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

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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

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Standard Deductions 2020:

• Married Filling Jointly- $24,800

• Married Filling Separate or Single- $12,400

• Head of Household- $18,650

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Qualified Business Income Deduction 2020:

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

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