Armbruster Tax Service, LLC
What to Bring
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 Deductions Amount
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
Income Thresholds for Filing Requirements
Threshold for deducting medical expenses on Schedule A
For 2019 medical expenses for all taxpayers will have 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