The Reference Section

A collection of wealth improvement articles

What's New in 2019

Listed here are changes specific to 2019 taxes. To find a list of changes due to the annual inflation adjustments, see Tax Facts – 2 Year Comparison.

  • Alimony rules change for new divorcees. Beginning in 2019, alimony is no longer a tax deduction for those paying it, nor income for those receiving it. This rule change does not impact prior year divorce documents.
  • Medical expense deduction threshold raises to 10%. To deduct medical expenses as an itemized deduction, threshold is now 10 percent of your Adjusted Gross Income (AGI). The previous threshold was 7.5 percent.
  • Affordable Care Act (ACA) shared responsibility penalty is gone. The portion of the Affordable Care Act that requires everyone to have health insurance or pay a penalty is now suspended.

Check back here for recent developments. This notice will be updates with any late breaking law changes.