Evening all,
Here are a few tax update that you might be interested in.
The New Standard Deductions are.
1. For Married Couples is........................................ $ 12,200
1 a. Married 1 spouse over 65..................................$ 13,400
2 b Married both over 65........................................$ 14,600
2. For Single or Separated Married Filing Separately.... $ 6,100
2 a. Single or Separated over 65............................ $ 7,600
3. Head of household (meaning with children)............ $ 8,950
3 a. Head of household over 65.............................. $ 1,500 add.
Blind no matter what age addition $1,200, $ 1,500 if unmarried and not a surviving spouse.
4. New Dependency deduction................................ $ 3,900 each person
5. Tax Brackets
Married filing Jointly
10% on incomes up to $ 17,850
15% $ 146.400 28% up to $ 223,050
25% " " $ 225.050 33%, $ 298,350
33%, $ 298,350 35%, up to $ 450,000
39% over $ 450,000
Single
10% incomes up to $ 8,925 28% $ 87,850
15% $ 36,250 33% $ 183,250
25% $ 87,850 35% $ 298,350
39% over $ 400,000
Head of Household
10% incomes up to $ 12,750 28% $ 203,150
15% $ 48,600 33% $ 398,350
25% $ 125,450 35% $ 425.000
39% over $ 425,000
6 Capital Gain and Dividends 15%
for filers within the 10% and 15% brackets still qualify for a 0% rate
7. AMT Rate over $80,800 for couples
$51,900 for Singles and Head of households
8. Social Security Wage base $113,700 up $3,600.
9. Medicare Parts B up to $10490 per Month
10. Threshold for deducting Medical Expenses up to 10%
Age 65 and Over remains the same at 7.5%
Franklin Katz RTP, ATP, PA, PB
Frank's Tax & Business
315 E. King St
Kings Mountain, NC 28086
704-739-4039
fax: 704-739-3934
website http://www.prep.1040.com/frankstax
IRS Circular 230: Pursuant to requirements of practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing, or recommending to another person any tax-related matter.
Here are a few tax update that you might be interested in.
The New Standard Deductions are.
1. For Married Couples is........................................ $ 12,200
1 a. Married 1 spouse over 65..................................$ 13,400
2 b Married both over 65........................................$ 14,600
2. For Single or Separated Married Filing Separately.... $ 6,100
2 a. Single or Separated over 65............................ $ 7,600
3. Head of household (meaning with children)............ $ 8,950
3 a. Head of household over 65.............................. $ 1,500 add.
Blind no matter what age addition $1,200, $ 1,500 if unmarried and not a surviving spouse.
4. New Dependency deduction................................ $ 3,900 each person
5. Tax Brackets
Married filing Jointly
10% on incomes up to $ 17,850
15% $ 146.400 28% up to $ 223,050
25% " " $ 225.050 33%, $ 298,350
33%, $ 298,350 35%, up to $ 450,000
39% over $ 450,000
Single
10% incomes up to $ 8,925 28% $ 87,850
15% $ 36,250 33% $ 183,250
25% $ 87,850 35% $ 298,350
39% over $ 400,000
Head of Household
10% incomes up to $ 12,750 28% $ 203,150
15% $ 48,600 33% $ 398,350
25% $ 125,450 35% $ 425.000
39% over $ 425,000
6 Capital Gain and Dividends 15%
for filers within the 10% and 15% brackets still qualify for a 0% rate
7. AMT Rate over $80,800 for couples
$51,900 for Singles and Head of households
8. Social Security Wage base $113,700 up $3,600.
9. Medicare Parts B up to $10490 per Month
10. Threshold for deducting Medical Expenses up to 10%
Age 65 and Over remains the same at 7.5%
Franklin Katz RTP, ATP, PA, PB
Frank's Tax & Business
315 E. King St
Kings Mountain, NC 28086
704-739-4039
fax: 704-739-3934
website http://www.prep.1040.com/frankstax
IRS Circular 230: Pursuant to requirements of practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing, or recommending to another person any tax-related matter.
