Tax 2018-11-15T17:49:19+00:00

Affordable tax filing options for everyone

We provide Tax Preparation services for both individuals and small businesses. Most of our clients come and have their returns prepared while they wait.

Drop-off your documents – We file our returns electronically – Quick returns – Debit & Credit payments accepted

Our tax pro’s can fill out and file your 1040, 1040A, 1040EZ, 1041. We also offer fill and filing services for 1041, 1065, 1120, and 1120S.

Specialized filing options tailored for your individual needs

We have experience with Trusts, Estates, C corps, S corps, and LLC’s and partnerships. 

We are staffed year around because you don’t just need tax help during tax season. So if you ever need help we are here.

2018 Tax Law Changes

Standard Deduction Amount Increases

Applies to all filing statuses

Single and Married Filing Separately: $12,000

Married Filing Jointly: $24,000

Head of Household: $18,000

Personal Exemption Has Been Eliminated

Taxpayers can no longer claim the $4,050 personal exemption for each of their dependents.

Child Tax Credit Has Been Increased

The Child Tax Credit increases from $1,000 to $2,000. The tax reform bill also creates a new $500 credit for non-child dependents.

Taxpayers can only deduct up to $10,000 in state and local income taxes. This is a new cap that has been applied.

Amount of Mortgage Interest that can be Deducted Decreased

If you purchase 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.

ACA Individual Mandate Repealed

Individuals that are without healthcare coverage for the year will not have to pay tax penalties.

2018 Tax Brackets

Tax Rate Individual Married Filing Separate Head of Household Married Filing Joint
10% $0 – $9,525 $0 – $9,525 $0 – $13,600 $0 – $19,050
12% $9,526 – $38,700 $9,526 – $38,700 $13,601 – $51,800 $19,051 – $77,400
22% $38,701 – $82,500 $38,701 – $82,500 $51,801 – $82,500 $77,401 – $165,000
24% $82,501 – $157,500 $82,501 – $157,500 $82,501 – $157,500 $165,001 – $315,000
32% $157,501 – $200,000 $157,501 – $200,000 $157,501 – $200,000 $315,001 – $400,000
35% $200,001 – $500,000 $200,001 – $300,000 $200,001 – $500,000 $400,001 – $600,000
37% over $500,000 over $300,000 over $500,000 over $600,000

Our team of professionals are always here to help

Local and open year around. Get in touch with us or stop on by our office.

Phone: (269) 342-0211

Address:
5659 W. Michigan Ave
Kalamazoo, MI 49009
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Fax: (269) 372-2691
Email: rwalden@lockwoodtaxcenter.com

Business Hours:
Monday through Friday 9:00 am – 4:30 pm

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