Alfred A Cohen, CPA

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New federal Estimator

the IRS has come out with a new federal withholding estimator to aid in calculating withholding requirements. Click on this link https://www.irs.gov/payments/tax-withholding

TIP 12/18

Reminder - The IRS will never initiate contact with consumers by email

Charity

If receiving RMD distributions consider making a charity contribution directly form IRA. Reduces amount of taxable RMD. Under new tax law will make charitable contribution deductible.

19 Social security

The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2019 will increase to $132,900. This is up from $128,400 for 2018.

18 Social Security

Wages subject to Social Security will increase to $ 128,700 in 2018. This will increase Social Security withholding by $ 632.40.

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