Income Tax
Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions.
The standard deduction is basically a flat-dollar, no-questions-asked reduction in your adjusted gross income. Taxpayers may itemize deductions because that amount of their expenses is higher than their standard deduction, which will result in less tax owed or a larger refund.
Short-Form Return : $99 Standard Deduction
Plus $100 each Schedule C (1099/self-employed/sole proprietorship)
Plus $100 each rental property on Schedule E
Plus $50 each additional state tax return
Long-Form Return : $150 Itemized Deductions
Plus $100 each Schedule C (1099/self-employed/sole proprietorship)
Plus $100 each rental property on Schedule E
Plus $50 each additional state tax return
Partnership, LLC, Corporation : $500
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Joey Ramos, Registered Tax Preparer Bond No. 100576956, expires 06/15/2025 American Contractor's Indemnity Co. www.ctec.org.
Manila Central USA Inc. Phone: (562) 219-5082 Email: info@manilacentralusa.com Address: 12562 Centralia St., Lakewood CA 90715
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