Tax

Health Savings or Flexible Spending Accounts ( FSA) can be another benefit at tax time to the tax payer. A taxpayer can set aside pretax $2,750 PCA Tax Professionals wants to make sure that each of our customers can capture all the tips and helpful tools prior to tax season each year.

Are you a college student or a parent of a college student? If you are wondering what credits can be claimed, look no further. PCA Tax Professionals can help you claim education credits. Most taxpayers can claim credit for education expenses they paid for and or the expenses that the dependent student paid for. These expenses include any or specific payments to the school by grandparents or by other third parties that are treated as paid expenses for or on behalf of the student. This credit ( American Opportunity Credit) is allocated as follows: Income must not exceed $90,000 for an individual or single parent filing Head of Household. This credit is allocated as follows: Income must not exceed $180,000 for persons married filing joint. ( American Opportunity Credit) If utilizing the Lifetime Learning Credit the income cant exceed $69,000 if Single or Filing Head of Household. Maximum $138,000 or if Married filing joint. The Lifetime Learning credit books, supplies and equi

Community income is considered when determining tax liability. Some items that may be considered as Community income are as follows: Community Property ( property acquired during a marriage. Other community income items may be salaries or wages earned during a marriage. Real Estate acquired during the marriage.

Standard Deductions for 2020 Single $12,400 Married Filing Single. $12,400 Married Filing Joint. $24,800 Head of Household. $18,650 For dependents, the standard deduction is the greater of $1,100 or earned income plus $350, up to regular standard deduction.

Tax season is here. Electronic filing has begun. PCA Tax Professionals has you covered. PCA Tax Professionals can help you with tax preparation for individuals or small business. If you haven't filed taxes in years, we can assist with a referral for filing most previous years tax returns as well. Do you have dependents or need to claim child tax credit, claiming earned income credit, claiming deductions and any other tax credit that is rightfully yours, PCA can help. PCA Tax Professionals is currently located at online and assisting aspiring tax preparers with starting and running their business and can be reached otherwise by email or phone. Appointments are available to be scheduled throughout the day, week and through tax season and beyond. Mobile tax preparation is available. Enjoy the use of our secure link to upload and send tax documents for safe preparation services.