Tax Tables Released for 2019

The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts. These adjusted amounts will be used to prepare tax year 2019 returns in 2020.

Many amounts are increasing for inflation in 2019. The standard deduction will increase to $24,400 for married individuals filing joint returns or surviving spouses, $18,350 for heads of household, and $12,200 for unmarried individuals (other than surviving spouses) and married individuals filing separate returns.

Visit this article from the Journal of Accountancy for more information.