2019 Early Tax Planning – Start Now!

John (Rusty) Davis, CPA

Are you now in process with 2018 tax preparation? Now is the time to evaluate potential changes in your business and/or individual tax positions for 2019, as compared to 2018. Be sure to pay attention to 2018 federal and state tax overpayments or balances due, as they may require adjustment of 2019 estimated taxes or tax withholdings. After the TCJA was enacted in late 2017, change will be apparent with calendar 2018 tax filings being the first under the new tax laws for most businesses and individuals.  The look of many tax forms, the type of income and deductions reported, and the tax calculations all may be significantly different. When completing 2018 tax filings, we suggest early tax planning for 2019, so that any adjustments or changes can be forecasted sooner than later, and actions can be implemented with 8 or 9 months remaining in the 2019 tax year. To assist that process, we offer an excellent quick reference document…

2019 Federal Tax Rates

Please feel free to download, save, print, and use soon. As always, consult your tax adviser before making major tax moves for 2019.