FAQs

We are downsizing on our way to semi-retirement.  Our office in Topsfield is now closed so we no longer have office hours.  Some of the information below may be outdated.  We are referring all new clients to George C. Ferullo, CPA who can be reached at 978-817-2178.

IRS – Where’s my refund?

Identity Theft & Tax Refund Fraud – This continues to be a growing problem.  We continuously monitor, perform proactive updates to prevent intrusions and maintain strict access controls.

Beware of “IRS” phone call scam
IRS identity fraud help
Anthem 2015 breach exposes millions of children

Mileage Rates – Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
– 58 cents per mile for business miles driven
– 20 cents per mile driven for medical or moving purposes
– 14 cents per mile driven in service of charitable organizations

Social Security Limits – The social security limit for 2019 is $132,900.  Medicare is unlimited.  Additional taxes may apply with earned income in excess of:

  • $250,000 for married taxpayers who file jointly.
  • $125,000 for married taxpayers who file separately.
  • $200,000 for single and all other taxpayers.

1099s – Any business that pays a contractor $600 or more in any one calendar year must report to the IRS by filing form 1099-Misc.

House Sale – If you sell a personal residence, the gain on the sale may be excluded up to $250,000 if single and $500,000 if married filing jointly. This exclusion does not apply in all cases and does not apply to vacation homes or residential rental property.

Gifts – For 2019 you may gift to any individual up to $15,000 per year. There is no tax obligation resulting from such a gift and no reporting of the gift required by the IRS. Any gifts in excess of $15,000 may require special attention.

Maximum Elective Deferral to a 401K – For 2019 you may defer up to $19,000 in a 401K.

Disclaimer:  The information provided above is general tax law.  However, your situation may differ.  Please call Contact Us if you have specific questions.

Certified Public Accountant