Some Information that's good to know before getting your taxes done.
What is the deadline to have my 2015 taxes submitted to the IRS?
The deadline for 2015 tax returns is Monday, April 18, 2016 at 11:59 pm.
When can I get my 2015 taxes prepared?
You can have your taxes prepared once you receive all of the tax documents from your employer, bank, brokerage/investment provider, mortgage, tax authorities, etc. The first date that the IRS will process tax returns is January 19, 2016.
What information should I bring when having my tax returns prepared?
No, only individuals with social security numbers that meet certain eligibility requirements may be claimed as a dependent. You may, however, claim expenses for your pet if it is legitimately related to income that you receive for owning such pet. For example: you own a bloodhound that you use to find missing persons for a fee.
Can I claim gambling losses?
Gambling losses can be claimed up to the limit of the gambling winnings. You can only offset losses against existing winnings.
What are the top income tax rates imposed by the IRS in 2016?
- For Unmarried individuals, the top rate is 39.6% for taxable income over $415,050 - For Heads of household, the top rate is 39.6% for taxable income over $441,00 - For married individuals filing separately, the top rate is 39.6% for taxable income over $233,475 - For married individuals filing jointly, the top rate is 39.6% for taxable income over $466,950
What is/are the standard deduction(s) on the federal income tax return for 2016?
- For unmarried individuals, $6,300 - For heads of household: $9,300 - For Married individuals filing separately: $6,300 - For married individuals filing jointly: $12,600
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