AKRE TAX & FINANCIAL SERVICES

A NANIE K.R. ENRIQUEZ COMPANY

1524 ROCK GLEN AVE, GLENDALE CA 91205

TEL: 818-645-9550; FAX: 818-579-7744  www.AKRETAX.com

NANIEDGRT@aol.com; NANIE.ENRIQUEZ@gmail.com; AKRETAX@yahoo.com

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Personal  exemption  is $4,050 but reduced if your adjusted gross income is high depending on the filing status.

Standard Deduction for Most people :  Single or Married filing Separately $6,350; Married filing Jointly or Qualifying Widow(er) $12,700; Head of Household  $9,350.

 

Exemption Phaseouts and Limit on Itemized Deductions when your Adjusted Gross Income is more than:

$156,900 if married filing separately

$261,500 if single

$287,650 if head of household

$313,800 if married filing jointly or qualifying widow(er)

 

Due date of tax return filing is Tuesday, April 17, 2018

 

To combat identity fraud, the IRS has upgraded its identity verification process for certain self-help tools on IRS.gov.

 

Delayed refunds for Earned Income Credit and Refundable child Credit,not before February 15 to prevent revenue loss due to identity theft and refund fraud related to fabricated wages and withholdings. However, it is still a good idea to file as soon as possible.

 

The standard mileage rate for business use of your vehicle is 53.5 cents a mile. Medical mileage rate is 17 cents.

 

The exemption amount for the alternative minimum tax (AMT) has increased to $54,300 ($84,500 if married filing jointly or qualifying widow(er); $42,250 if married filing separately).

 

To claim the American Opportunity credit, you need to have the Employer Identification number of the institution to which your qualified expenses were paid.

 

Foreign- source income. If you are a US citizen with income from sources outside of US, you must report all such income on your tax return unless it is exempt by law or a tax treaty

If you had foreign financial assets in 2017, you may have to file Form 8938 with your return.

 

State-issued rebates are taxable for both Federal and California purposes unless the rebate is a reduction of the purchase price.

 

Business Entity Due Date and Filing Extensions:

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Partnerships including SMLLC’s owned by a partnership           

March 15, 2018 extension up to  Sept.17,2018

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S Corporations including SMLLC’s owned by an S corp                

March 15, 2018 extension up to Sept.17,2018

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C Corporations – calendar year                                                               

April 17, 2018    extension up to  Oct. 15, 2018

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Exempt Corporations                                                                 

May 15, 2018     extension up to Nov. 15, 2018

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Trusts 

April 17, 2018     extension up to Oct. 1, 2018

 

Thank you and see you soon.

AKRE TAX