We are an IRS, Electronic File-Certified Provider, a Certified Drake Software Practitioner and a member of the National Society of Tax Professionals (NSTP). Our staff of 12 tax professionals plus marketing representatives offers a wide range of services from tax preparation to bookkeeping, financial planning and business startup assistance.
L & B Tax Service, Inc., is a family owned full-service tax preparation and financial provider. It was established in 1996 by Brian & Lori Joubert. Our goal is to become the client’s link to financial growth and independence.
We’ll oversee your personal and business financial data to be sure it’s in compliance by maintaining accurate books of accounts and daily financial entries.
Additionally, we can assist with basic HR duties like new hire documents, temporary disability insurance, and workers’ compensation filings and more.
We’ve been the partner to thousands of people like you with whom we’ve partnered to help build their secure financial futures – so you can focus on what’s important.
The maximum contribution amount for tax year 2019 is $6,000. The catch-up contribution increases to $1,000. Therefore, taxpayers age 50 and older…
The first day to electronically file you tax returns stated by the IRS is January 27th, 2020 (you can still process your tax returns prior to that date).
If you are claiming the “Earned Income Credit” and the “Additional Child Tax Credit”, returns won’t be processed until February 15th, 2020 and most refund deposits won’t be available until February 27th, 2020 or beyond.
Most changes to the “New Tax Law Bill” will take effect starting January 1st, 2020 for the 2019 tax year!!!
Tax Law Changes for 2019(here)
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401k Contribution Limits 401K contributions limits have been increased to $19,000 and $6,000 for taxpayers over age 50 making catch-up contributions. Taking advantage of these high limits will decrease your taxable income.
IRA Contribution Limits IRA contribution limits have also increased to $6,000 with a $1,000 catch-up amount for taxpayers over age 50.
Insurance Penalty The penalty (individual mandate) for not having health insurance no longer applies for 2019 federal tax returns. However, some states have their own individual health insurance mandate, requiring you to have qualifying health coverage or pay a fee with your state taxes for the 2019 plan year. If you live in a state that requires you to have health coverage and you don’t have coverage (or an exemption), you’ll be charged a fee when you file your 2019 state taxes. As of now, Massachusetts, New Jersey and the District of Columbia are the only states with health insurance mandates and penalties for 2019. Vermont goes into effect in 2020.
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