Ortonville-Taxpayers who didn’t receive a pay raise in 2005 will pay less tax as the standard deduction has been raised to $10,000 for married couples and $5,000 for singles.
That’s what Ken Mollenhour founder and owner of Tax Solutions 1568 Thayer Road, Ortonville says as the April 15 tax deadline approaches.
‘Deductions are better, but, as usual, things keep getting more complicated,? said Mollenhour. There are changes this year in at least 39 categories for individual taxpayers alone.?
For example, educators can reduce their taxable income by up to $250 for certain items they purchase for their classrooms. Students can claim a deduction of up to $4,000 for certain post secondary education expenses and take a deduction of up to $2,500 for interest paid on student loans. Members of the National Guard and Reserves can deduct some of their expenses for required travel more than 100 miles from their home.
Mollenhour says more information can be obtained with IRS publication 17.
‘The IRS does not charge for the publication, and we don’t charge for phone inquiries. We’re here to help.? Details: Tax Solutions (248) 627-6422.