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  INDIVIDUAL TAXES
THE LARGEST AND FASTEST TAX REFUNDS
Advantage Tax Service has the Largest and Fastest Tax Refunds in New York City.  We also offer several different types of refund programs and Refund anticipation loans through Chase bank. We can get you cash within 5 minutes of filing your tax return.
Below is a list of the documents you will need to provide in order for us to prepare your tax returns completely.
Some items may or may not apply to everyone.
Copies of all Social Security Cards and DOB's for individuals listed on the return
W-2's
1099-Int Interest Bank Statements
1099-Div Dividend Statements
Form 1098 Mortgage Interest Statements
1099-SSA Social Security Statements
1099-B Year End Brokerage Statements / Proceeds from Sale of Stocks or Mutual Funds (if applicable, for any stock sales provide cost basis along with purchase dates)
1099-C Cancellation of Debt
W-5 Gambling Winnings
1098-E Student Loan Interest Statement
HUD-1 Closing Statements for sales or purchases of Real Estate
1099-G Unemployment Compensation Received Amounts
1099-G Prior Years State Tax Refund Amounts
1098-T Qualified Tuition Paid Statements
1099-R Retirement Plan Distribution Statements: Withdrawals, Rollovers or Loan Defaults
Form 8889 HSA Account Contribution or Distribution amounts
Form 1099-MISC Small Business / Self-Employed Individuals (Schedule C): Complete books and records
Any other tax documentation

If you are a new client please include a copy of your previous year's tax return


Call Now (929) 290-8609
 


Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 - $7,825 $0 - $15,650 $0 - $7,825 $0 - $11,200
15% $7,826 - $31,850 $15,651 - $63,700 $7,826 - $31,850 $11,201 - $42,650
25% $31,851 - $77,100 $63,701 - $128,500 $31,851 - $64,250 $42,651 - $110,100
28% $77,101 - $160,850 $128,501 - $195,850 $64,251 - $97,925 $110,101 - $178,350
33% $160,851 - $349,700 $195,851 - $349,700 $97,926 - $174,850 $178,351 - $349,700
35% $349,701+ $349,701+ $174,851+ $349,701+

 

 

Example of a tax computation

Income tax:

  • $40,000 (adjusted gross income)
    • $7,825 0.10 = $782.50
    • ($31,850 - $7,825) 0.15 = $3,603.75
    • ($40,000 - $31,850) 0.25 = $2,037.50
  • Total income tax = $6,423.75 (16.06% of income)

Note that in addition to income tax, a wage earner would also have to pay FICA (payroll) tax (and an equal amount of FICA tax must be paid by the employer):

  • $40,000 (adjusted gross income)
    • $40,000 0.062 = $2,480 (Social Security portion)
    • $40,000 0.0145 = $580 (Medicare portion)
  • Total FICA tax = $3,060 (7.65% of income)
  • Total federal tax of individual = $9,483.75 (23.71% of income)

 

 

STATE INDIVIDUAL INCOME TAXES
(Tax rates for tax year 2007 -- as of January 1, 2007)

---Tax Rates---

# of

--Income Brackets--

---Personal Exemption---

Federal Tax

State

Low

High

Brackets

Low

High

Single

Married

Child.

Ded.

