Do you use your car for business, medical, or charitable reasons? That mileage may be deductible and here are the standard mileage rates for tax year 2019: Business: 58 cents/mile (up from 54.5 cents/mile in 2018) Medical: 20 cents/mile (up from 18 cents/mile in 2018) Charitable: 14 cents/mile (unchanged from 2018)

It’s that time again to think tax season for filing your 2018 tax return! Even with the government shutdown still in process, the IRS has assured taxpayers that returns will still be accepted and refunds will still be issued. Here are some dates to keep in mind: January 28, 2019 IRS expected to open e-filing system for 2018 tax year returns January 31, 2019 Deadline for all 1099-MISC (with amount in box 7 nonemployee income) & W-2s to be processed and mailed out

It happens to the best of us - April 15 (or 17th as it was this year) comes and goes without filing a tax return or extension. Even for those that file an extension, October 15 often comes and goes without filing a tax return. Don’t panic or fear that the IRS will come knocking on your door tomorrow, (remember the IRS does NOT usually call so anyone that calls you claiming to be the IRS is a scam) but they’ll more politely send a letter that will cause you a small heart attack.

I don’t know about other tax professionals but the Tax Cuts and Jobs Act (TCJA) gave me a run for my money during the holiday season last year as I tried to get up to speed on all the tax changes. Some parts of the TCJA left me still scratching my head about what was and was not deductible, especially business meals. Under TCJA the 50% deduction for entertainment went away so that golf or basketball game with clients got a little more expensive.

For those living in Colorado and wanting to save for college via a 529 plan, College Invest® is the only one that will allow you a deduction on your Colorado state tax return (think automatic 4.63% return on investment). For those that qualify, a dollar-for-dollar contribution match up to $500 might be available (who doesn’t like free money?). Full FAQs are found here but the highlights are: Must be a Colorado resident The Beneficiary (child, grandchild, etc) must be 12 years old or younger at the time of the initial application You must be able to claim the Beneficiary as a dependent for federal income tax purposes There is an income eligibility based on household size and AGI Applications for the 2018-2019 matching grant program are accepted now through December 14, 2018 Let me know if you are able to take advantage of this grant!

Merry Christmas to us, we have a new tax law! The big question you are probably asking is how does this new tax law impact me? First of all, remember that most of these changes will not go into effect until the 2018 tax year, starting January 1, 2018 for individuals. Here are a few key parts of the law that might be of importance to you. New Tax Brackets (Individuals) – 10%, 12%, 22%, 24%,32%, 35%, 37%