Tax Tools

Tax deductions are expenses that reduce the amount of income subject to tax. There are thousands tax deductions in tax code and regulations. Book an appointment today with an one of our ATC tax service experts!

Taxpayers are categorized into a tax bucket based on their filing status.

A standard deduction is the dollar amount that can be deducted from one’s income. Your standard deduction is determined based on your filing status. These amounts are governed by the IRS.

The standard deduction for the 2016 tax year

StatusDeductionBorn before January 2, 1951Blind
Single$6,300$1,550$1,550
Married Filing Jointly$12,600$1250 per spouse$1,250 per spouse
Married Filing Separately$6,300$1,200$1,200
Head Of Household$9,300$1,550$1,550
Qualified Widow(er) With Dependent Child$12,600$1,200$1,200

Itemized deductions allow you to deduct your expenses such as mortgage, interest, donations, medical expenses, and so forth. When the summation of your itemized deduction exceeds the value of your standard deduction, your total deduction amount begins to increase. Additional deductions can reduce the amount of income being taxed and increase your tax refund or diminish any tax liability.

Take advantage of our accurate tax preparation services at ATC. With superior understanding of the tax codes as well as state and federal deductions, our team of tax service professionals will assess your personal tax situation and help you find and claim all the credits and hidden tax deductions you qualify for and one’s that benefit you mostfrom one’s income. Your standard deduction is determined based on your filing status. These amounts are governed by the IRS.

Employee Business Expenses

If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses.

Only employee business expenses that are in excess of 2% of your adjusted gross income (AGI) can be deducted.

Qualifying Business Expenses

Expenses that qualify for an itemized deduction include:

  • Business travel expenses
  • Business use of car
  • Business entertainment expenses
  • Business use of your home
  • Work-related educational expenses
  • Miscellaneous employee expenses

Affordable Care Act (ACA)

Affordable Care Act (ACA) and what it means for your taxes

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EasyMoney Loan

Advance Tax Loan, up to $60001 No Credit Check. High Approvals.

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