Preparing for Tax Day in 2019
We here at Wilson Toellner CPA hope everyone had a very Merry Christmas and have a Happy New Year. It feels as if 2018 went by so fast. Before you know it Tax Day in 2019 (April 15) will be here. Have you thought about how you'll prepare? If not, have no worries and no that our Mid-Missouri accounting firms are here to help. Keep reading for a few tips for preparing for Tax Day in 2019.
If you maximize your 401K contributions in 2018, it is possible that you will have LESS taxable income in 2019. If you can't afford to pay the maximum amount on your 401K, you should at least try to match the amount your employer is contributing if you can.
"For plan years through 2018, if you can afford health insurance but choose not to buy it, you may pay a fee called the Individual Shared Responsibility Payment. (The fee is sometimes called the "penalty," "fine," or "individual mandate.")
Starting with the 2019 plan year (for which you’ll file taxes in April 2020), the Shared Responsibility Payment no longer applies.
The fee for 2018 plans and earlier:
You may owe the fee for any month you, your spouse, or your tax dependents don't have qualifying health coverage (sometimes called "minimum essential coverage"). See all insurance types that qualify.
You pay the fee when you file your federal tax return for the year you don’t have coverage.
In some cases, you may qualify for a health coverage exemption from the requirement to have insurance. If you qualify, you won't have to pay the fee."
We understand how tough finding the time to do your taxes yourself can be. Wilson Toellner CPA is here to help you by taking this stress off your hands. For a tax consultation, please call the Wilson Toellner CPA firm nearest to you. Our phone numbers are listed below.
Tips for Preparing for Tax Day in 2019
Maximize your 401K contributions in 2018.
If you maximize your 401K contributions in 2018, it is possible that you will have LESS taxable income in 2019. If you can't afford to pay the maximum amount on your 401K, you should at least try to match the amount your employer is contributing if you can.Bunch your charitable donations.
If you are just under the point of surpassing the standard deduction mark, you could consider making 2 years worth of donations this year so that you can itemize, if possible.Track your income.
To track your income the best, in addition to your W-2, gather your:- Form 1099
- Form W-9
- Publication 17
- Form 4506-T
- Form 941
- Form 9465
- Form SS-4
- Form W-7
A professional accountant in Mid-Missouri can help you to know exactly what forms you will need. Call the Wilson Toellner CPA firm nearest to you for a consultation.
Be aware of the possible healthcare penalty you may have to pay in 2019.
According to Healthcare.gov:"For plan years through 2018, if you can afford health insurance but choose not to buy it, you may pay a fee called the Individual Shared Responsibility Payment. (The fee is sometimes called the "penalty," "fine," or "individual mandate.")
Starting with the 2019 plan year (for which you’ll file taxes in April 2020), the Shared Responsibility Payment no longer applies.
The fee for 2018 plans and earlier:
You may owe the fee for any month you, your spouse, or your tax dependents don't have qualifying health coverage (sometimes called "minimum essential coverage"). See all insurance types that qualify.
You pay the fee when you file your federal tax return for the year you don’t have coverage.
In some cases, you may qualify for a health coverage exemption from the requirement to have insurance. If you qualify, you won't have to pay the fee."
Prepare for Tax Day 2019 with Wilson Toellner CPA
We understand how tough finding the time to do your taxes yourself can be. Wilson Toellner CPA is here to help you by taking this stress off your hands. For a tax consultation, please call the Wilson Toellner CPA firm nearest to you. Our phone numbers are listed below.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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