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Understanding taxes over 50.
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The Perks of Aging 
 
Dear <<First Name>>,

Once you turn 50, and especially after age 65, or are retired, you can qualify for tax breaks to help minimize your tax burden. If you or a loved one fall into these categories, here are seven of the most important tax deductions to use to your advantage:

1. Larger Standard Deduction
If you and/or your spouse are 65 years old or older and you do not itemize your deductions, you can take advantage of a higher standard deduction amount.

2Credit for Elderly or Disabled 
If you and/or your spouse are either 65 years or older–or under age 65 years old and are permanently and totally disabled–you may be able to take the Credit for Elderly or Disabled. The Credit is based on your age, filing status, and income.

 3. Medical and Dental Expenses Deduction
The Tax Reform and Jobs Act of 2017, changed the AGI threshold for medical expenses from 10% to 7.5% for 2017 and 2018 for all taxpayers.The medical expense tax deduction covers the cost of insurance premiums, including Medicare, and even long-term care insurance premiums. 

4. Higher HSA contribution limit
Workers with high-deductible health plans can claim a tax deduction on contributions to a health savings account. HSA limits are $3,500 if single or $7,000 for family, but you can add an additional $1,000 into your account if you are over 50.


5.  Retirement account limits
For 2019, the IRS increased the amount you can squirrel away in your 401(k), 403(b) and most government plans. Once you reach 50, a $6,000 “catch up” contribution is available or $22,500 into your 401(k) in 2019.

Continue Reading: Learn About All Benefits
Important Dates & Deadlines!

 

March 11 – Jeanine’s document & meeting
deadline in order to guarantee to submit personal (1040) and Corporate (1120) income tax returns by April 14. 

March 15 – S-Corp (1120S) & Partnership (1065) returns due at the IRS.

April 15 – Individual returns (1040) due at the IRS.

April 15 – Corporation returns (1120) due at the IRS.

April 15 – FBAR (Foreign Bank and Financial Account Reporting) due at the IRS.

Tax Tips

Read our blog for more tax & planning resources. 

Earth Day is just around the corner!

One of the biggest events that SABA puts together is the Earth Day event.  It will be held on Saturday, April 27th.  South Austin residents are invited to drop off paint, household batteries, paper and other material for recycling/shredding/safe disposal.
 
If you are interested in volunteering for a SABA cause, you can do your part with the Earth Day committee.  This is a fun committee that does a great job with this huge project.  If you are interested in volunteering or to find out more, please contact Angie Jones at angiejonesrealtor@gmail.com.
Learn more about our services for businesses and individuals.
Contact us today!

Jeanine Hemingway, CPA, PC
(512) 291-9955


Our Services

Business Tax Planning        Bookkeeping/Accounting       Individual Taxes
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Jeanine Hemingway, CPA | 512.291.9955 | jeanine@jeaninecpa.com |
 8700 Manchaca Rd., Ste. #304
Austin, TX 78748


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Jeanine Hemingway CPA · 8700 Manchaca Rd. Ste. 304 · Austin, TX 78748 · USA

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