Question: What is the Maximum IRA Contribution amount? Answer: The Maximum IRA Contribution amount for Tax Year 2020 (filing in 2021) is the following: IRS allows people over 50 years old to “catch up” with their IRA account. The Maximum IRA contributions include all of the 401k, 403b, and 457 […]
What is the Standard Deduction for 2015?
Question: What is the standard deduction for 2015? (Tax Year 2014/Filing in 2015) Answer: The standard deduction for tax year 2014 is as follows: Single – $6,200 Married Filing Separate – $6,200 Married Filing Joint and Qualifying Widower – $12,400 Head of Household – $9,100 In addition, the personal exemption […]
When is Small Corporation Tax Return Due? 1120S
Question: When is Small Corporation Tax Return Due? 1120S Answer: Corporations that elected for S-Corp status always follows the calendar year. All S-Corp (Small Corporation) has December 31 as year ending date. S-Corp that returns are due on the 15th day of the third month following the close of tax […]
I got Divorce this year; Do I file as Single or Married Joint?
Question: I got Divorced this year; Do I file as Single or Married Joint? Answer: The marital tax status is determined on the last day of the tax year, December 31. If you were single on December 31, then you file Single on the tax return. If you were already divorced or […]
What is the Student Loan Phaseout Amount?
Question: What is the Student Loan Interest Deduction Phaseout Amount? Answer: You can deduct a maximum of $2,500 in student loan interest from your income if you meet the following income requirement: Basically, if you’re filing as single with MAGI income of $65,000 you can take the full student loan […]
What is Qualified Education Expense?
Question: What are Qualified Education Expenses? Answer: In order to qualified for American Opportunity Credit, Lifetime or Tuition and Fees deduction, the qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Eligible educational institution. An eligible educational institution is any […]
How do I notify IRS of my new address?
Question: How do I notify IRS of my new address? Answer: There are many ways to notify the IRS of your new address. If you file your tax return with the new address, your address on file will be automatically updated with your new address based on your tax return. […]
Are funeral cost tax deductible?
Question: Are funeral costs tax deductible? Answer: No, funeral costs and burial costs are NOT tax-deductible on your income tax return. It is only deductible if you paid for the funeral out of the funds of an estate.
Is Credit Card Interest tax deductible?
Question: Is credit card interest tax deductible? Answer: Generally, the interest on your credit card is NOT tax-deductible on your income tax return. The credit card interest is only deductible if you have your own small business and have taken out a loan for the business using a credit card.
What is Tax Bracket for 2017?
What is the Tax Bracket for 2017? (2016-2017) The 2016-2017 Tax Bracket ranges from 0 to 39.9% of your taxable income. Basically, if your taxable income is over $400,000, you’re in the highest tax bracket. Click here for other Tax Questions for tax year 2017. The last day to file […]