August 2019 Newsletter
Capital One Security Breach
Recently Capital One announced that a hacker gained access to the personal information of over 100 million people applying for credit. Information such as income, birth date, bank account numbers and Social Security numbers were stolen. This is one of many security breaches in recent years. The following are some steps you can take to protect yourself if you think you may be a victim.

  • Freeze your credit. Doing so is free and can be done online or over the phone at any of the three credit reporting agencies, Equifax 800-685-1111, Transunion 888-909-8872, or Experian 888-397-3742. A freeze is more effective than a fraud alert because it prevents loans and other services being opened in your name.
  • Add an extra layer of security to your log-ins whenever possible. The most common is having a business send a code to your phone in order to log in.
  • Change your passwords regularly and don't use the same password at multiple locations.
  • Do not respond to unsolicited requests for your personal information.
  • Keep an eye on your credit card accounts and bank accounts. Report any charges that you didn't make to the number on the back or your credit card and notify your bank of any suspicious transactions.
  • Set up account alerts so you are notified by phone, text, or email if there is activity outside of the parameters you set up.
What's New in 2019 Taxes? Capital Gains
Tax rates on long-term capital gains and qualified dividends do not change but the income thresholds to qualify for the various rates go up for 2019.
  • The 0% rate applies for individual taxpayers with taxable income up to $39,375 on single returns, $78,750 for joint returns and $52,750 for head of household filers.
  • The 15% rate applies for individual taxpayers with taxable income between $39,375 and $434,550 for single filers, between $52,750 and $461,700 for heads of households, and between $78,750 and $488,850 for joint filers .
  • The 20% rate starts at $434,550 for single filers, $461,700 for heads of household and $488,850 for couples filing jointly.
  • The 3% surtax on net investment income kicks in for single people with modified Adjusted Gross Income over $200,000, $250,000 for married couples.
Scam Alert!
Recently a woman in Brighton was scammed out of $23,000 by someone calling and claiming to be from the IRS and Social Security Administration. They told her to purchase and send gift cards or an arrest warrant would be issued.

The Livingston County Sheriffs office said there has been a steady stream of scams recently and that they see around 1,000 cases a year. There are likely more, but people are embarrassed and don't report what happened. Because the scammers ask for money transfers, gift cards, pictures of the gift cards, or cash it can be difficult to track the criminal. The Sheriff's Office advises that you never send gift cards or money to anyone you don't know.

Unfortunately the elderly are often a target of these scams. Be sure to share this information with your older friends and relatives. If possible, appoint someone to advise them before they respond to any calls or emails asking for money or personal information.
Check Your Inbox
Jellison CPA has taken the last few months to review each of our client's accounts to identify those clients that we feel would benefit from a mid -year tax projection. If you were identified, we have reached out via email. Please be sure to check your inbox.

We are encouraging all of our clients to take a few minutes to reflect on the first half of 2019. Have you had any significant changes (job change, large purchase, investment) that would impact your 2019 tax return? It's a great time to "check in" with us to see if your changes are significant enough to warrant a tax projection. We would love to hear from you. Please send questions to michelle@jellisoncpa.com.
There is still time to avoid tax season "Surprises".
Norman Says....Estimated Tax Payments Are Due

Estimated 3rd Quarter tax payments need to be postmarked by September 16th.
Have great School Year!

It's hard to believe that summer is winding down.

We hope you all have a great school year!
Office Hours
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Beginning the Week of September 3rd
our office hours will be:

Monday through Friday
9:00 a.m. to 4:00 p.m.

The office will be closed on Monday, September 3rd
for Labor Day.