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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 At that age, there is a required minimum distribution (RMD) that must be withdrawn each year.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:


  • New Marriages - If you are married as of December 31st of a year, you are considered married for the whole year. Your filing status depends on your marital status.

  • Births - Your child born on December 31 is assumed, for tax purposes, to have lived with you the entire year. For each qualifying child, you can claim a dependent's exemption of $3,500.

  • Deaths - The same filing requirements that apply to individuals determine if a final income tax return must be filed for the decedent.

  • Divorce - If you are divorced or legally separated as of December 31, for tax purposes you are considered to be unmarried for the entire year.

  • College Attendance - You may be able to claim the Hope credit of up to $1,800 for qualified tuition and related expenses for each eligible student in the first 2 years of postsecondary education at a qualified institution.

  • New Job - If job expenses are incurred and not reimbursed by your employer, you may be able to claim them as employee business expenses.

  • Retirement - Pensions and annuities are generally taxable when distributed. You must start withdrawing from a traditional IRA by April 1 of the year following the year you reach age 70 1/2.

  • Owning A Home - Points paid when you purchase your home are generally deductible in that year. Mortgage interest and real estate taxes paid on your home are deductible.
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    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..

    Mileage Deductions

    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.

    Deductions

    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.

    Tax Changes

    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.

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