ALABAMA 2.0 - 5.0   3 500 (b) - 3,000 (b)   1,500   3,000   300   *
ALASKA No State Income Tax                  
ARIZONA 2.59 - 4.54   5 10,000 (b) - 150,000 (b)   2,100   4,200   2,300    
ARKANSAS (a) 1.0 - 7.0 (e) 6 3,599   - 30,100     22 (c) 44 (c) 22 (c)  
CALIFORNIA (a) 1.0 - 9.3 (w) 6 6,622 (b) - 43,468 (b)   91 (c) 182 (c) 285 (c)  
COLORADO 4.63       1
  -----Flat rate-----  
     -----------None-----------      
CONNECTICUT 3.0 - 5.0   2 10,000 (b) - 10,000 (b)   12,750 (f) 24,500 (f) 0    
DELAWARE 2.2 - 5.95   6 5,000   - 60,000     110 (c) 220 (c) 110 (c)  
FLORIDA No State Income Tax                 
GEORGIA 1.0 - 6.0   6 750 (g) - 7,000 (g)   2,700   5,400   3,000    
HAWAII 1.4 - 8.25   9 2,400 (b) - 48,000 (b)   1,040   2,080   1,040    
IDAHO (a) 1.6 - 7.8   8 1,198 (h) - 23,964 (h)   3,400 (d) 6,800 (d) 3,400 (d)  
ILLINOIS 3.0       1
  -----Flat rate-----  
  2,000   4,000   2,000    
INDIANA 3.4       1
  -----Flat rate-----  
  1,000   2,000   1,000    
IOWA (a) 0.36 - 8.98   9 1,343   - 60,436     40 (c) 80 (c) 40 (c) *
KANSAS 3.5 - 6.45   3 15,000 (b) - 30,000 (b)   2,250   4,500   2,250    
KENTUCKY 2.0 - 6.0   6 3,000   - 75,000     20 (c) 40 (c) 20 (c)  
LOUISIANA 2.0 - 6.0   3 12,500 (b) - 25,000 (b)   4,500 (i) 9,000 (i) 1,000 (i) *
MAINE (a) 2.0 - 8.5   4 4,550 (b) - 18,250 (b)   2,850   5,700   2,850    
MARYLAND 2.0 - 4.75   4 1,000   - 3,000     2,400   4,800   2,400    
MASSACHUSETTS (a) 5.3       1
  -----Flat rate-----  
  4,125   8,250   1,000    
MICHIGAN (a) 3.9       1
  -----Flat rate-----  
  3,300   6,600   3,300    
MINNESOTA (a) 5.35 - 7.85   3 21,310 (j) - 69,991 (j)   3,400 (d) 6,800 (d) 3,400 (d)  
MISSISSIPPI 3.0 - 5.0   3 5,000   - 10,000     6,000   12,000   1,500    
MISSOURI 1.5 - 6.0   10 1,000   - 9,000     2,100   4,200   1,200   * (r)
MONTANA (a) 1.0 - 6.9   7 2,300   - 14,500     1,980   3,960   1,980   * (r)
NEBRASKA (a) 2.56 - 6.84   4 2,400 (k) - 27,001 (k)   106 (c) 212 (c) 106 (c)  
NEVADA No State Income Tax                 
NEW HAMPSHIRE State Income Tax is Limited to Dividends and Interest Income Only.                 
NEW JERSEY 1.4 - 8.97   6 20,000
(l)
- 500,000
(l)
  1,000   2,000   1,500    
NEW MEXICO 1.7 - 5.3   4 5,500 (m) - 16,000 (m)   3,400 (d) 6,800 (d) 3,400 (d)  
NEW YORK 4.0 - 6.85   5 8,000 (b) - 20,000 (b)   0   0   1,000    
NORTH CAROLINA (n) 6.0 - 8.0   4 12,750 (n) - 120,000 (n)   3,400 (d) 6,800 (d) 3,400 (d)  
NORTH DAKOTA (a) 2.1 - 5.54 (o) 5 30,650
(o)
- 336,550
(o)
  3,400 (d) 6,800 (d) 3,400 (d)  
OHIO (a) 0.649 - 6.555   9 5,000   - 200,000     1,400 (p) 2,800 (p) 1,400 (p)  
OKLAHOMA 0.5 -
5.65
(q) 7 1,000 (b)  - 10,000 (b)    1,000   2,000   1,000   * (q)
OREGON (a) 5.0 - 9.0   3 2,750
(b)
- 6,851
(b)
  159 (c) 318 (c) 159 (c) * (r)
PENNSYLVANIA 3.07       1
  -----Flat rate-----  
     -----------None-----------      
RHODE ISLAND 25.0% Federal tax liability (s)   ---     ---   ---   ---    
SOUTH CAROLINA (a) 2.5 - 7.0   6 2,570   - 12,850     3,400 (d) 6,800 (d) 3,400 (d)  
SOUTH DAKOTA No State Income Tax                 
TENNESSEE State Income Tax is Limited to Dividends and Interest Income Only.                 
TEXAS No State Income Tax                 
UTAH 2.30 - 6.98 (t) 6 1,000 (b) - 5,501 (b)   2,550 (d) 5,100 (d) 2,550 (d) * (t)
VERMONT (a)   3.6   
-
9.5  
5
30,650
(u)   336,551 (u)    3,400 (d)  6,800 (d)  3,400 (d)   
VIRGINIA 2.0 - 5.75   4 3,000   - 17,000     900   1,800   900    
WASHINGTON No State Income Tax                 
WEST VIRGINIA 3.0 - 6.5   5 10,000   - 60,000     2,000   4,000   2,000    
WISCONSIN (a) 4.6 - 6.75   4 9,160
(v)
- 137,411
(v)
  700   1,400   700    
WYOMING No State Income Tax                 
                -                    
DIST. OF COLUMBIA 4.5 -
8.7
  3 10,000   - 40,000     2,400   4,800   2,400    

