H-Town Tax Service

Here are the new brackets for 2020, depending on your income and filing status.

For married individuals filing jointly:
10%: Taxable income up to $19,750
12%: Income between $19,750 to $80,250
22%: Income between $80,250 to $171,050
24%: Income between $171,050 to $326,600
32%: Income between $326,600 to $414,700
35%: Income between $414,700 to $622,050
37%: Income over $622,050
For unmarried individuals:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32% Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For heads of households:
10%: Up to $14,100
12%: Income between $14,100 to $53,700
22%: Income between $53,700 to $85,500
24%: Income between $85,500 to $163,300
32%: Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For married individuals filing separately:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32%: Income between $163,300 to $207,350
35% Income between $207,350 to $311,025
37%: Income over $311,025
The IRS also released information on the 2020 standard deduction.

These are the rates and income brackets for federal taxes. Your state may have different brackets, no taxes at all or a flat rate.

TAX UPDATE: 2018 Child Tax Credit
Remember the federal Child Tax Credit has the following changes:

Child must have a valid Social Security Number

Credit was increased to $2,000 per child of which $1,400 is eligible to be refundable

New $500 nonrefundable credit for other dependents has been added for:
- Children that are 17, 18, or students
- Other qualifying dependents
- Qualified children under 17 that have an ITIN

Income phase out has been increased to $400,000 for joint filers ($200,000 for all others)

For more information see IRS news release – Get Ready for Taxes: Here’s how the new tax law revised family tax credits

www.irs.gov/newsroom/get-ready-for-taxes-heres-how-the-new-tax-law-revised-family-tax-credits

Have no fear....
Tax season is here...
-Town Tax Service #2018 Earned income and AGI Limits

If you (or anyone you know) has property that was damaged by Hurricane Harvey...

We've Got YOUR Back!

Learn more HERE: goo.gl/SJyre6

The Appraisal District will rely on you as the property owner to ‘self-report’ your flood damages...

If you do not call the appraisal district or protest your property taxes in 2018...
Your property will be valued as though it DID NOT flood.

It's our mission to ensure that all property owners are fairly treated by their Appraisal District, which is why we are offering this service at NO CHARGE
(even if you are not currently a client)!

If you've been affected by Hurricane Harvey, the Harvey Property Tax Reduction Program will provide you NO COST property tax assistance.

Get all the details here: https://goo.gl/SJyre6

FB Harvey PTRP Sign Up - O'Connor & Associates - Property Tax Reduction Experts The Harvey Tax Reduction Program will encourage you as a property owner to provide us information on flooding damages to your property, since the Appraisal Districts will likely rely on “self-reporting”.

If you own property flooded by Harvey...
Including a house, commercial property, or an automobile...

You may qualify for a FEDERAL Income Tax Refund!
Learn more here: goo.gl/jV2x6p

Depending on your situation, you may qualify for a federal tax refund...And you can take steps to get your refund now and use the cash to begin property repairs SOONER... rather than later.

The IRS tax code provides regulations that allow you to deduct losses suffered as a result of a disaster - like Hurricane Harvey. You can claim the losses on your tax return.

Learn more and get started here: goo.gl/jV2x6p

FB Harvey Federal Tax Refund Program - O'Connor & Associates - Property Tax Reduction Experts  

Go to IRS www.IRS.gov and learn about your tax relief for victims of hurricane Harvey...

Internal Revenue Service | An official website of the United States government The Internal Revenue Service is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.

H-Town Tax Service had a great season.
Looking forward to this upcoming season.

If you haven't filed give us a call.

IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return

IRS YouTube Videos:

Refund: Claim It or Lose It – English | Spanish | ASL

WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.

To collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, Tuesday, April 18.

"We’re trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year,” said IRS Commissioner John Koskinen. “People across the nation haven’t filed tax returns to claim these refunds, and their window of opportunity is closing soon. Students and many others may not realize they’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.”

The IRS estimates the midpoint for potential refunds for 2013 to be $763; half of the refunds are more than $763 and half are less.

In cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If they do not file a return within three years, the money becomes the property of the U.S. Treasury. For 2013 tax returns, the window closes April 18, 2017. The law requires taxpayers to properly address mail and postmark the tax return by that date.

The IRS reminds taxpayers seeking a 2013 refund that their checks may be held if they have not filed tax returns for 2014 and 2015. In addition, the refund will be applied to any amounts still owed to the IRS, or a state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.

By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2013. Many low-and-moderate income workers may have been eligible for the Earned Income Tax Credit (EITC). For 2013, the credit was worth as much as $6,044. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2013 were:

$46,227 ($51,567 if married filing jointly) for those with three or more qualifying children;
$43,038 ($48,378 if married filing jointly) for people with two qualifying children;
$37,870 ($43,210 if married filing jointly) for those with one qualifying child, and;
$14,340 ($19,680 if married filing jointly) for people without qualifying children.
Current and prior year tax forms (such as the Tax Year 2013 Form 1040, 1040A and 1040EZ) and instructions are available on the IRS.gov Forms and Publications page or by calling toll-free: 800- TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2013, 2014 or 2015 should request copies from their employer, bank or other payer.

Taxpayers who are unable to get missing forms from their employer or other payer should go to IRS.gov and use the “Get Transcript Online” tool to obtain a Wage and Income transcript. Taxpayers can also file Form 4506-T to request a transcript of their 2013 income. A Wage and Income transcript shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Taxpayers can use the information on the transcript to file their tax return.

State-by-state estimates of individuals who may be due 2013 tax refunds:

State or District
Estimated
Number of
Individuals
Median
Potential
Refund
Total
Potential
Refunds*
Alabama
18,100
$729
$17,549,000
Alaska
4,700
$917
$5,665,000
Arizona
24,800
$650
$22,642,000
Arkansas
9,900
$722
$9,571,000
California
97,200
$696
$93,406,000
Colorado
20,200
$699
$19,454,000
Connecticut
11,500
$846
$12,691,000
Delaware
4,300
$776
$4,321,000
District of Columbia
3,200
$762
$3,341,000
Florida
66,900
$776
$67,758,000
Georgia
34,400
$671
$32,082,000
Hawaii
6,500
$793
$6,876,000
Idaho
4,500
$619
$3,919,000
Illinois
40,000
$834
$42,673,000
Indiana
21,700
$788
$22,060,000
Iowa
10,200
$808
$10,193,000
Kansas
11,100
$746
$10,700,000
Kentucky
12,900
$772
$12,627,000
Louisiana
20,300
$767
$21,209,000
Maine
4,000
$715
$3,645,000
Maryland
22,200
$770
$23,080,000
Massachusetts
23,000
$838
$24,950,000
Michigan
33,600
$763
$33,998,000
Minnesota
15,600
$691
$14,544,000
Mississippi
10,400
$702
$10,041,000
Missouri
22,400
$705
$20,787,000
Montana
3,600
$727
$3,480,000
Nebraska
5,300
$745
$5,084,000
Nevada
12,300
$753
$12,078,000
New Hampshire
4,400
$892
$4,930,000
New Jersey
29,900
$873
$33,207,000
New Mexico
8,100
$753
$8,162,000
New York
54,700
$847
$59,416,000
North Carolina
29,800
$656
$26,874,000
North Dakota
2,900
$888
$3,209,000
Ohio
36,000
$749
$34,547,000
Oklahoma
17,700
$773
$17,979,000
Oregon
15,500
$658
$14,188,000
Pennsylvania
39,400
$835
$41,078,000
Rhode Island
2,900
$796
$2,906,000
South Carolina
12,100
$674
$11,267,000
South Dakota
2,700
$823
$2,709,000
Tennessee
19,500
$743
$18,829,000
Texas
104,700
$829
$115,580,000
Utah
7,900
$667
$7,443,000
Vermont
2,000
$747
$1,859,000
Virginia
29,000
$752
$29,578,000
Washington
27,600
$829
$30,330,000
West Virginia
5,000
$855
$5,258,000
Wisconsin
12,700
$675
$11,619,000
Wyoming
2,800
$911
$3,189,000
Totals
1,042,100
$763
$1,054,581,000
* Excluding the Earned Income Tax Credit and other credits

Internal Revenue Service

Stay Woke😂😂

2016 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates

J&J Lounge and H- Town tax services will be raffling a 32 inch flat screen T.V. this week. Get your 3.00 raffle tickets while you can. Drawing will be held @ J.J. Lounge 3303 Lee St. Houston Tx 77026 Friday @ 7 p.m.... Stop by and purchase your tickets. T.V. available for immediate pick up (brand new in the box)
We'll go live on FB Friday @ 7 p.m. to announce the winner. You'll have until Wednesday December 28th to pick up prize.