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* ANYONE FILING A NYS TAX RETURN MUST INCLUDE DRIVER'S LICENSE INFORMATION.

* SECTION 179 maximum increases to $500,000 for 2016. Phase-out threshold also increases to $2,000,000.

* STANDARD MILEAGE RATES for 2016 for business driving is 54¢ a mile. Rate for medical and moving mileage is 19¢ a mile. Rate for charitable driving remains at 14¢ a mile.

* The ANNUAL GIFT TAX EXCLUSION is $14,000.

* 401(k) maximum salary deferral is $18,000 ($24,000 for 50 and older).

* SIMPLE maximum salary deferral is $12,500 ($15,500 for 50 and older).

* IRA contribution limit is $5,500 ($6,500 for 50 and older).

* KIDDIE TAX threshold is $2,100 and applies up to age 19 (up to age 24 for full-time students).

* NANNY TAX threshold is $2,000.

* SOCIAL SECURITY taxable wage limit is $118,500 for 2015 and $127,200 for 2017. 

* LIFETIME LEARNING CREDIT maximum remains at $2,000.

* HSA CONTRIBUTION limit for 2016 is $3,350 for individuals and $6,750 for families. An additional $1,000 may be contributed by those 55 or older. 

* ALTERNATIVE MINIMUM TAX the AMT exemption amounts for 2016 are $83,800 for joint filers and $53,900 for single taxpayers and heads of household.

Question:
Can a person receive a tax refund if they are currently in a payment plan for prior year's federal taxes?

Answer:
As a condition of your agreement, any refund due you in a future year will be applied against the amount you owe.

  • Continue making your installment agreement payments as scheduled because your refund is not considered as a substitute for your regular payment due.
  • You may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support.
  • IRS will automatically apply the refund to the taxes owed.

Gordon, Chodak & Chapin, CPA’s, P.C.
40 Office Park Way
Pittsford NY, 14534
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