Armbruster Tax Service, LLC
What to Bring
Did you make charitable donations?
NEW for 2018 |
Due Date of Tax Return
File form 1040 by April 15th, 2019.
Penalty you pay for not having health coverage
For 2019, the penalty is $695 per adult and $347.50 per child, up to a maximum of $2085.00 per family or 2 percent of family income, whichever is greater.Important Information for 2019 Tax Season
Beginning in 2018, if you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on your tax return, the IRS will hold your return until February 15 with earliest refund date of February 23rd.
Standard Deduction Amounts
Single = $12,000, Married Filing Joint = $24,000, Head Of Household = $18,000.Taxpayers who are 65 or older or blind have an additional deduction of $1,600 for Single or Head of Household and $1,300 for Married taxpayers.2018 Standard Mileage Rates
Business: 54.5 cents per mile; Medical & Moving: 18 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 new this year is 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 2018 adjusted gross income is less than $73,000 single ($121,000 married) If your spouse is covered at work and you were not you can take a deduction if your AGI is less than $199,000.
Annual Earned Income Limit for Social Security
Income Thresholds for Filing Requirements
Threshold for deducting medical expenses on Schedule A
For 2018 medical expenses for all taxpayers will have the same 7.5% floor of Adjusted Gross Income.
5561 South 48th St., Suite 201A
Lincoln, NE 68516
Office (402) 421-1498 Cell (402) 525-4041
Fax (402) 421-1498