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2016 Tax Tips: What’s New? Overall rating: ★★★★★ 5 based on 13 reviews
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2016 Tax Tips: What’s New?

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Now is the time to Plan! Now is the Time to Act!

The 2016 tax season is here. Filing your taxes for 2016 year will become infinity easier if you understand the changes that the IRS has put in place for the calendar year. Below, is all the information you will need to know about the changes that have been made, the resulting benefits due and any increase in tax benefits. For example, are you planning to get married in 2016? Did you know that even if you get married on December 31, 2016, you can still file “Married Filed Joint” just as if you were married the whole year? Why is this important to know? Because the tax table is structured differently for a married couple. It is not as if you can just double the rates for the Single category. You may have to make adjustments in your withholding or find yourself with a balance due. Are you expecting a child in 2016? What is that additional dependent worth? What withholding adjustments can you make now because of the additional deduction? Did you know that can make any adjustment to you withholding by simply asking your employer for a new W-4. You can use the new W-4 to add or remove the number of exemptions you claim. Or you can make an adjustment by leaving the number of exemptions as is and just have a little more money added to you withholding.

Increase in Tax Brackets

Due to inflation, the tax brackets for income taxes have increased across the board

If you’re single you will owe:

• $0-$9,275 you will owe 10 of your taxable income.

• $9,275-$37,650 you will owe $927.50 + 15 of anything over $9,275.

• $37,650-$91,150 you will owe $5,183.75 + 25 of anything over $37,650.

• $91,150-$190,150 you will owe $18,558.75 + 28 of anything over $91,150

• $190,150-$413,350 you will owe $46,278.75 + 33 of anything over $190,150.

• $413,350-$415,050 you will owe 119,934.75 + 35% of anything over $413,350.

• $415,050 and higher you will owe $120,529.75 + 39.6 of anything over $415,050.

If you’re married and filing jointly, you will owe:

• $0-$18,550 you will owe 10 of your taxable income.

• $18,550-75,300 you will owe $1,885 + 15% of anything over $18,550

• $75,300-$151,900 you will owe $10,367.50 + 25 of anything over $75,300.

• $151,900-$231,450 you will owe $29,517.50 + 28 of anything over $151,900.

• $231,450-$413,350 you will owe $51,791.50 + 33 of anything over $231,450.

• $413,350-$466,950 you will owe $111,818.50 + 35 of anything over $413,350.

• $466,950 and higher you will owe $130,578.50 + 39.6 of anything over $466,950.

Increase in Standard Deduction

The standard deduction for heads of household rises from $9,250 for the 2015 tax year, to $9,300 for the 2016 tax year. The other standard deduction amounts for 2016 remain as they were for 2015: $6,300 for
singles and married persons filing separate returns and $12,600 for married couples filing jointly.

Earned Income Credit

The maximum Earned Income Credit amount for 2016 is $6269 for taxpayer filing jointly who have 3 or more qualifying children, up from a total of 6,242 for tax year 2015. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phase-outs.

Affordable Care Act

Millions will still have access to affordable health care in the United States, however, the penalties have increased. There is a penalty of 2% of yearly household income or $325 per person for individuals, with a maximum penalty per family for those using this method of $975.
Increase in Identity Theft
Due to last year’s tax fraud, the IRS has implemented a new policy. Taxpayers may receive a letter when the service stops suspicious tax returns that attempt to steal your identity, but use their own social security number or name. Taxpayers now also have the ability to receive copies of the fraudulent tax returns, so they can take steps to secure their identity.

Same-Sex Marriage

As per the Supreme Court ruling in 2015, all married couples will be recognized the same way for state income tax purposes, regardless of gender. This will impact the ability to file joint income tax returns, the ability to transfer property to each other tax-free, the ability to leave an estate to the spouse without gift tax implications, and spousal treatment of inherited IRAs.

Salary Threshold for Overtime Pay

Rules proposed by the Obama administration are changing the face of overtime pay. If accepted, the Department of Labor would require most salaried workers earning less than $50,440 annually to be paid 1.5 times their normal pay for time worked beyond 40 hours. If passed, it will take effect on January 1, 2016.

New Filing Deadlines

In observance of Emancipation Day on Friday, April 15, taxpayers will have until the 18th to file their 2015 individual tax returns and make their estimated tax payments. Taxpayers in Main and Massachusetts will have until the 19th of April in observance of Patriots day on April 18th.

Tax return now a stress-free moment

5 5 1
I am delighted of my experience with Horward. It kept me away from a tremendous source of stress. Since I am a Canadian, my case had some complication from a foreign account which he handled perfectly. I clearly see the benefit of working with Howard rather than of using a big tax filling firm. He is focused on your particular case and gives you a useful feedback for your next year. I am looking forward to work with Howard next year for my tax return.

