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The combination of residential property taxes and Income or sales taxes continues to be capped at $10,000.

Property taxes remain fully deductible for taxpayers in a business or for-profit activity, so taxes paid on rental realty can be taken in full on Schedule E.

The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses.

For 2019, the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,650 for unmarried taxpayers.

For 2019, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income.

For tax years beginning January 1, 2019, medical expenses, for all taxpayers, are deductible to the extent that they exceed 10% of youir AGI. It was 7.5% of AGI in 2018.

In addition, the AMT preference related to medical expenses is eliminated.

For tax years beginning after December 31, 2017 and before January 1, 2026 all miscellaneous itemized deductions that were previously subject to a 2% AGI limitation are suspended.

Among the items included in this elimination are:
All unreimbursed employee business expenses;
Union dues
Brokerage fees
All expenses related to tax return preparation;
Appraisal fees for charitable contributions;
Investment expenses.

The alternative minimum tax (AMT) exemption amounts are adjusted for inflation. Here’s what those numbers look like for 2019:

Individual = $71,700
Married Filing Jointly = $111,700
Married Filg Separately = $55,850
Estates and Trusts = $25000

Salary reduction deferrals $19,000 for 401(k) or 403(b) and most 457 plans. Catch-up Contributions $6,000

IRA Contributions $6,000 - IRA Catch-up Contributions remains at $1,000.

For contributions made in tax years beginning after December 31, 2017 and before January 1, 2026 the 50% limitation is increased to 60%. Any amounts in excess of the new limit can be carried forward and deducted for up to five years (as was allowed under prior law).

For any contribution made in a tax year beginning after December 31, 2016, the requirement of a charity to provide contemporaneous written acknowledgement as substantiation for any contribution of $250 or more is repealed.

Beginning in 2018, no charitable deduction is allowed for any payment to an institution of higher learning in exchange for which the contributor is given a right to purchase seats at an athletic event.

Prior to the enactment of the new law, charitable contributions were deductible with certain ceilings based upon a percentage of AGI. A 50% of AGI limit applied to cash contributions to public charities and certain private foundations.

For 2018, the tax rate on the employee portion of Social Security is 6.2% on wages up to $128,400, so Social Security tax withholdings should not exceed $7,960.80. Medicare tax of 1.45% is withheld from all wages regardless of amount.

On Schedule SE for 2018, self-employment tax of 15.3% applies to earnings of up to $128,400 after the earnings are reduced by 7.65%. The 15.3% rate equals 12.4% for Social Security (6.2% employee share and 6.2% employer share) plus 2.9% for Medicare.

If net earnings exceed $128,400, the 2.9% Medicare rate applies to the entire amount. One half of the self-employment tax may be claimed as an above-the-line deduction on Schedule 1 of Form 1040.

For 2019, the tax bracket amounts have been indexed for inflation.

For tax years beginning after December 31, 2017 and before January 1, 2026, seven brackets will apply to individuals: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

No change has been made to the filing statuses that apply to individuals.

For 2018, the contribution limit for traditional IRAs and Roth IRAs is unchanged at $5,500, or $6,500 for those age 50 or older.

The deduction limit for 2018 contributions to a traditional IRA is phased out for active plan participants with modified AGI (MAGI) between $63,000 and $73,000 for a single person or head of household, or between $101,000 and $121,000 for married persons filing jointly and qualifying widows/widowers.

The phaseout range is MAGI between $189,000 and $199,000 for a spouse who is not an active plan participant and who files jointly with a spouse who is an active plan participant.

The 2018 Roth IRA contribution limit is phased out for a single person or head of household with MAGI between $120,000 and $135,000, and for married persons filing jointly and qualifying widows/widowers with MAGI between $189,000 and $199,000.

If you converted your traditional IRA to a Roth IRA in 2018, you cannot undo it; the conversion is permanent.