Source: The Federation of Tax Administrators from various sources.
(a) 17 states have statutory provision for automatic adjustment of tax brackets, personal exemption or standard deductions to the rate of inflation. Massachusetts, Michigan, Nebraska and Ohio indexes the personal exemption amounts only.
(b) For joint returns, the taxes are twice the tax imposed on half the income.
(c) tax credits.
(d) These states allow personal exemption or standard deductions as provided in the IRC.  Utah allows a personal exemption equal to three-fourths the federal exemptions.
(e) A special tax table is available for low income taxpayers reducing their tax payments.
(f) Combined personal exemptions and standard deduction.  An additional tax credit is allowed ranging from 75% to 0% based on state adjusted gross income.  Exemption amounts are phased out for higher income taxpayers until they are eliminated for households earning over $56,500.
(g) The tax brackets reported are for single individuals.  For married households filing separately, the same rates apply to income brackets ranging from $500 to $5,000; and the income brackets range from $1,000 to $10,000 for joint filers.
(h)  For joint returns, the tax is twice the tax imposed on half the income.  A $10 filing tax is charge for each return and a $15 credit is allowed for each exemption.
(i)  Combined personal exemption and standard deduction.
(j) The tax brackets reported are for single individual.  For married couples filing jointly, the same rates apply for income under $31,150 to over $123,751. A 6.4% AMT rate is also applicable.
(k) The tax brackets reported are for single individual.  For married couples filing jointly, the same rates apply for income under $4,000 to over $50,001.
(l) The tax brackets reported are for single individuals.  For married couples filing jointly, the tax rates range from 1.4% to 8.97% (with 7 income brackets) applying to income brackets from $20,000 to over $500,000.
(m) The tax brackets reported are for single individuals.  For married couples filing jointly, the same rates apply for income under $8,000 to over $24,000.  Married households filing separately pay the tax imposed on half the income.
(n) The tax brackets reported are for single individuals.  For married taxpayers, the same rates apply  to income brackets ranging from  $21,250 to $200,000.  Lower exemption amounts allowed for high income taxpayers. Tax rate scheduled to decrease after tax year 2007.
(o) The tax brackets reported are for single individuals.  For married taxpayers, the same rates apply  to income brackets ranging from  $51,200 to $336,551.  An additional $300 personal exemption is allowed for joint returns or unmarried head of households.
(p) Plus an additional $20 per exemption tax credit.
(q) The rate range reported is for single persons not deducting federal income tax.  For married persons filing jointly, the same rates apply to income brackets ranging from $2,000 to $15,000.  Separate schedules, with rates ranging from 0.5% to 10%, apply to taxpayers deducting federal income taxes.
(r) Deduction is limited to $10,000 for joint returns and $5,000 for individuals in Missouri and to $5,000 in Oregon.
(s)  Federal Tax Liability prior to the enactment of Economic Growth and Tax Relief Act of 2001.
(t) One half of the federal income taxes are deductible. Taxpayer has an option of using the standard brackets and rates with all deductions, or paying a flat 5.35% of income with limited deductions.
(u) The tax brackets reported are for single individuals.  For married couples filing jointly, the same rates apply for income under $51,200 to over $336,551.
(v) The tax brackets reported are for single individuals.  For married taxpayers, the same rates apply to income brackets ranging from $12,210 to $183,211. An additional $250 exemption is provided for each taxpayer or spouse age 65 or over.
(w) An additional 1% tax is imposed on taxable income over $1 million.


 

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We service the following areas: Queens, Brooklyn, Manahattan, Bronx, Staten Island, Kings County, Richmond County, Nassua County, Suffolk county,Astoria, Ditmars, Steinway, Bayside, Bay Terrace, Oakland Gardens, Belle Harbor, Bellerose. Breezy Point. Broad Channel. Cambria Heights. College Point. Corona. Douglaston, Douglas Manor, East Elmhurst, Elmhurst, Far Rockaway, Arverne, Bayswater, Edgemere, Flushing, Auburndale, Kew Gardens Hills, Floral Park, Forest Hills, Forest Hills Gardens, Fresh Meadows, Glendale, Glen Oaks, Hollis, Hollis Hills, Holliswood, Howard Beach, Lindenwood, Jackson Heights, Jamaica, Briarwood, Jamaica Estates, Jamaica Hills, South Jamaica, Kew Gardens, Laurelton, Little Neck, Long Island City, Hunters Point, Ravenswood, Queensbridge, Maspeth, Middle Village, New Hyde Park, Ozone Park, Queens Village, Rego Park, LeFrak City, Richmond Hill, Ridgewood, Rockaway Beach, Rosedale, Saint Albans, Springfield Gardens, South Ozone Park, Sunnyside, Whitestone, Beechhurst, Malba, Woodhaven, Woodside--- All of New York State


