Professional Income Tax Services in Kalamazoo, Michigan
At Lockwood Tax Center, our team of tax professionals provides a full range of income tax services for individuals, families, contractors, and small business owners. Our team will handle all facets of the tax preparation and filing process. We’ll make sure you get the most out of your tax return.
Drop-off your tax documents or have them done while you wait
We file tax returns electronically
Quick tax return preparation
Debit & Credit Cards accepted
1040, 1040A, 1040EZ, 1120, 1120S, 1041, 1065
Personal Income
Trusts and Estates
C-Corps, S-Corps
Limited Liability Corporations
Partnerships
2018 Tax Law Changes
Standard Deduction Amount Increases
All Filing Status Types Affected
Single and Married Filing Separately: $12,000
Married Filing Jointly: $24,000
Head of Household: $18,000
Child Tax Credit Has Been Increased
The Child Tax Credit increases from $1,000 to $2,000
New $500 credit for non-child dependents
Taxpayers can only deduct up to $10,000 in state and local income taxes
Other Notable Changes
You can no longer claim the $4,050 personal exemption for each dependent.
If you purchased a home in 2018 you can only deduct interest up to $750,000 in mortgage debt. Interest deduction on home equity loans has been eliminated.
Individuals that are without healthcare coverage for the year will not have to pay tax penalties.
2020 Tax Brackets
| Tax Rate | Individual | Married, Filing Jointly | Married, Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $0 to $9,875 | $0 to $19,750 | $0 to $9,875 | $0 to $14,100 |
| 12% | $9,876 to $40,125 | $19,751 to $80,250 | $9,876 to $40,125 | $14,101 to $53,700 |
| 22% | $40,126 to $85,525 | $80,251 to $171,050 | $40,126 to $85,525 | $53,701 to $85,500 |
| 24% | $85,526 to $163,300 | $171,051 to $326,600 | $85,526 to $163,300 | $85,501 to $163,300 |
| 32% | $163,301 to $207,350 | $326,601 to $414,700 | $163,301 to $207,350 | $163,301 to $207,350 |
| 35% | $207,351 to $518,400 | $414,701 to $622,050 | $207,351 to $311,025 | $207,351 to $518,400 |
| 37% | $518,401 or more | $622,051 or more | $311,026 or more | $518,401 or more |
Contact Us Today
Call us at (269) 342-0211. Or fill out the form below to send us an email.