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:
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Married filling jointly $196,000-$206,000
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Single or Head of Household $124,000-$139,000
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Married Filling Separate $0-$10,000
Standard Deductions 2020:
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Married Filling Jointly- $24,800
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Married Filling Separate or Single- $12,400
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Head of Household- $18,650
Qualified Business Income Deduction 2020:
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Married Filling Jointly- $326,600-$426,600
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Married Filling Separate or Single- $163,300-$213,300