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 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 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.

Charitable Contributions

Charitable contributions are donations made to qualified charitable organizations.
The contributions can be monetary, or physical property.

50% of AGI Limitations
Organizations qualifying for the 50% limit include churches, educational organizations that maintain a regular student body and staff, and organizations that provide medical research, education, or care.

30% of AGI Limitations
Organizations qualifying for the 30% limit include qualified organizations considered private organizations.

20% of AGI Limitations
Capital gain properties donated to private organizations qualify for the lesser of 20% of your AGI or 30% of your AGI minus any 30% limitation contributions made

Contribution Limitations
The overall limitation of charitable contributions is 50% of your adjusted gross income (AGI). If your contributions exceed this limit in a given tax year, you can deduct the remainder of your contributions over the next 5 tax years.

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“Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.” - Peter Drucker

It’s all about giving our clients the value they truly deserve through ATC’s superb tax products and services.

“Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.” - Peter DruckerIt’s all about giving our clients the value they truly deserve through ATC’s superb tax products and services.

Haven’t filed your taxes yet?

We only have a few more days before the deadline, so contact us today and let us help in this crunchtime!

Click here for details: https://t.co/xl87dwzDyB

Haven’t filed your taxes yet?We only have a few more days before the deadline, so contact us today and let us help in this crunchtime!Click here for details: https://t.co/xl87dwzDyB

ATC Tax Tip:

E-file your taxes and set up direct deposit so your refund will be issued within 21 days. If through mail, it could take six weeks or longer to get your hands on your cash.

Get your money as soon as possible!

ATC Tax Tip:E-file your taxes and set up direct deposit so your refund will be issued within 21 days. If through mail, it could take six weeks or longer to get your hands on your cash.Get your money as soon as possible!

Here #ATCIncomeTax, we are more than ready to help, no matter how you choose to file.

We understand how important your refund is to your financial well-being. We are certainly ready to get you the most money back. Connect with us and file before the deadline!

Here #ATCIncomeTax, we are more than ready to help, no matter how you choose to file.We understand how important your refund is to your financial well-being. We are certainly ready to get you the most money back. Connect with us  and file before the deadline!

With our wide experience when it comes to taxes, ATC Income Tax is able to take advantage of all available tax structures, tax breaks, and loopholes.

This will help us maximize your refund or minimize your tax liability. 💸💸

#ATCIncometax #IncomeTax #2020taxes

With our wide experience when it comes to taxes, ATC Income Tax is able to take advantage of all available tax structures, tax breaks, and loopholes.This will help us maximize your refund or minimize your tax liability. 💸💸#ATCIncometax #IncomeTax #2020taxes

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