Piggott CPA

Piggott CPA updated their website address.

Piggott CPA updated their website address.

Here's an Illustration of how the 2020 Tax Bracketing works.

Keep in mind these amounts change for married couples.

Deductions also affect your tax bracket and are a way for you to reduce your taxable income, which means less of your income is taxed in those higher tax brackets. For example, if your highest tax bracket this year is 32 percent, then claiming a $1,000 deduction saves you $320 in taxes. However, if your top bracket is 12 percent, that same deduction only saves you $120 in tax.

If you have any questions feel free to contact us.

Tax Day, if you haven't filed an extension today I highly suggest you get in contact with us to do so. Filing an extension will result in .05% per month fine if you owe. Not filling one will cost 5% per month.

I understand that tax documents are important, and no one wants to lose them in the mail. I recommend you make copies of everything, however send the original documents to your Tax Professional. All to often, information can get cut off, skipped, or polluted in the copy machine.

Unfortunately HOA Dues are only deductible as an expense on any rental properties. Your mortgage interest and property taxes can be deductible, but your HOA fees mean diddidli squat to Uncle Sam.