Tax Season has ARRIVED!!!

 

Ladies and gentlemen, tax season, had ARRIVED!!

      

Did you know that many taxpayers received more money in their paychecks every week last year, which resulted in a lower tax refund than previous years because the IRS lowered the federal tax rates.  

2019 Tax Rules & Regulations     

  • Standard deduction increased to $12,200 for a single taxpayer and $24,400 for married taxpayers.
  • Federal penalties are no longer applicable for not having medical insurance; however, it still applies to the state.        
  • The IRA contribution has increased to $6,000; for taxpayers over 50 years old, a “catchup” of $1,000 is allowed. 

Depending upon your taxable income, there are 7 different tax rates that may apply to you:

         

• 10%, 12%, 22%, 24%, 32%, 35%, & 37%

         

 If you are in the market for an accountant you can trust, please contact Covelle & Covelle Public Accountants at (781) 844-2935 or rcovelle@comcast.net. 

 

 

Erica Covelle is a seasoned Realtor ®, a Senior Vice President at Compass with 13 years of experience. She has seamlessly married her interior design expertise with her passion for helping both buyers and sellers create visions for the most beautiful homes. Erica Covelle surpasses industry standards, when you work with Covelle & Company, you gain access to the tools and professionals one needs to BUY and SELL in today’s market. Through creative and enticing strategies, Erica and her team help sellers to make money and buyers to save money.