The Missouri Department of Revenue has announced the 2019 individual income tax year changes, effective for the tax year beginning January 1, 2019, which will be reflected on 2019 Missouri individual income tax returns.
Income Tax Brackets
The income tax… Read More
A new bipartisan bill for the New Home Energy Efficiency Act was proposed to retroactively extend the $2,000 45L Tax Credit. If passed, taxpayers could amend their 2018 tax return and apply the credit from 2018-2020. Starting in 2021, the… Read More
Many more taxpayers are now taking the standard deduction as a result of the Tax Cuts and Jobs Act. The increase in standard deduction coupled with changes to certain itemized deductions reduces the ability of taxpayers to itemize deductions. As… Read More
The IRS has issued a consumer alert regarding a new phone scam in which a recording pretends to be calling from the Social Security Administration (SSA). The recording threatens to suspend your social security number if you do not respond.… Read More
The 20% Qualified Business Income (QBI) deduction was arguably the most complicated change taxpayers faced during the 2019 tax filing season. Coincidentally, it happened to be an area where we identified significant opportunities for clients to save tax dollars in… Read More