The Tax Advantage
901-366-3770
6148 E. Shelby Dr.
Memphis, TN. 38141
(901) 366-3770 Office
(800) 435-1201 Fax
memphistaxadvantagetn@aol.com
What’s New for 2026 Tax Year? (For 2025 taxes)
In person and virtual office visits available. Tax Preparation is also available via Zoom, Messenger and by phone interview. You may also drop off your docs. We can prepare your tax return and you can sign electronically. Walkins welcome however appointments are available.
Standard Deduction :
$15,750 for Single filers or Married Filing Separately
$23,625 for Head Of Household
$31,500 For Married filing Joint filers or Qualifying Widowers
Taxpayers over age 65 can receive a bonus deduction of up to and additional $6000
Education Credit extended through 2026, up to $2500 credit (partially refundable)
Lifetime Learning Credit Increases
$7,500 Home buyers Credits all repaid as of 2024 and will no longer be deducted
Child Tax credit increased to $2200 with $1700 being refundable
Capital gains and losses must be filed on form 8949 in addition to form Schedule D
Earned Income Tax Credit Income Limits
Earned Income and adjusted gross income (AGI) must each be less than:
• $61,555 ($68,675 married filing jointly) with three or more qualifying children
•
$57,310 ($64,430 married filing jointly) with two qualifying children
$57,310 ($64,430 married filing jointly) with two qualifying children •$50,434 ($57,554 married filing jointly) with one qualifying child
$50,434 ($57,554 married filing jointly) with one qualifying child •$19,104 ($26,214 married filing jointly) with no qualifying children
$19,104 ($26,214 married filing jointly) with no qualifying children Tax Year 2021 Maximum EITC credit:
•$8,231 with three or more qualifying children
$8,231 with three or more qualifying children •$7,316 with two qualifying children
$7,316 with two qualifying children •$4,427 with one qualifying child
$4,427 with one qualifying child •$664 with no qualifying children
$664 with no qualifying children ***Investment income must be $11,950 or less for the year***
*New rule on overtime. New overtime deduction, first $12,500 nontaxable
* Car loan interest tax deductible up to $10,000 for new American made cars purchased in 2025
*Mortgage insurance deductions has been reinstated and is tax deductible
* No cap on property tax deduction
Other Deductions available, please call us at 901-366-3770 to schedule an appointment
What To Bring To Your Appointment:
IRS Letter 6419 (this letter is pertaining to advanced child tax credit payments recieved)
Valid Unexpired I.D. for yourself and ALL of your dependents (Ex. Drivers License, Social Security Cards and Court appointed documents (if applicable) etc.)
PROOF OF RESIDENCY FOR YOU AND YOUR DEPENDENTS
SOCIAL SECURITY CARDS FOR YOU AND YOUR DEPENDENTS
ALL INCOME DOCS (W-2's, 1099's, Unemployment, gambling winnings social security, retirement etc..)
PROOF OF HEALTH INSURANCE COVERAGE if you have Market Place/Obama care- FORM1095-A Required
Mortgage interest documents, Church Tithes or charitable contribution documentation
Proof of Child Care payments (Statement)
Proof of Self Employment and a list of ALL expenses
FORM 1098-T FOR PROOF OF EDUCATION
****IF YOUR NOT SURE IF YOU NEED IT, BRING IT.!!!***
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