Filing Status Single, married filing jointly, married filing separately, head of household, Qualifying Widow/Widower with Dependent Child Filing.
Dependents A dependent is defined as either a "qualifying child" or a "qualifying relative." You are allowed one exemption for each person you can claim as a dependent.
Individual Retirement Arrangement (IRA) No contributions are allowed to a traditional IRA in and after the year you turn age 70 1/2. At that age, there is a required minimum distribution (RMD) that must be withdrawn each year.
Life changes have tax consequences, from birth through death Life changes include you getting a job, going to school, getting married, starting a business, changing jobs, having children, sending children to college, buying and/or selling a home, getting divorced, contributing to a retirement plan, or withdrawing money from a retirement plan.
For more complex tax transactions, we have experienced CPAs standing by.
Tax Kings and Queens Services:
Earned Income Credit
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,362. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund..
Keep track of your deductible mileage on your vehicle and you could see big savings on your tax return. Remember that you MUST keep accurate records in order for the deductions to be allowed.
What Should You Bring To Your Tax Interview?
Personal information for each family member, income and tax information, deductions and credits.
Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. Avoid paying more tax than necessary.Your Tax King or Queen professional will probe to make sure that you claim all the tax deductions that you are eligible to claim.
There's nothing as certain as an ever-changing tax code. Besides the usual increases in exemption amounts, standard deductions, and qualifying income levels for the earned income credit, there are several impactful changes for filing Tax Year 2008 returns.