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Financial
Feb 13, 2020

Tax Reminders

Sponsored Content provided by Alyce Phillips - Marketing Director, Old North State Trust LLC

It’s a new year with a new start, but with that comes the shadow looming of “Taxes of Past”. Why is it that we’re so optimistic about the new beginnings a year brings to only have that dampened with the April Showers from the previous year’s tax season? As we all gather with our financial gurus, here are some helpful dates and reminders to help in your preparations.

Important Dates To Remember:

January 15th - Last estimated quarterly payment from previous year due
April 15th - Tax Filing Day - you may also file for the October 15th extension today
June 17th - 2nd estimated quarterly payment due
September 13 - 3rd estimated quarterly payment due
October 15th - Extension deadline
December 31st - Finalize any deductions, capitol gains & losses, and any loose ends before year end

Individual Income Tax Rates:
 
The rates are: 10%, 12%, 22%, 24%, 32%, 35%, and 37% for single and filing jointly. The income tax rates for estates and trusts are 10%, 24%, 35%, and 37%.

Itemized Deductions:
 

  • State and local taxes — Individuals are only able to claim an itemized deduction of up to $10,000 ($5,000 if married filing a separate return) for state and local property taxes and state and local income taxes (or sales taxes in lieu of income).
 
  • Home mortgage interest deduction — Individuals can deduct mortgage interest of no more than $750,000 ($375,000 for married individuals filing separately) of qualifying personal residence mortgage debt on a first and/or a second home. For mortgage debt incurred prior to December 16, 2017, the prior $1 million limit will continue to apply. No deduction is allowed for interest on home equity indebtedness.
 
 
  • Medical expenses — The adjusted gross income (AGI) threshold for deducting unreimbursed medical expenses is 10%.
 
  • Charitable contributions — The top adjusted gross income (AGI) limitation percentage that applies to deducting certain cash gifts is 60%.
 
 
  • Casualty and theft losses — The deduction for personal casualty and theft losses is applied only in the case of casualty losses suffered in a federal disaster area.
 

Child Tax Credit

 
The child tax credit is $2,000 for each qualifying child under the age of 17. The maximum amount of the credit that may be refunded is $1,400 per qualifying child, and the earned income threshold for refundability is $2,500. The income level at which the credit begins to phase out is $400,000 for married couples filing jointly and $200,000 for all other filers. The credit will not be allowed unless a Social Security number is provided for each qualifying child. A $500 nonrefundable credit is available for qualifying dependents who are not qualifying children under age 17.
 
For Estate Planning purposes, the annual gift exclusion remains at $15,000, and the gift and estate tax exclusion amount is $11,400,000+ DSUEA (deceased spousal unused exclusion amount). Forty percent is the maximum rate on estate, gift, and GST amounts. Exclusion amount on gifts to a non- citizen spouse is $155,000.
 
Gift Tax Exclusions 2019
Annual Gift Tax Exclusion – single $15,000
Annual Gift Tax Exclusion- jointly $30,000
529 Plan- single $75,000
529 Plan- jointly $150,000
 
Another deduction that you can claim is your eligible long-term care premiums. See box below for deduction limits.
 
Age for LTC Premium Deduction Limits 2019
40 & Under $420
41-50 $790
51-60 $1,580
61-70 $4,220
71 & Over $5,270
 
As with any tax return, everyone is different and has many different unique issues. Make sure to consult your tax representative with any question(s) you may have regarding your finances.

As Marketing Director, Alyce works to develop, budget, and implement marketing plans, which include advertising, coordination of conferences, special events, and development and maintenance of marketing materials. She also oversees the company’s website, in-house articles, and fostering community initiatives within the organization. Alyce received a BS degree in Interior Design from East Carolina University with a concentration in Business Administration and obtained her teaching certification from UNCW. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldntorhstatetrust.com or call 910-399-5470.  
 

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