Great Experience

5 5 1
The first thing I can say was I have had a Great Experience with Howard, I did my Taxes last year using Turbo tax and that same year I had bought a Home. I thought that the program had lacked in asking various Questions that I believed I could use as Deductions. Howard told me he would take the time to go over my return with a Fine Tooth Comb to see if he could increase my Last Year’s return. I have used the other services before to do my Taxes and believed that the preparer’s were looking at me as just a small part of their day, with Howard he takes the time to look at the Big Picture to help guide you into next Year’s Return. His one on one approach is very refreshing. I would Highly Recommend using Howard’s service to do your Taxes in the future. of the most genuine, sincere and dedicated people I know

5 5 1
Howard Griffel, the proprietor of Accurate Tax Service Prep is one of the most genuine, sincere and dedicated people I know. You see, I met Mr. Griffel several years ago, quite by accident, while I was working at one of those big home stores. He was a just another customer that approached me with a question concerning an item he wanted to buy. I don’t exactly remember why, but somehow the question of taxes came up. Howard seemed like a kind enough person. So I shared a confidence with him, quietly so that no one else could hear. I whispered that I had not yet filed my taxes for the current year and, in fact, hadn’t filed the year before either. I explained that my wife had died about 6 months earlier. She was the organized one who took care of all money related matters. I also told him that I couldn’t even find where she had placed the papers I needed to even begin to think about filing. He looked at me with an air of quiet confidence and simply said, I can help you with all that if you’d like. He gave me his card and said to call. I thought about it for a bit and the rest is history. It took a long time and hard work but we got everything we needed to file the prior year’s tax return. Then got the current one finished as well. I will never fall behind again nor with I trust anyone else with getting my taxes done either. In fact, I recently bought property in Florida and plan to move soon. Just to be sure, I’ve checked if Howard can do Florida taxes, too. Accurate Tax Services is open all year round. ATSP is always available to answer questions. Whether you’re applying for a mortgage and or simply can’t find the answer to something you need immediately because you’re on a deadline. Don’t worry, ATSP always has the answers to your tax questions and financial matters even if you don’t. If you are looking for someone with expert knowledge, honesty and integrity who you can always trust with your taxes and other financial concerns, look no further than Accurate Tax Services Prep and Howard Griffel. I stopped looking several years ago and you will stop too. He is the best, hardest working and honest person that I have found for my personal taxes. I no longer have to worry about getting my taxes done correctly and on time. He saved me in a very difficult time in my life and I will be forever grateful.

Great Service

5 5 1
I needed help on a Sunday, I goggled services, Howard called me right away to set up an appointment.Howard is knowledgeable, quick. I would highly recommend Accurate Tax and I will be using them again next year.

Couldn't be happier

5 5 1
I wish I had come around his services sooner. I'm 27 and this whole tax season is new and intimidating. There was no need for him to sit in front of me and just do my taxes with little to no small talk. We went through the information togerher, he did them, and met up the next day to explain all the numbers, the math, any questions I had, and what I can change in the future. He knows what he is talking about and it helps he is vey personable. I left feeling relieved, a little wiser and well taken care of.

Good Tax Prep

5 5 1
Howard is Very Knowledgeable on finances, the way taxes work and business in general. His value is so much higher than the price of his services. I definatly recommend his services.

Do yourself a favor, use Accurate Tax Services Prep

5 5 1
Accurate Tax Services Prep has done my taxes for the 3rd year now. I have found Howard Griffel to be one of the most diligent Tax Accounts in the business. What makes Accurate Tax Services Prep/ Howard stand out? His vast knowledge of the business. Willingness to go the “extra mile” for getting my taxes done correctly. His courteous manner, getting back to me in a timely, and taking time to go over any questions I have in detail. I highly recommended Howard Griffel to Family Members and Friends, and will continue to use Accurate Tax Services Prep. Do yourself a favor, use Accurate Tax Services Prep once and you will use them for years to come.

He drove to meet me.

5 5 1
I was impressed with Mr. Griffel accuracy and proficiency in his work. He also provides door to door service which now days is a tremendous asset.

Thank you Accurate Tax Services Prep

5 5 1
I have been a client of Accurate Tax Services Prep since Mr. Griffel open his office in 2012. Mr. Griffel is a down-to-earth, courteous professional who makes his customers feel comfortable and takes the time to answer and explain any questions you may have. I highly recommend ATSP to all my family and friends. Thank you Accurate Tax Services Prep.

Tax season has always been a very difficult time for me.

5 5 1
I would like to take this time to express my appreciation for Accurate Tax Services Prep. Tax season has always been a very difficult time for me. In my position as a cook at the V.A Medical Hospital I usually work my regular 40­hour work plus many hours of overtime. It's very challenging to make sure that I understand my taxes and where I stand with deductions. In prior years, I have gone to tax services that I was not completely satisfied with. Accurate Tax Services Prep renewed my hope in tax season again. I have found Mr. Griffel to be courteous and truly professional. Over the last 3 years, he has helped me file my 1040 and Schedule C for a small business I own and run. He is knowledgeable about all the tax laws and takes the time to make sure my tax return is done correctly. I would recommend Accurate Tax services to anyone who values great customer service. Tax season is a time that you should have peace of time, and I have found just that. I look forward to being a long term customer for years to come.

Amazing Help with Amended Returns

5 5 1
I have been a client of Accurate Tax Services Prep since 2012. That was the year I was introduced to ATSP. At our first meeting, they uncovered that a granddaughter that had been living with me for a number of years was a dependent that I never claimed. After allowing Accurate Tax Services Prep to file my 2012 taxes, they went back 3 years and filed an Amended Returns for each year. Because they were so thorough, I got back additional refunds for each of the years missed by other tax preparation services. I feel very confident with Mr. Griffel. Every time I meet with him, I am very impressed with his professionalism. This is the only place I will trust to prepare my taxes. I love the fact that they are open year-round and are available to answer any questions I may have. Thank you Accurate Tax Services for all you have done for me.

How Do I Claim My Dependents As A Resident Alien

5 5 1
Howard knows the rules inside out and keeps calm in difficult situations.His background with both the FBI and a tax preparer give him a unique perspective and presence.He is the kid of guy you want on your side in difficult situations.

About Howard

5 5 1
Howard is very detail oriented and caring! It's a great combination.