The Tax Advantage
901-366-3770
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6166 E. Shelby Dr.
Memphis, TN. 38141
(901) 366-3770 Office 
(800) 435-1201 Fax
memphistaxadvantagetn@aol.com

What’s New for 2017 Tax Year?  ​(For 2016 taxes)
Standard Deduction :
$6,350 for Single filers or Married Filing Seperately
$9,350 for Head Of Household
$12,700 For Married filing Joint filers or Qualifying Widowers

Personal Exemption increased to $4050 per exemption

Education Credit extended through 2017, up to $2500 credit (partly refundable)

$7,500 Homebuyers Credit Repayment- 7th payment is due up to $500 or 15% of the amount received (for taxpayers who purchased a home beween April 8, 2008 and December 30,2009)

Child Tax credit remains at up to $1000 per child for every child 16 and under; Additional child tax credit remains for up to 3 children. (taxpayer must have earned income of at least $3000)
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:
  •$48,340 ($53,930 married filing jointly) with three or more qualifying children 
  •$45,007 ($50,597 married filing jointly) with two qualifying children 
  •$39,617 ($45,207 married filing jointly) with one qualifying child 
  •$15,010 ($20,600 married filing jointly) with no qualifying children 

Tax Year 2016 Maximum EITC credit:
  •$6,318 with three or more qualifying children 
  •$5,616 with two qualifying children 
  •$3,400 with one qualifying child 
  •$510 with no qualifying children 
***Investment income must be $3,450 or less for the year***
What To Bring To Your Appointment:
Valid 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, gambling winnings social security , retirement etc..)
PROOF OF HEALTH INSURANCE COVERAGE (NEW LAW, required)
Mortgage interest documentsChurch 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.!!!***