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 Deduction Amounts
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 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.
5561 South 48th St., Suite 201A
Lincoln, NE 68516
Office (402) 421-1498 Cell (402) 525-4041
Fax (402) 421-1498