Per Diem Rates
- How to Depreciate Property
- Recovery Period 5 years, except:
office furniture: 7;
roads, shrubbery, fences: 15;
- Section 179 deduction maximum $1 million; can not create a loss.
Earned Income Tax Credit
- Pub 596, Earned Income Credit
- Form 8867, Paid Preparerís Due Diligence Checklist
- Form 14815, Supporting Documents for CTC or ODC
- AGI must be less than $50,162 ($55,952 for married filing jointly) for three or more qualifying children
- AGI must be less than $46,703 ($52,493 for married filing jointly) for two qualifying children
- AGI must be less than $41,094 ($46,884 for married filing jointly) for one qualifying child
- AGI must be less than $15,570 ($21,370 for married filing jointly) for no qualifying child
- Must Have a Valid Social Security Number (SSN)
- Filing Status Cannot Be "Married Filing Separately"
- Must Be a U.S. Citizen or Resident Alien All Year
- Cannot file Form 2555, Foreign Earned Income
- Investment Income Must Be $3,600 or Less
- Must Work and Have Earned Income
- Without Qualifying Children, You Must Be at Least Age 25 but Under Age 65
Tax Year 2019 Numbers
$12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses.
The standard deduction is $1,300 higher for over 65 or blind; $1,650 higher if also unmarried and not a surviving spouse.
Tax Rates Single: 10% up to $9,700; 12% up to $39,475; 22% up to $84,200; 24% up to $160,725
Tax Rates Married: 10% up to $19,400; 12% up to $78,950; 22% up to $168,400; 32% up to $321,450
Tax Rates HOH: 10% up to $13,850; 12% up to $52,850; 22% up to $84,200; 24% up to $160,700
Child Tax Credit: up to $2,000 per qualifying child.
The child must be under 17 at the end of the year.
The refundable portion of the credit is limited to $1,400.
$500 nonrefundable credit for qualifying dependents other than children.
Child and Dependent Care Credit: 20% to 35% of up to $3,000 of child care and similar costs for a child under 13,
an incapacitated spouse or parent, or another dependent so that you can work.
Up to $6,000 of expenses for two or more dependents.
Educator expenses: $250
Mileage Rates: 58 cents for every mile of business travel;
20 cents per mile driven for medical or moving purposes;
14 cents per mile driven in service of charitable organizations
IRA contribution limit: $6000; age 50+: $7000; excess: 6% penalty; early distribution: 10% penalty
HSA contribution limit: self $3500, family $7000; age 55+: plus $1000; excess: 6% penalty; excess distribution: 20% penalty
Alimony is ignored if settlement after 12/31/2018
Medicare premiums $135.50/month = 1,626/year ($144.60 for 2020)