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

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.

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.

Affordable Care Act (ACA)

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

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Monday Tax Tip!

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Follow these 5 simple yet important tax tips in your life and you will be on the right track.

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Monday Tax Tip!  Are you ready to make it right this year for a thriving financial future? Let’s do this!  Follow these 5 simple yet important tax tips in your life and you will be on the right track.  Click here: https://t.co/JPvy89cxJm

Did you know?
In 1913, the federal tax code was 400 pages. It was 70,000 pages in 2010. 📖
Can you imagine how many pages are now there in 2019? 🤔

Did you know?
In 1913, the federal tax code was 400 pages. It was 70,000 pages in 2010. 📖
Can you imagine how many pages are now there in 2019? 🤔

Monday Tax Tip!

Take advantage of tax benefits by making the most financial moves before December 31.

Here are some tax tips that can help save your money this year.

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Would you like to book an appointment for a free tax consultation?  Let our team members assist you in whatever tax concern you have right now. Connect with us today!  Click here: https://t.co/wyTih7BeFH

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Do you need any assistance?  Our team would love to assist you in every way we can.  Contact us by calling 855-ATC-1050 or find the nearest ATC office near you.  Click here: https://t.co/w1w1Ixw7y4

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