2019.

Tax rates:

Tax rates for 2018 have been reduced. Most people will pay less tax starting this year. Tax rates are as follows: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

Personal exemptions:

Personal exemptions cannot be claimed in 2018 for yourself, your spouse or your dependents.

Standard mileage reimbursement rates: 

The 2018 rate for business use of your vehicle has been increased to 54.4 cents per mile. The 2018 rate for use of your vehicle to get medical care or to move has also been increased. It is now 18 cents a mile.

Standard deduction:

For tax year 2018, the standard deduction has increased to $12,000 if single or married filing separately; $24, 000 if you are married, filing jointly or qualified widow(er); and $18,000 if you are a head of household.

Check your refund status:

You can check “Where’s My Refund?” at IRS.gov (ITS.gov/refunds), after you file, for a projected deposit date. “Where’s My Refund?” and the IRS2Go phone app allow you to check the status of any refund.

Consult a tax professional:

The information in this article was compiled from the IRS publication “Tax Reform: Basics for Individuals and Families” on January 8, 2019. This article is not meant as tax, legal or accounting advice, and there may be other changes that affect you this tax season. Please consult a tax accountant or visit the IRS on the Web at the link listed below for more details on tax credits and deductions.

www.irs.gov/pub/irs-pdf/p5307.pdf