Volz CPA Inc. Newsletter May 2019

The biggest downside of last year’s tax cut, was that the IRS changed the withholding tables and folks got a little more in each paycheck rather than a big bump in their refunds. Since the IRS no longer uses exemptions to figure out your withholdings, you can’t just count heads at the dinner table to figure out how to fill out your W-4. We’ve helped a lot of folks get their withholding in line in this new system, so let us know if you need help with your W-4.

Some 2019 Federal Income Tax Changes

Medical Expenses - The Threshold for deducting medical expenses as an itemized deduction of Schedule A jumps from 7.5% of your AGI to 10% of your AGI.   IRA Contributions - The IRA contribution limit has increased to $6,000 per person and, for those over age 50, the limit goes to $7,000.   Standard Mileage Rates -- The standard mileage rate for business driving goes up to 58¢ per mile in 2019. The rate for medical travel and military moves is going up 2¢ to 20¢ per mile. The charitable driving mileage rate remains at 14¢ per mile as fixed by law.   HSA Contribution -- The annual maximum deduction for HSA contributions is now $3,500 for individual coverage and $7,000 for family coverage.

Protecting Yourself and Loved Ones from Elder Financial Abuse

Every year, millions of seniors fall victim to financial abuse. Understanding what elder financial abuse can look like, and preventative steps that can be taken, can help you protect you or loved ones from this kind of exploitation.   Some common warning signs that a person may be a victim of financial abuse include: Sudden or unexplained changes in spending habits Surrendering control of finances to a new friend or partner. Suddenly changing a will, a trust, or beneficiary designations  Unexplained checks made out to cash. Disappearance of assets like cash, valuables, securities, etc. Signs of anxiety or fear when asked about finances. Although financial abusers of the elderly vary, the most common perpetrators, sadly, come from the victim’s own family. The web of perpetrators spreads from family and may include friends and neighbors, caregivers and aids, attorneys and financial advisors, and professional scam artists.   If you believe a loved one is a victim of financial abuse, you should contact Adult Protective Services in your state, or your local police, for help.   Source: Third Federal Online Security Updates

Ohio Sales Tax Holiday

Ohio will have a sales tax holiday from Friday, August 2, 2019 at 12:00 a.m. to Sunday, August 4, 2019 at 11:59 p.m.   During the holiday, the following items are exempt from sales and use tax: An item of clothing priced at $75 or less; An item of school supplies priced at $20 or less; and An item of school instructional material priced at $20 or less. Items used in a trade or business are not exempt under the sales tax holiday.   For more information regarding the sales tax holiday, please refer to the Department’s Sales Tax Holiday Frequently Asked Questions available on the Department’s website

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Well, this year the Reds have some pitching but they’ve grown some flat bats.  But maybe we will see the bats re-inflated when Scooter comes back.  We can only hope. In the mean time we can enjoy the 150 th anniversary shindigs. Peace,

James A Volz, CPA jim@volzcpa.com 794.1551

Sweat Training Jim's daughter Stephanie is a bootcamp instructor & personal trainer at Sweat Training in Oakley. She is currently doing complimentary trials for anyone interested in starting a new fitness plan.  New client deal - 1 month unlimited bootcamp complimentary with group personal training plan setup, $159 value. Bootcamp Schedule: early morning: M - F 6am - 6:30am mid morning: M - Sat 9:30am - 10am evening: M - Th 7pm-7:30pm Group Training Schedule: M-F 11am-2pm & M-Th 5-7pm                                                            Email info@sweattraining.com to setup (513) 531-1744