There are a variety of credits and deductions and for both individuals and business owners. The IRS announces changes to tax credits and deductions every year. To stay informed, you can visit the IRS website, particularly the Credits & Deductions page.
The amount of the standard deduction you will receive depends on the status you qualify for. In 2014, single taxpayers who file separate returns can claim a standard deduction of $6,200; this amount also applies to married couples who file separately. If you are married and are filing jointly, the standard deduction doubles to $12,400, while those filing as head of household can claim $9,100.
What You Can Deduct
If a refund is due, a 1310 form needs to be completed. This form is Statement of Person Claiming Refund Due a Deceased Taxpayer. This form is not needed if you are a surviving spouse filing a joint return, but it is still recommended because it can quicken the process and mitigate the risk of potential delays.
If you would you would like help with your individual taxes in Arizona, please contact Singer Tax & Accounting, PC today and speak with a certified Arizona tax professional by clicking the contact button down below: