Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2019, the expensing limit is $1,020,000 and the investment ceiling limit is $2,550,000. Expensing is generally available for most depreciable property, except for buildings, and off-the-shelf computer software.
Decide whether itemizing is still for you: The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction, and in 2019, will be as follows:
The social security wage base for 2020 is $137,700, an increase of $4,800. The social security tax rate stays at 6.2%, meaning an employee’s first $137,700 of wages are subject to 6.2% social security tax. However, the 1.45% Medicare tax on compensation is not capped. High-earners will also pay an additional 0.9% Medicare surtax on wages and self-employment income over $200,000 for single filers and $250,000 for married couples. The surtax does not apply to employers.
Beginning in 2019, we will be emailing our annual newsletter to clients rather than sending it through traditional mail. To ensure you receive future newsletters, please provide our office with your current email address. We will also have the newsletter available on our website at www.zescpa.com
Zumbahlen, Eyth, Surratt, Foote & Flynn, Ltd. knows your time is valuable; therefore, for your convenience, no tax appointments are required for the 2020 Tax Season.
Zumbahlen, Eyth, Surratt, Foote & Flynn, Ltd is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.