Income Tax 

Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. 

The standard deduction is basically a flat-dollar, no-questions-asked reduction in your adjusted gross income. Taxpayers may itemize deductions because that amount of their expenses is higher than their standard deduction, which will result in less tax owed or a larger refund. Taxpayers cannot take the standard deduction if they itemize their deductions. 

Short-Form (Standard Deduction)

$99 Individual                   $150 Joint Filing
 

Plus $100 each Schedule C (1099/self-employed) 
Plus $100 each rental property on Schedule E 
Plus $50 each additional state tax return 

Long-Form (Itemized Deduction)

$150 Individual                 $200 Joint Filing
 

Plus $100 each Schedule C (1099/self-employed) 
Plus $100 each rental property on Schedule E 
Plus $50 each additional state tax return
 
Partnership, LLC, Corporation 

$700

 

 

____________________________________________________________________

Joey Ramos, CTEC Registered Tax Preparer. Bond No. MBS0121189, expires 06/15/2028. RLI Insurance Company. www.ctec.org.

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