Resources

For You, The Taxpayer.

 

Taxpayer Bill of Rights

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS.  Explore your rights and the IRS’ obligations to protect them.

Your 2019 Taxes
Online for Free: 

If your 2019 adjusted gross income was $69,000 or less, you may find one or more Free File Online* options available for you at the link above.  If you do not qualify or choose not to use one of these Free File Online options and would like help in preparing your 2019 Tax Return, please allow us to serve you at The FinanSeer

Choosing a Tax Professional

IRS recommended guidelines and suggestions for selecting a tax return preparer.

What’s New For Individual Taxpayers

Taxpayer Relief Act of 2019 (HR 3301) - Here are the main items to note:

  • Deduction for mortgage insurance extended through 2020 and made retroactive for 2018.  If you paid mortgage insurance in 2018 but didn’t deduct, you may be able to file an amended return.

  • Notorious "floor" of Adjusted Gross Income (AGI) for medical and dental expenses on Schedule A reduced back to 7.5% of AGI for 2019 and 2020 (was supposed to be 10% again).

  • Tuition and fees deduction Form 8917 (up to $4,000 reduction in AGI) brought back for 2018, 2019, and 2020.   If you paid tuition and fees in 2018 but didn’t deduct from AGI, you may be able to file an amended return for 2018.  However, you can’t take both an education credit from Form 8863 and the tuition and fees deduction from Form 8917 for the same student in the same tax year.

  • Ability to exclude canceled debt related to mortgage forgiveness on your primary home reinstated for 2018, 2019, and 2020.  Amended return opportunity for 2018 if you qualify.

  • The Residential Energy Credit (Form 5695) has been extended through 2020 allowing taxpayers to deduct up to $500 from their tax liability for purchase and installation of energy efficient home improvements. 

Whats New for Business Taxpayers

  • Employer paid family or medical leave tax credit extended to 2019  

  • Work Opportunity Tax Credit extended to 2019.

  • Several of the taxes that were added to pay for the Affordable Care Act were repealed permanently.  Namely the excise tax on high-cost, employer-sponsored health insurance (commonly known as the “Cadillac” tax), an excise tax on medical devices, and an annual fee on health insurance providers.