Armbruster Tax Service, LLC

Steve Armbruster
5561 South 48th St., Suite 201A
Lincoln, NE 68516
Office (402) 421-1498 Cell (402) 525-4041
Fax (402) 421-1498
Web: http://www.ArmbrusterTax.com
E-mail: Steve@armbrustertax.com

 

 

 

What to Bring

  • Social Security numbers
  • Child care provider tax I.D.#
  • W-2 forms
  • Health Insurance Statement (1095-A)
  • Unemployment (1099-G)
  • Misc. income (1099-Misc)
  • Partnership, S Corp & Trust income (Schedules K-1)
  • Pension & annuities (1099-R)
  • Alimony received or paid
  • Railroad benefits (1099-R)
  • Jury duty payments
  • Gambling and lottery winnings
  • Prizes and awards
  • Scholarships and fellowships
  • State tax refund (1099-G)
  • Mortgage interest (1098)
  • Second mortgage interest paid
  • Real estate tax paid
  • Moving expense if for military re-assignment
  • Interest income (1099-INT)
  • Dividend income (1099-DIV)
  • Stock sales (1099-B)
  • Retirement plans (1099-R)
  • Student loan interest (1098-E)
  • Tuition paid (1099-T)
  • Gifts to charity
  • Charitible donations
  • Child care expense
  • Education expense
  • Estimate taxes paid
  • Farm or farm rental income
  • IRA/Roth contributions
  • Medical expenses
  • Motor Vehicle Tax (pink slip)

Did you make charitable donations?

NEW for 2019 

Due Date of Tax Return 
File form 1040 by April 15th, 2020.

 There is no penalty for not having health coverage

2019 Standard Deduction Amounts

Single = $12,200, Married Filing Joint = $24,400, Head Of Household = $18,350.Taxpayers who are 65 or older or blind have an additional deduction of $1,300.

2019 Standard Mileage Rates
Business: 58 cents per mile; Medical & Moving: 20 cents per mile; Charity: 14 cents per mile.

Personal Exemptions Deduction Amount

There is no deduction for personal exemptions.

Child Tax Credit

You are allowed $2,000 credit for your child under 17 years old. Also a $500 credit for a non-qualified child

 American Opportunity Credit 

The American Opportunity Tax Credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40% of any remaining amount of the credit (up to $1,000) refunded to you. The full credit is for taxpayers with income under $90,000 single ($180,000 married).

IRA Deduction Expanded

You may be able to take an IRA deduction if you were covered by a retirement plan and your 2019 adjusted gross income is less than $74,000 single ($123,000 married) If your spouse is covered at work and you were not you can take a deduction if your AGI is less than $203,000.

Annual Earned Income Limit for Social Security

Annual earned income limit is $17,640 for each individual under full retirement age.

Income Thresholds for Filing Requirements

Single, under 65 $12,200
Single, over 65 $13,500
Married, under 65 (both spouses) $24,400
Married, over 65 (both spouses) $27,000
Married, 65 or older (one spouse) $25,700

Threshold for deducting medical expenses on Schedule A

For 2019 medical expenses for all taxpayers will have the same 10% floor of Adjusted Gross Income.


Five reasons you would need to file a tax return

1. Federal Income Tax Withheld You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year over payment applied to this year’s tax.

 2. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit; which means you could qualify for a tax refund. To get the credit you must file a return and claim it.

 3. Additional Child Tax Credit This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.

 4. American Opportunity Credit Students in their first four years of post secondary education may qualify for as much as $2,500 through this credit. Forty percent of the credit is refundable so even those who owe no tax can get up to $1,400 of the credit as cash back for each eligible student.

 5. Adoption Credit You may be able to claim a tax credit of $13,840 maximum for qualified expenses you paid to adopt an eligible child.

 

 

Location

Armbruster Tax Service, LLC
Steve Armbruster
5561 South 48th St., Suite 201A
Lincoln, NE 685165

 
Armbruster Tax Service, LLC

Steve Armbruster
5561 South 48th St., Suite 201A
Lincoln, NE 68516
Office (402) 421-1498 Cell (402) 525-4041
Fax (402) 421-1498
Web: http://www.ArmbrusterTax.com
E-mail: Steve@armbrustertax.com

 

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