miscellaneous
HELPFUL LINKS
HELPFUL LINKS
sa.gov/retirement?gclid=Cj0KCQiA1rSsBhDHARIsANB4EJYHtZX-dm6noprr6dMFZ0qv7XZH1nIKO_F1oBWYvN1pVfoUMvCYZ0YaAh9NEALw_wcB
What Clients Are Saying
"I had a great experience with the company and it was a very fast process. I look forward to referring friends and others to this establishment".
Adarius B.
"Michael was very professional. He was very thorough, and explained my taxes in a manner that was easy to understand. I would not hesitate to recommend him".
Jay. B
"Mr. Weekes is very knowledgeable; I will not trust anyone else to do my taxes. Very professional".
E. Jones
Stuff You Should Know About
Understanding 2023 Tax Deductions : 6 Key Changes That May it affect you!
1.Standard Deduction Increases
No matter your filing status, the standard deduction increases in 2018.
- Single and Married Filing Separately: $13,850
- Married Filing Jointly: $27,700
- Head of Household: $20,800
2.No More Personal Exemption
Under the tax reform, taxpayers can no longer claim the $4,050 personal exemption for each of their dependents.
3.Increased Child tax Credit
The Child Tax Credit up to $2,000. The tax reform bill also introduces a new $500 credit for non-child dependents.
4.Limits on State & Local Tax Deduction
Taxpayers can deduct up to $10,000 in state and local income taxes. Previously there was no cap.
5.ACA Individual Mandate Repealed
Beginning in 2019, individuals who choose to go without healthcare coverage for the year will not have to pay tax penalties.
6.Lower Mortgage Interest Deductions
Individuals who purchase a home in 2018 can only deduct interest up to $750,000 in mortgage debt (previously $1 million). The interest deduction on home-equity loans is eliminated.
Contact us for details on how these changes will affect you.
FAQs
Is there an age limit on claiming my child as a dependent?
Answer:
To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
- To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
- There's no age limit if your child is "permanently and totally disabled" or meets the qualifying relative test.
In addition to meeting the qualifying child or qualifying relative test, your child must also meet all of the other tests for claiming a dependent:
- Dependent taxpayer test
- Citizen or resident test, and
- Joint return test
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