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    Dear Clients and Friends:

    In an effort to follow the Center for Disease Control’s guidelines to protect our clients and our employees from the Novel Coronavirus (COVID-19), we have decided to keep our office closed to the public until further notice. We will continue to offer our services online asking you to get your documents to us via:

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      • Fax documents to 281-861-6311.
      • Use our drop-box slot on our office door inside the building.
    • Once we have your documents, we will draft an electronic copy of your return and schedule a phone conversation to address any questions or comments you may have.
    • We can also file an extension if you wish us to do so.

    The bottom line is that we remain acutely vigilant about this serious crisis. We will continue to do everything we can to protect our clients and our employees, and to remain ready to serve our clients in the most appropriate fashion. Thank you for understanding and cooperating with us as we all navigate through these times. Stay safe!

     

Tax Rates

2016 Tax Rates Schedule X - Single

If taxable income is over But not over The tax is
$0 $9,275 10% of the taxable amount
$9,275 $37,650 $927.50 plus 15% of the excess over $9,275
$37,650 $91,150 $5,183.75 plus 25% of the excess over $37,650
$91,150 $190,150 $18,558.75 plus 28% of the excess over $91,150
$190,150 $413,350 $46,278.75 plus 33% of the excess over $190,150
$413,350 $415,050 $119,934.75 plus 35% of the excess over $413,350
Over $415,050 no limit $120,529.75 plus 39.6% of the excess over $415,050

 2016 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over But not over The tax is
$0 $18,550 10% of the taxable amount
$18,550 $75,300 $1,855 plus 15% of the excess over $18,550
$75,300 $151,900 $10,367.50 plus 25% of the excess over $75,300
$151,900 $231,450 $29,517.50 plus 28% of the excess over $151,900
$231,450 $413,350 $51,791.50 plus 33% of the excess over $231,450
$413,350 $466,950 $111,818.50 plus 35% of the excess over $413,350
$466,950 no limit $130,578.50 plus 39.6% of the excess over $466,950

 2016 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over But not over The tax is
$0 $9,275 10% of the taxable amount
$9,275 $37,650 $927.50 plus 15% of the excess over $9,275
$37,650 $75,950 $5,183.75 plus 25% of the excess over $37,650
$75,950 $115,725 $14,758.75 plus 28% of the excess over $75,950
$115,725 $206,675 $25,895.75 plus 33% of the excess over $115,725
$206,675 $233,475 $55,909.25 plus 35% of the excess over $206,675
Over $233,475 no limit $65,289.25 plus 39.6% of the excess over $233,475

 2016 Tax Rates Schedule Z - Head of Household

If taxable income is over But not over The tax is
$0 $13,250 10% of the taxable amount
$13,250 $50,400 $1,325 plus 15% of the excess over $13,250
$50,400 $130,150 $6,897.50 plus 25% of the excess over $50,400
$130,150 $210,800 $26,835 plus 28% of the excess over $130,150
$210,800 $413,350 $49,417 plus 33% of the excess over $210,800
$413,350 $441,000 $116,258.50 plus 35% of the excess over $413,350
$441,000 no limit $125,936 plus 39.6% of the excess over $441,000

 2016 Tax Rates Estates & Trusts

If taxable income is over But not over The tax is
$0 $2,550 15% of the taxable income
$2,550 $5,950 $382.50 plus 25% of the excess over $2,550
$5,950 $9,050 $1,232.50 plus 28% of the excess over $5,950
$9,050 $12,400 $2,100.50 plus 33% of the excess over $9,050
$12,400 no limit $3,206 plus 39.6% of the excess over $12,400

  Social Security 2016 Tax Rates

Base Salary $118,500
Social Security Tax Rate 6.2%
Maximum Social Security Tax $7,347.00
Medicare Base Salary unlimited
Medicare Tax Rate 1.45%

  Additional Medicare 2016 Tax Rates

Additional Medicare Tax 0.9%
Filing status Compensation over
Married filing jointly $250,000
Married filing separate $125,000
Single $200,000
Head of household (with qualifying person) $200,000
Qualifying widow(er) with dependent child $200,000

  Education 2016 Credit and Deduction Limits

American Opportunity Tax Credit $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

 Miscellaneous 2016 Tax Rates

Personal Exemption (Adjusted Gross Income below $155,650) $4,050
Business Equipment Expense Deduction $500,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2015 tax liability
Standard mileage rate for business driving 54 cents
Standard mileage rate for medical/moving driving 19 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000 per qualifying child
Unearned income maximum for children before kiddie tax applies $1,050
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket 0%
Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket 15%
Maximum capital gains tax rate for taxpayers in the 39.6% bracket 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles and qualified small business stock 28%
Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50
$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,500 if under age 50
$15,500 if 50 or older

Maximum Contribution to SEP IRA 25% of compensation up to $53,000
401(k) maximum employee contribution limit

$18,000 if under age 50
$24,000 if 50 or older

Self-employed health insurance deduction 100%
Estate tax exemption $5,450,000
Annual Exclusion for Gifts $14,000
Foreign Earned Income Exclusion $101,300