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Dianne Williams Wildt, MBA
Certified Retirement Counselor®
Since 1983 in the financial services and investment industry
Retirement Pathways, Inc.
4500 Bowling Blvd., Suite 100
Louisville, KY 40207
Phone: 502-797-1258
Email: dianne@retirementpathways.com
Website: www.retirementpathways.com
March/April 2020
7 Last-Minute Tax Breaks
If you haven't filed your 2019 federal tax return yet, the Internal Revenue Service offers some reminders that may help reduce your income taxes for the year, but don’t forget to consult a tax advisor about your individual tax picture, too. Here is a sampling of tax breaks that may help you reduce your 2019 tax bill.
- There are few limits to the amount you can deduct when you itemize on your tax return, thanks to the Tax Cuts and Jobs Act.
- Limits have risen not only for income tax brackets and the standard deduction, but also for tax deductions like the Lifetime Learning Credit.
- The maximum credit allowed for adoptions is the amount of qualified adoption expenses up to $14,080, up from $13,810 the previous year.
- The Health Flexible Spending Account (FSA) saving limit rose to $2,700.
- The Health Savings Account (HSA) contribution limit increased to $7,000 for family coverage and $3,500 for single coverage. Out-of-pocket limits also increased slightly.
- If you receive alimony payments according to an agreement that was new or suitably modifi ed in 2019, you won’t owe federal income taxes on the amount.
- You may deduct amounts over 7.5% of your adjusted gross income for medical expenses.
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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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