Income Tax Preparation
Get Your Money Fast!
Helpful Tax Tools
IRS Phone Number: 1(800) 829-1040
Is My Refund going to be offset? call: 1(800) 304-3107
FreedomTAX: (817) 370-0136
Tax Year 2009 Tax Information
| Filing Status | Age | Income |
| Single | under 65 | $9,350 |
| 65 or older | $10,750 | |
| Head of Household | under 65 | $12,000 |
| 65 or older | $13,400 | |
| Married, filing jointly | under 65 (both spouses) | $18,700 |
| 65 or older (one spouse) | $19,800 | |
| 65 or older (both spouses) | $20,900 | |
| Married, filing separately | any age | $3,650 |
| Qualifying widow(er) with dependent child |
under 65 | $15,050 |
| 65 or older | $16,150 |
| Filing Status | Amount |
| Single | $5,700 |
| Married filing joint returns/Qualifying Widow(er) | $11,400 |
| Head of household | $8,350 |
| Married, filing separate return | $5,700 |
| Dependent standard deduction minimum | $950 or Earned income + $300 |
| Personal and Dependent Amount | $3,650 |
| Single phaseout begins: | $166,800 |
| Joint returns or surviving spouse phaseout begins: | $250,200 |
| Head of Household phaseout begins: | $208,500 |
| Married, filing separate return phaseout begins: | $125,100 |
| Married, filing separate (phase-out starts) | $83,400 |
| Others (phase-out starts) | $166,800 |
| Casualty Loss (AGI Threshold) | 10% and must exceed $500 |
| Medical Deduction (AGI Threshold) | 7.5% |
| Miscellaneous Itemized (AGI Deduction Floor) | 2% |
| For taxpayers in higher brackets | 15% |
| For taxpayers in the 10% or 15% bracket | 0% |
| High Rate: | |
 Collectibles (coins, art, antiques) |
28% |
 Recaptured gain on real estate (Sec. 1250 gain) |
25% |
 Dividends, qualified (Post-December 31, 2002) |
15% |
| Fringe Benefit: Employer-provided passes and vehicles | $120/mo. |
| Fringe Benefit: Qualified parking limit | $230/mo. |
| Business Mileage Rate | .55 |
| Charitable Mileage Rate | 14¢/mi. |
| Medical and Moving Mileage Rate | .24 |
| Depreciation component of Standard Mileage Rate | 21¢/mi. |
| High Cost Per Diem Travel Rate | $256 |
| Low Cost Per Diem Travel Rate | $158 |
| Maximum Annual Benefit for Defined Benefit Plan | $185,000 |
| Maximum Annual Contribution Defined Contribution Plan | $46,000 |
| Highly Compensated Employee Definition (In general) | $100,000 |
| SEP De minimis Compensation Amount | $500 |
| SEP Nondiscrimination Compensation Amount | $230,000 |
| 401(k) Maximum Compensation Amount | $220,000 |
| 401(k) Maximum Exclusion (In general) | $16,500 |
| IRA Deduction Limit (In general) | $5,000 |
| Catch-up Contributions (Extra amount for individuals over age 50): | |
 Traditional and Roth IRAs |
$6000 total |
 SIMPLEs |
$2,500 |
 401(k), 403(b) and 457 Plans |
$22,000 total |
| SIMPLE Contribution Limit | $11,500 |
| Saver's Tax Credit (Maximum) | $2,000 |
| Employer's Start-up Tax Credit (For establishing retirement plan) | $500 |
| Gift Purposes | $345,800 |
| Estate Gift Purposes | $780,800 |
| Annual Gift Tax Exclusion Amount (per person) | $13,000 |
| State Death Tax Threshold Amount | $3,100,000 |
| Estate/Gift Tax Rate (before phase-out) | 49% |
| State Death Tax Credit | 50% |
| Soc. Sec. (Self-employed) Combined Rate (OASDI + Medicare) | 12.4% |
| Soc. Sec. (Employer or Employee) Rate (OASDI + Medicare) | 2.9% |
| OASDI Maximum Base | $106,800 |
| Medicare Rate | 1.45% |
| Social Security Rate | 6.2% |
| FUTA Wage Base | $7,000 |
| Nanny Tax Threshold | $1,400 |
| Hope Scholarship Credit - now for 1st-4th years of college | Up to $2,500/up to 40% is refundable |
| Lifetime Learning Credit - all years of post-secondary education and for courses to acquire or improve job skills | $2,000 |
| Coverdell Education Savings Account Contribution | $2,000 |
| Higher Education Deduction | $4,000 |
| Student Loan Interest Deduction | $2,500 |
| U.S. Savings Bond Interest Exclusion (phase-out range): | |
 Married, filing joint return |
$104,900 - $134,900 |
 Single, Head of Household |
$69,950 - $84,950 |
 Married filing separate return |
$0 |
| Teacher's Classroom Expense Deduction | $250 This may be going away |
| Failure to File Return | 5% per month (max 25%) of tax due |
| Failure to Pay Tax | 1/2 of 1% per month (max 25%) of tax due |
| Substantial Understatement of Tax (greater than $5,000 or 10% of the proper tax) |
20% of the underpayment attributable to the understatement |
| Joint Filers | $500,000 |
| Single Filers | $250,000 |
| 10% bracket ends at- |
15% bracket ends at- |
25% bracket ends at- |
28% bracket ends at- |
33% bracket ends at- |
35% bracket ends at- |
|
| Married filing separately | $8350 | $33,950 | $68,525 | $104,425 | $186,475 | Over $186,475 |
| Single | $8,350 | $33,950 | $82,250 | $171,550 | $372,950 | Over $372,950 |
| Head of Household | $11,950 | $45,500 | $117,450 | $190,200 | $372,950 | Over $372,950 |
| Married filing jointly or Qualifying widow(er) | $16,700 | $67,900 | $137,050 | $208,850 | $372,950 | Over $372,950 |
Source(s):
J.K. Lasser's - Your Income Tax 2008, IRS.gov, wikipedia.org
| With 1 qualifying child | $3,043 |
| With 2 qualifying children | $5,028 |
| With 3 qualifying children | $5,657 |
| No qualifying child | $457 |
Maximum Earnings Before EIC Eliminated for Single, HOH, Qualifying Widow(er)
| With no children | $13,440 |
| With one child | $35,463 |
| With two children | $40,295 |
| With three children | $43,279 |
Maximum Earnings Before EIC Eliminated for Married Filing Joint
| With no children | $18,440 |
| With one child | $40,463 |
| With two children | $45,295 |
| With three children | $48,279 |
Energy Property Credit — claim up to 30% of the cost of energy-efficient property or improvements. Examples: high-efficiency heat pumps, air conditioners, water heaters, energy-efficient windows, doors, insulation materials and certain roofs. Total amount that can be claimed is limited to $1,500.
