Monthly Archives February 2018

You may be able to lower your tax bill by itemizing when you file your 2017 tax return. It’s a good idea to know both numbers before deciding on a deduction method. Itemized Deductions Include: Home mortgage interest State and local income taxes or sales taxes – but not both Real estate and personal property taxes Gifts to charities Casualty or theft losses Unreimbursed medical and employee business expenses above certain amounts Standard Deduction Amounts:  Single — $6,350 Married Filing Jointly — $12,700 Head of Household — $9,350 Married Filing Separately — $6,350 Qualifying Widow(er) — $12,700 *If a taxpayer
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Personal exemptions help reduce taxable income.  Most taxpayers can claim one personal exemption for themselves and one for their spouse if they are married.  Personal exemptions may also be claimed for each dependent. Each exemption normally allows a deduction of $4,050 for 2017 tax returns. While each exemption is worth the same amount, different rules apply to each type. Here are five things to remember about exemptions and dependents when filing your 2017 tax return: Claiming Personal Exemptions: On a joint return, taxpayers can claim one exemption for themselves and one for their spouse if they file a joint return.
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If you will be getting a tax refund, direct deposit is fast, secure, and easy.  You can even have your refund split to be deposited into 2 accounts.  You can read more information from the IRS by clicking here.
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