It is time to start thinking about your tax filing information for 2019 as the year 2019 nears it’s end. I would suggest using Turbotax if you feel comfortable doing your own tax return. You can purchase Turbotax at Walmart or Costco ranging from $40 to $70 depending on the version you select. Turbotax will guide the person through the complete tax process and will check your return for errors and how likely you are to be audited based on the information you have provided. The software to file one state return is included in the price Turbotax , you get to select the State. Then Turbotax guides you through the electronic filing process for both the Federal and State return you have selected. It is well worth the money. There are several different versions depending on the types of income and deductions a person has. So read on the box what is covered. For example if you have business income than you will need the version that allows for Schedule C Income. If you have a partnership then you would need that version and there is a corporate version.

You can get Turbotax in December at Walmart or Costco or the on line versions are also available. I like to put the estimated amounts of my income and deductions for the current year in that years Turbotax right after I get it. That way I have some idea of what my tax status will be and begin to look for items that might provide a better filing result. Then when the W-2’s and 1099 forms come in January I go back and enter actual amounts and prepare to file my tax return.

What are the 2019 income tax brackets?
2019 Tax Rate Individual Married, Filing Jointly Head of Household
10% 0 to $9700 0 to $19400 0 to $13850
12% $9701 to $39475 $19401 to $78950 $13851 to $84200
22% $39476 to $84200 $78951 to $168400 $52851 to $84200
24% $84201 to $160725 $168401 to $321450 $84201 to $160700
32% $160726 to $204100 $321451 to $408200 $160701 to $204100
35% $204101 to $510300 $408201 to $612350 $204101 to $510300
37% $510301 and up $612351 and up $510301 and up

What will the standard deduction be in 2019
The standard deduction sees some slight increases:

Filing Status Standard Deduction Amount
Single $12200
Married, Filing Jointly $24400
Married, Filing Separately $12200
Head of Household $18350

Earned Income Tax Credit
The maximum Earned Income Tax Credit in 2019 for single and joint filers is $529, if the filer has no children (Table 5). The maximum credit is $3,526 for one child, $5,828 for two children, and $6,557 for three or more children. All these are relatively small increases from 2018.

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