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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. In some cases, the standard deduction may exceed itemized deductions.

The standard deduction for the 2019 tax year

StatusDeductionBorn before January 2, 1954Blind
Single$12,200$1,650$1,650
Married Filing Jointly$24,400$1,300 per spouse$1,300 per spouse
Married Filing Separately$12,200$1,300$1,300
Head Of Household$18,350$1,650$1,650
Qualified Widow(er) With Dependent Child$24,200$1,300$1,300

 

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.

Mortgage Points

Home mortgage points are certain charges you pay to obtain a home mortgage.

Deduction Guidelines
All of the following conditions must be met for your home mortgage points to be fully deductible in the year you paid them:

  • Your main home must secure your loan.
  • Paying points must be an established practice in your area.
  • The points you paid were not more than what is generally paid for points in your area.
  • You use the cash method of accounting; that is, you report income and deductions in the year they occurred.
  • The points were not paid for items generally separated on the settlement sheet.
  • You must have paid the points at or before closing with funds not from your lender or mortgage broker.
  • You must have obtained a loan to buy or build your main home.
  • The points were computed as a percentage of the mortgage principal.
  • The points amount is shown on your settlement statement.

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Where there's a will, there's an Inheritance Tax. 💲💵💰

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Where there's a will, there's an Inheritance Tax. 💲💵💰  Enjoy your weekend everyone!

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