Filing Your 2019 Federal Tax Return
It’s that time of year again. Here are a few items that may apply to your personal tax return. As always, if you have questions, please consult your tax preparer or irs.gov.
- Do you itemize or take the standard deduction? Standard deduction is $12,200 for a single person – $24,000 for a couple filing jointly.
- If you are 65 or older, the added deduction is $1650 for someone who is single or head of household and $1300 for a married taxpayer. If both spouses are 65 or older, you may increase your standard deduction by $2600.
- You can still deduct mortgage interest if you don’t take the standard deduction. If you itemize, there is a $10,000 cap.
- You can no longer deduct expenses related to finding a new job.
- You can’t write off any costs from getting help with your taxes from 2018 – 2025.
- You cannot deduct moving expenses unless you are active military.
- Moving expenses must be included in employee’s wages, which are subject to income and employment taxes.
- Personal casualty or theft losses are no longer deductible. Losses related to a disaster area would still be deductible.
- Employees can no longer deduct unreimbursed expenses incurred for work.
- You no longer need to offer proof that you had health insurance in 2019.
- You can deduct medical expenses as long as they exceed 7.5% of adjusted gross income.
- Alimony payments are no longer tax deductible by the payer. Alimony recipients no longer have to claim alimony as income.
- There is a new form for seniors – it’s called 1040-SR – it has a larger font and contrasting colors.