Drake Software blog for tax pros, covering tax, IRS news, and more

Ready, Set, Refund!

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.

Personal Exemption

Individual - $3,800

Estates - $600

Trusts - $300 for those who distribute all income; $100 for all others

Standard Deductions

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']

 

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The Taxing Subjects staff is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to the Taxing Subjects staff, email comments@taxingsubjects.com.

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