Below please find our TMB Tax Resources which we are sharing with you so that you can empower yourself with important information needed to maximize your tax refund! If you have already filed your taxes and wish to track the status of your refund, click here.
Calculators for Tax Planning
1040 Tax Estimator-Use this calculator if you plan on itemizing deductions or usually file a regular 1040 Federal Tax Form.
Most Commonly Filed Tax Credits
The below credits can increase your refund or reduce the tax amount that you owe. Some credits, such as the Earned Income Tax Credit (EITC) and the child tax credit can actually exceed your tax resulting in a tax refund! Though some credits are available to people at all income levels, others have income restrictions. If you qualify, you can claim any credit, regardless of whether or not you itemize deductions. Commonly claimed tax credits include:
Earned Income Tax Credit (EITC)
Child Tax Credit
Credit for Child an d Dependent Care Expenses
Education Credits
Homebuyer Credit
Checklist for Itemized Deductions
Itemized deductions are captured on the Schedule A tax form as an alternative to taking the standard allowable deduction. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You should itemize deductions if your allowable itemized deduction are greater than your standard deduction. Generally, if you own your home you will itemize. Some taxpayers must itemize deductions because they cannot use the standard deduction.
You cannot use the standard deduction if:
You are married and filing a separate return, and your spouse itemizes deductions
You are a nonresident alien or a dual-status alien during the year, or
You are filing a tax return for a period of less than 12 months because of a change in your annual accounting method
To help you gather and retain the correct
records, TMB Tax Services recommends you use the checklist below. We also
recommend that you save your receipts for such itemized deductions throughout
the year.
Medical and Dental expenses are generally deductible to the extent they exceed 7.5% of your income. Most Miscellaneous deductions are only deductible to the extent that they exceed 2% of your adjusted gross income. Both cash and property are generally deductible if donated to qualified or
Please note that this list is not all inclusive, but contains detailed information sampled from the most commonly used deductions.
Common Medical and Dental Costs
- Adoption
- Birth control pills (prescribed)
- Doctor/Dentist fees
- Drug/Alcohol treatment
- Handicap access devices for disabled
- Hospital fees
- Prescriptions
- Some weight loss program costs
The following taxes are generally 100% deductible:
- State/Local taxes
- Property taxes
- Foreign income taxes
- Real estate taxes
- Home mortgage interest
- Home equity loan interest
- Business interest
- Points paid on a mortgage
Common Miscellaneous Deductions
- Work uniform
- Job hunting expenses
- Tax prep fees
- Employee business expenses
- 50% of business related meals; entertainment
- Classroom material expense for teachers
- In-home office expenses
- Job required medical exam
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TMB Tax Resources
