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. The most common deductions include:

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.

Medical and Dental Expenses

If you itemize deductions and you’re under 65, you may deduct the amounts you paid for medical and dental expenses that exceeds 10% of your adjusted gross income (AGI). If either you or your spouse is 65 or older, you can deduct the amount that exceeds 7.5% of your AGI.The deduction is allowed for expenses paid for the prevention and alleviation of a physical or mental defect or illness. Medical expenses include expenses related to diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any function or structure of the body.

Deduction Guidelines

  • Expenses must be for you, your spouse or your dependent, or for anyone who would qualify as your dependent except for having a gross income of more than $4,050.
  • Expenses must be paid during the current tax year, regardless of when incurred.
  • Expenses must not be compensated by insurance.
  • Expenses must not be paid out of a tax-free medical savings or health savings account.
  • You must subtract from your deduction total any reimbursement of medical expenses, whether they were paid to you or directly to the doctor or hospital.

Affordable Care Act (ACA)

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

Learn More

ATC BONU$ Loan

Advance Tax Loan, up to $5001 No Credit Check. High Approvals.

Learn More

Find an ATC office

Stay Updated

Subscribe to our free newsletter and receive the latest updates.

Your information will not be published.

Have you heard about child tax credit?

Here is a short checklist for you to know and learn everything on how you and your kid can qualify for the child tax credit. Click here: https://t.co/DjQYtj7rCL

Have you heard about child tax credit?  Here is a short checklist for you to know and learn everything on how you and your kid can qualify for the child tax credit. Click here: https://t.co/DjQYtj7rCL

Friday Fun Fact

Form 1040 has been replaced with a new look. The New Tax Form is now Postcard-Size reducing from 79 lines down to 23 lines.

The goal is to simplify and for the millions of taxpayers could save a bit of time on their filings this year.

Do you agree on thi

Friday Fun Fact  Form 1040 has been replaced with a new look. The New Tax Form is now Postcard-Size reducing from 79 lines down to 23 lines.  The goal is to simplify and for the millions of taxpayers could save a bit of time on their filings this year.  Do you agree on thi

SPECIAL THANK YOU: to all the wonderful customers we've served over the years (150K+ tax returns filed). This year we got over the 10,000 tax returns mark. It is truly a pleasure and a privilege and we are most grateful to ALL of YOU - our valued customers!

SPECIAL THANK YOU: to all the wonderful customers we've served over the years (150K+ tax returns filed). This year we got over the 10,000 tax returns mark. It is truly a pleasure and a privilege and we are most grateful to ALL of YOU - our valued customers!

Our ATC tax experts are ready to assist you all the way. Get in touch and connect with us right now.

Find your nearest ATC office and make an appointment today.

https://t.co/1sza246SWm

Our ATC tax experts are ready to assist you all the way. Get in touch and connect with us right now.  Find your nearest ATC office and make an appointment today.  https://t.co/1sza246SWm

1.1 M
Tax Returns get audited every year.

Get Accuracy, Assistance, and Audit protection---the ATC triple promise that your return will be done right. And will be right by your side if you are audited by the IRS.

1.1 M 
Tax Returns get audited every year.  Get Accuracy, Assistance, and Audit protection---the ATC triple promise that your return will be done right. And will be right by your side if you are audited by the IRS.

This message is only visible to admins:
Unable to display Facebook posts

Error: Error validating application. Application has been deleted.
Type: OAuthException
Code: 190
Click here to Troubleshoot.