Tag: IRS (page 4 of 4)

The IRS Releases the 2019 Standard Mileage Rates

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
  • 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and
  • 14 cents per mile driven in service of charitable organizations.

It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station.

For more details see Notice-2019-02.

Social Security Tax Increase for 2019

As of January 1, 2019, the maximum wage base that is subject to the Social Security payroll tax will increase from $128,400 to $132,900.

There is no limit on earnings subjected to the Medicare payroll tax.

IMPORTANT INFORMATION FOR TAX FILING

The IRS and state governments are combating identity theft and tax fraud this tax year. Beginning this filing season all tax payers are required to have identity verification. Please include with your tax documents a copy of your state driver’s license or other state ID. If you’re married, both individuals must meet the requirement. 

Sincerely,

BYB

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