Gas taxes are on the rise
However, Illinois is one of the states that increased dramatically. The motor fuel tax (such as gasoline, gasohol, and compressed natural gas) doubled from 19 cents per gallon to a whopping 38 cents per gallon.
The diesel fuel tax (such as diesel fuel, liquefied natural gas, and liquefied petroleum gas) increased by 5 cents now making it 45.5 cents.
What’s the reason for the tax hike?
Continue reading “Illinois’ Gas Tax Doubles & What That Means For You”
Be ready for the new tax reform.
Get your to do list out and take some action to reduce your 2018 taxes now! Although taxpayers might be hurriedly finishing their 2017 tax returns before the e-file deadline, some tax deductions will not be there for the next tax season due to the Tax Cuts and Jobs Act. (TCJA) Ultimately, the design of the new tax reform is to lower taxes for individuals of all income groups until 2025. Bear in mind that along with that idea, many individuals who itemize their deductions are worried about the tax turmoil they’ll face when filing with each capped or eliminated deduction.
Did you know that can take steps in 2018 to decrease your taxes for next tax season? Here’s a few tax tips for you.
Rack up your medical receipts.
Continue reading “Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!”
To take the standard deduction or to itemize deductions- that is the question.
If you usually take the standard tax deduction and debating on itemizing your deductions this year, then you might find yourself unsure on what deduction amount to take when filing your taxes. The answer; whatever results in a higher deduction amount.
Before creating an account to file your 2013 taxes, you can first read our guide to help decide if itemizing your deductions or taking the standard deduction is right for you;
1st: Understand if you can take the standard deduction.
Those who don’t qualify for the standard deduction include married couples file separately with one spouse itemizing deductions. In other words, if you are married filing separately and your spouse is itemizing, then you must itemize your deductions.
2nd: Learn your standard deduction amount based on your filing status.
The IRS standard deduction amounts are as follows for those under the age of 65;
- Single: $6,100
- Married Filing Jointly: $12,200
- Head of Household: $8,950
- Married Filing Separately: $6,100
- Qualifying Widow(er): $12,200.
Continue reading “How To Choose Between Itemizing Deductions or Standard Deduction”