Archive for January, 2020
Are you looking forward to your tax refund? How much will your tax refund be this year? Did you know that you can estimate your refund at sites like TurboTax and H&R Block? 72% of all files returns qualify for a refund with the average refund around $3,000! Americans use this refund for all kinds of things – education savings, vacations, paying off credit cards or bills, making home improvements, and buying cars. In fact, up to 5% of us will use our tax refund to buy a new vehicle.
The tax rules for 2019 reflect many changes that will affect your refund. The new tax law nearly doubles the standard deduction amount. Single taxpayers will see their standard deductions increase to $12,200 for 2019. Married couples filing jointly will see a standard deduction increase to $24,400. For families with children the Child Tax Credit will stay at $2,000 per child. With regard to health care, the medical expense deduction is another frequently used deduction that is going through a change. For the 2019 tax year, you can deduct unreimbursed medical expenses above 10% of your adjusted gross income (AGI), which is your total income minus other deductions you have already taken.
Instant Auto is Kansas City’s no credit check tax season headquarters! Simply bring your refund, proof of a job, insurance, and your home address and you’ll drive away in a new vehicle in less than 30 minutes! With locations in Liberty, Olathe, and Lee’s Summit plus over 500 cars, trucks, and SUV’s to choose from you’ll be able to get into a new vehicle fast. Stop by or apply online here! Put your refund to good use and drive away today!