Personal Tax Deduction – Accounting for Medical & Dental Expenses
In July 2013, the threshold for qualified dental and medical expenses was raised to 10 percent of your adjusted gross income (AGI). This threshold remains at 7.5 percent until the end of 2016 if you are married and at least one spouse is 65 or over. Get Professional...
Personal Tax Deduction – Accounting for Mortgage Costs
There are a variety of home-related expenses you can deduct, including home mortgage interest payments, mortgage points, and real estate taxes. Certain types of home improvements could also lower your tax obligation when you sell your home. Projects such as adding an...
Personal Tax Deduction – Accounting for Charitable Contributions
You can deduct contributions to charities. The IRS has a list of charities that qualify and also has maximum amounts that can be deducted. As of 2014, the limit is 30 percent of your adjusted gross income (AGI) for private organization donations, while public...
2017 IRS Standard Deductions
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. Standard...
How Do I File a Deceased Person’s Tax Return?
Like the old adage says, two things are for sure and they are taxes and death. Unfortunately death does not excuse any final tax filing requirement for the deceased, and if neglected can further complicate the lives of surviving relatives. If a refund is due, a 1310...
What Is the Simplest Form to Use for My Taxes?
There are three personal income tax forms: 1040, 1040A, and 1040EZ. While the EZ form is the most straightforward, it may be worth using a longer form because there are more tax break opportunities. For the record, the 1040 is the most complex while the 1040A is the...
What is My Filing Status in Arizona?
This is an important factor when calculating taxable income, and this status is defined as the type of tax form an individual will use. It is based on family situation and marital status. There are five status categories: single individual, married but filing...
Keep Your Income Tax Return Safe & Stay Organized
You need to keep each year’s income tax return in a safe place, along with its supporting documents. The last thing you need is to panic because you have misplaced your return. If you are applying for financial aid or a home loan, you will need a copy of your tax...
Do I Have to File an Arizona Tax Return?
Whether or not you need to file an Arizona individual tax return will depend on a few different factors which are: the amount of money you have earned for the prior year, the source of that income, your age, and your filing status (married, single, etc.). For example,...
Singer Tax & Accounting, PC Blog
Welcome to Singer Tax & Accounting, PC's Blog! This is our first official blog post; however, we intent on sharing a wealth of tax and accounting information in the months to come. For income tax tips, business accounting advice, financial statement information, and...