Tax Facts and Figures

In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions.

Filling Out Form W-4

The tax withholding tables are designed to work with Form W-4, Employee’s Withholding Certificate, which you give your employer. T

Families With Children

Numbers except a child who was born and died during the year. Adoption and individual taxpayer identification numbers (ATINs and ITINs) do not qualify.

Charitable Contributions

Qualified charitable organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals.

Dependent Support Worksheet

The support test is one of the factors used to determine whether you may claim another person as a dependent. The person may be a qualifying child or a qualifying relative.

Education Tax Benefits

If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one.

Standard vs. Itemized Deduction

The standard deduction reduces taxable income. It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses.

Tipped Employees

All tips you receive are income and are subject to federal income tax. You must include in gross income all tips you receive directly, charged tips paid to you by your employer.

Can’t Pay Your Taxes?

Individual income taxes are due and payable in full on April 15. If you expect to owe, you may be tempted to postpone filing until you have the money or decide not to file the return at all

Virtual Currency

Coins and banknotes are usually defined as legal tender in most countries. Legal tender is backed by a central government, and the government controls the supply.

Moving Expenses

Certain individuals may be able to exclude from income the value of services and reimbursements received from an employer for moving expenses.

Household Employees

If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes (FICA), pay federal unemployment tax (FUTA), or both.

High-Income Taxpayers

In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated.

Health Insurance Marketplace

The Health Insurance Marketplace helps uninsured people find health coverage. When you fill out the Marketplace application online the website will tell you if you qualify.

Foreign Bank and Financial Accounts

If you have a f financial account exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury.