Frequently Asked Questions

 

Every year the federal government makes 400 to 800 changes in the tax laws.  At Yang & Associated, Ltd. we make sure you don’t get caught in the middle.  We help save you money on your federal and state tax as well as help streamline your business operations and increase profitability.  Call us today for free consultation at 1-800-698-1549.

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 To Be a Qualifying Relatives What is the EIC for this year?

2019 Tax Year

Earned Income and adjusted gross income (AGI) must each be less than:

  • $50,162 ($55,952 married filing jointly) with three or more qualifying children

  • $46,703 ($52,493 married filing jointly) with two qualifying children

  • $41,094 ($46,884 married filing jointly) with one qualifying child

  • $15,570 ($21,370 married filing jointly) with no qualifying children

 

Return to EITC Home Page

 

Tax Year 2019 Maximum Credit:

  • $6,557 with three or more qualifying children

  • $5,828 with two qualifying children

  • $3,526 with one qualifying child

  • $529 with no qualifying children

Investment income must be $3,600 or less for the year.

 

For more information on whether a child qualifies you for  EITC, see Qualifying Child Rules or Publication 596, Rules If You Have a Qualifying Child.

 

 

How Much can I deducted this year?

If your filing status is...                                                                            Your standard deduction is:

Single or Married filing separately......................................................... $ 12,200

Married filing jointly or Qualifying widow(er) with dependent child.........$ 24,400

Head of household.............................................................................  ..$ 18,350

 

 

What is the mileage deductions this year?

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile for business miles driven

  • 54.5 cents per mile driven for medical or moving purposes

  • 18 cents per mile driven in service of charitable organizations

 

 

 

Can I claim my brothers and sisters?

You cannot claim a person as a dependent unless that person is your qualifying child or qualifying relative. 

 

Tests To Be a Qualifying Child Tests

  • The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them. 

  • The child must be (a) under age 19 at the end of the year and younger than you (or your spouse if filing jointly), (b) under age 24 at the end of the year, a student, and younger than you (or your spouse if filing jointly), or (c) any age if permanently and totally disabled.  

  • The child must have lived with you for more than half of the year.2 

  • The child must not have provided more than half of his or her own support for the year. 

  • The child must not be filing a joint return for the year (unless that joint return is filed only to claim a refund of withheld income tax or estimated tax paid).

 

To Be a Qualifying Relative

  • The person cannot be your qualifying child or the qualifying child of any other taxpayer. 

  • The person either (a) must be related to you in one of the ways listed under Relatives who do not have to live with you , or (b) must live with you all year as a member of your household (and your relationship must not violate local law). 

  • The person's gross income for the year must be less than $4,200 

  • You must provide more than half of the person's total support for the year.

 

Why I get less refund than my co-worker?

Amount of refund is based on your Earned Income and family size....