The IRS and the Social Security Administration have released 2019 inflation-adjusted figures for more than 50 tax provisions. In addition to a 2.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2019 adjustments generally are used on tax returns filed in 2020.
Topics: tax planning, year-end tax planning, IRS, Inflation-Adjusted, Tax Cuts and Jobs Act, TCJA, Social Security, 2019 tax planning, Joanna Powell
While everyone anxiously awaits the fate of popular tax extenders like bonus depreciation and the increased business expensing election, the IRS and the Social Security Administration have released various inflation-adjusted figures for 2015. While most figures will increase slightly in 2015, some, such as the annual gift exclusion, remain unchanged.
Topics: tax, tax changes, Inflation-Adjusted, 2015 Tax Rate Tables
