TAX UPDATES

Effective January 1,2020, the standard mileage rates will be 57.5 cents per mile for business miles driven.

 

Traditional IRA limit under 50 years of age at year end $6,000,  over 50 years old $7,000

Roth IRA contribution phaseout 2020:

  • Married filling jointly $196,000-$206,000

  • Single or Head of Household $124,000-$139,000

  • ​Married Filling Separate $0-$10,000

Standard Deductions 2020:

  • Married Filling Jointly- $24,800

  • Married Filling Separate or Single- $12,400

  • Head of Household- $18,650

Qualified Business Income Deduction 2020:

  • Married Filling Jointly- $326,600-$426,600

  • Married Filling Separate or Single- $163,300-$213,300

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