Ready, Set, Refund!
By now, you’ve probably updated your tax preparation software, sent out tax organizers, and started making appointments for your most eager clients. You’ve trained your staff, stocked up on coffee, office supplies, and are preparing to work long hours for the next several months. It’s almost time for that first taxpayer to walk through the door, W-2 in hand with the hope of a refund looming in their head. And it’s up to you to know all the “secrets” that will help them find that refund.
No matter how prepared you are, though, there will always be something you need to know. Wouldn’t it be nice to have a cheat sheet at your fingertips?
It’s your lucky day.
Individual - $3,800
Estates - $600
Trusts - $300 for those who distribute all income; $100 for all others
Single - $5,950
Married Filing Jointly - $11,900
Married Filing Separate - $5,950
Head of Household - $8,700
Standard Mileage Rate
Business - $0.55 ½ per mile
Medical and Moving - $0.23 per mile
Charitable Service - $0.14 per mile
For business vehicles for which the optional business standard mileage rate is used, depreciation is considered to have been allowed at $0.23 per mile.
For a more in-depth resource available for your quick reference and at your fingertips, see our [wpdm_package id='8091']