Preparing for tax day
Use these tips to help you prepare for your appointment
What should you do to prepare for your appointment?
Required documents to keep on file:
- Copies of Drivers License or State IDs
- Social Security Cards
- Proof of Residence for dependents claiming EIC
Income documents:
- Income from jobs: forms W-2 for you and your spouse
- Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
- Income from state and local income tax refunds and/or unemployment: forms 1099-G
- Taxable alimony received
- Business or farming income—profit/loss statement, capital equipment information
- If you use your home for business—home size, office size, home expenses, office expenses
- IRA/pension distributions—forms 1099-R, 8606
- Rental property income/expense—profit/Loss statement, rental property suspended loss information
- Social Security benefits—forms SSA-1099
- Income from sales of property—original cost and cost of improvements, escrow closing statement, cancelled debt information (form 1099-C)
- Prior year installment sale information—forms 6252, principal and Interest collected during the year, SSN and address of payer
- Other miscellaneous income—jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc.
(Use our handy IRS document search tool for your documents)
How can I check on my tax refunds? Tax Related Web-sites/phone numbers: IRS www.irs.gov IRS Get Refund Status IRS Inquiry Phone: (800) 829-1040
Other tax documents:
- IRA contributions
- Energy credits
- Student loan interest
- Medical Savings Account (MSA) contributions
- Self-employed health insurance payments
- Keogh, SEP, SIMPLE and other self-employed pension plans
- Alimony paid that is tax deductible
- Educator expenses
- State and local income taxes paid
- Real estate taxes paid
- Personal property taxes—vehicle license fee based on value
- Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.
- Direct deposit information—routing and account numbers
- Foreign bank account information—location, name of bank, account number, peak value of account during the year
Tax deduction documents:
- Child care costs—provider’s name, address, tax id, and amount paid
- Education costs—forms 1098-T, education expenses
- Adoption costs—SSN of child, legal, medical, and transportation costs
- Home mortgage interest and points you paid—Forms 1098
- Investment interest expense
- Charitable donations—cash amounts and value of donated property, miles driven, and out-of-pocket expenses
- Casualty and theft losses—amount of damage, insurance reimbursements
- Medical and dental expenses
Current Tax rates
Current rates information provided by IRS
2025 Tax Brackets
Income Tax Brackets and Rates
The 2025 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2025 are... 10% - 12% - 22% - 24% - 32% - 35% - 37% (no changes from 2024). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $626,350 (single filers), and $751,600 is the target for married couples filing jointly...(SEE Table 1)
Table 1. Tax Brackets and Rates, 2025 (Source: IRS)
Standard Deduction & Personal Exemption
2025 has standard deductions for single filers increasing by $400; $800 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $2,000 for single filers and $1,600 for joint filers. Personal exemptions for 2025 remains at $0 (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )
Table 2. 2025 Standard Deduction and Personal Exemption (Source: IRS)
Alternative Minimum Tax
Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).
Table 3. 2025 Alternative Minimum Tax Exemptions (Source:IRS)
2025 keeps the AMT rate at 28%. This rate applies to excess
AMTI of $239,100 for all taxpayers ($119,550 for married couples who file separate
returns).
The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2025, the exemption will start phasing out at $626,350 in AMTI for single filers and $1,252,700 for married taxpayers filing jointly (SEE Table 4).
Table 4. 2025 Alternative Minimum Tax Exemption Phaseout Thresholds
Earned Income Tax Credit
The 2025 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $649 (no children) (SEE Table 5). The maximum credit is $4,328 for one child, $7,152 for two children, and $8,046 for three or more children.
Table 5. 2025 Earned Income Tax Credit Parameters
Qualified Business Income Deduction
Within the Tax Cuts and Jobs Act, there is an inclusion of a 20% deduction in 2025 for pass-through businesses with $197,300 of qualified business income for single taxpayers and $394,600 for married taxpayers filing jointly (SEE Table 6).
Table 6. 2025 Qualified Business Income Deduction Thresholds (Source: IRS)
Child Tax Credit
The maximum Child Tax Credit for 2025 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases to $1,700 in 2025.
2025 Annual Exclusion for Gifts
For 2025, the first $19,000 of gifts to any person is excluded from tax. Exclusions are increased to $190,000 from $185,000 for gifts to spouses who're not citizens of the United States.
2025 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)
Capital Gains, long term, are taxed using different rates and brackets compared to standard income.
Table 7. 2025 Capital Gains Tax Rates & Brackets (Source: IRS)
2024 Tax Brackets
Income Tax Brackets and Rates
The 2024 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2024 are... 10% - 12% - 22% - 24% - 32% - 35% - 37% (no changes from 2023). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $609,350 (single filers), and $731,200 is the target for married couples filing jointly...(SEE Table 1)
Table 1. Tax Brackets and Rates, 2024 (Source: IRS)
Standard Deduction & Personal Exemption
2024 has standard deductions for single filers increasing by $750; $1500 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. Personal exemptions for 2024 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )
Table 2. 2024 Standard Deduction and Personal Exemption (Source: IRS)
Alternative Minimum Tax
Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).
Table 3. 2024 Alternative Minimum Tax Exemptions (Source:IRS)
2024 keeps the AMT rate at 28%. This rate applies to excess
AMTI of $232,600 for all taxpayers ($116,300 for married couples who file separate
returns).
The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2024, the exemption will start phasing out at $609,350 in AMTI for single filers and $1,218,700 for married taxpayers filing jointly (SEE Table 4).
Table 4. 2024 Alternative Minimum Tax Exemption Phaseout Thresholds
Earned Income Tax Credit
The 2024 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $632 (no children) (SEE Table 5). The maximum credit is $4,213 for one child, $6,960 for two children, and $7,830 for three or more children.
Table 5. 2024 Earned Income Tax Credit Parameters
Qualified Business Income Deduction
Within the Tax Cuts and Jobs Act, there is an inclusion of a 20% deduction in 2024 for pass-through businesses with $191,950 of qualified business income for single taxpayers and $383,900 for married taxpayers filing jointly (SEE Table 6).
Table 6. 2024 Qualified Business Income Deduction Thresholds (Source:IRS)
Child Tax Credit
The maximum Child Tax Credit for 2024 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases from $1,600 to $1,700 in 2024.
2024 Annual Exclusion for Gifts
For 2024, the first $18,000 of gifts to any person is excluded from tax. Exclusions are increased to $185,000 from $175,000 for gifts to spouses who're not citizens of the United States.
2024 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)
Capital Gains, long term, are taxed using different rates and brackets compared to standard income.
Table 7. 2024 Capital Gains Tax Rates & Brackets (Source:IRS)
Tax Records Retention
Tax record retention times
Sorry, but this information is not available at this time. Check back later.
