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 one of our ATC tax service experts!
Tax Tools
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
| Status | Deduction | Born before January 2, 1954 | Blind |
|---|---|---|---|
| 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.
Employee Business Expenses
If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses.
Only employee business expenses that are in excess of 2% of your adjusted gross income (AGI) can be deducted.
Expenses that qualify for an itemized deduction include:
- Business travel expenses
- Business use of car
- Business entertainment expenses
- Business use of your home
- Work-related educational expenses
- Miscellaneous employee expenses
Affordable Care Act (ACA)
Affordable Care Act (ACA) – Form 1095-A and what it means for your taxes
Learn More
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