Queens Neighborhood with zip codes

Arverne , 11692, Astoria Heights , 11370 , Astoria , 11102, 11103 , 11105 , Auburndale , 11358, Bay Terrace , 11360 Bayside , 11359, 11360, 11361 Bayswater , 11691 Beechhurst , 11357 Bellaire , 11427, 11428, 11429
Belle Harbor , 11694 Bellerose , 11426 Blissville , 11101 Breezy Point , 11697 Briarwood , 11435 Broad Channel , 11693 Cambria Heights , 11411 College Point , 11356 Corona , 11368 Ditmars , 11005, 11370 Douglaston , 11362, 11363 , Dutch Kills , 11101 , East Elmhurst , 11369, 11370, 11371 , Edgemere , 11690 , Elmhurst , 11373 , Far Rockaway , 11096, 11690, 11691, 11692, 11693, 11694, 11695, 11697 ,  Floral Park , 11001, 11002, 11003, 11004, 11005 , Flushing , 11351, 11352, 11354, 11355, 11356, 11357, 11358, 11359, 11360, 11361, 11362, 11363, 11364, 11365, 11366, 11367, 11368, 11369, 11370, 11371, 11372, 11373, 11374, 11375, 11377, 11378, 11379, 11380, 11381, 11385, 11386, 11390 , Forest Hills Gardens , 11375 , Forest Hills , 11375
Fresh Meadows , 11365, 11366 , Fresh Pond , 11385 , Glen Oaks , 11004 , Glendale , 11385 , Hammels , 11693
Hillcrest , 11365, 11366 , Hollis Hills , 11427 , Hollis , 11423 ,  Holliswood , 11423 , Howard Beach , 11414
Hunters Point , 11101 , Jackson Heights , 11372, 11370 , Jamaica , 11405, 11411, 11412, 11413, 11414, 11415, 11416, 11417, 11418, 11419, 11420, 11421, 11422, 11423, 11424, 11425, 11426, 11427, 11428, 11429, 11430, 11431, 11432, 11433, 11434, 11435, 11436, 11439, 11451, 11499 , Jamaica Estates , 11423, 11432
Jamaica Hills , 11432 , Kew Gardens Hills , 11367 , Kew Gardens , 11415, 11418, 11424 , Laurelton , 11413
LeFrak City , 11368 , Linden Hill , 11354 , Lindenwood , 11414 , Long Island City , 11101, 11102, 11103, 11104, 11105, 11106, 11109 , Little Neck , 11362, 11363 , Malba , 11357 , Maspeth , 11378 , Meadowmere , 11422
Middle Village , 11379 , Murray Hill , 11358 , Neponsit , 11694 , New Hyde Park , 11040, 11042 , North Shore Towers , 11005 , Oakland Gardens , 11364 , Ozone Park , 11416, 11417 , Pomonok , 11365 , Queens Village , 11427, 11428, 11429 , Queensboro Hill  , 11355 , Queensbridge , 11101 , Ravenswood , 11106 , Rego Park , 11374 , Richmond Hill , 11418 , Ridgewood , 11385, 11386 , Rochdale Village , 11434 , Rockaway Beach , 11693
Rockaway Park , 11694 , Rosedale , 11422 , Roxbury , 11697 , Saint Albans , 11412 , South Jamaica , 11435, 11433, 11436, 11434  , South Ozone Park , 11420, 11436 , Springfield Gardens , 11413 , Sunnyside Gardens , 11104 , Sunnyside , 11104 , Tudor Village , 11417 , Whitestone , 11357 , Willets Point , 11368 , Woodhaven , 11421 , Woodside , 11377 , 

 

Brooklyn Neighborhood with zip codes

Albemarle-Kenmore Terrace, 11226, Bath Beach 11214, Bay Ridge, 11209,  Bedford Stuyvesant, 11216, Bensonhurst, 11214, Bergen Beach, 11234, Beverley Square East, 11226, Beverley Square West, 11226, Boerum Hill, 11201,11217, Borough Park, 11219, Brighton Beach, 11235, Broadway Junction, 11233, Brooklyn Heights, 11201, Brownsville, 11212, Bushwick, 11221, Canarsie, 11236,  Carroll Gardens, 11231, Caton Park,   11218, City Line, 11207, Clinton Hill, 11205, Cobble Hill, 11201, Coney Island, 11224, Crown Heights, 11225,11213, Crown Heights North, 11213, Cypress Hills, 11208, Ditmas Park, 11226, Ditmas Park West, 11226, Downtown,11201, DUMBO, 11201, Dyker Heights, 11228, East Flatbush, 11203, East New York, 11207, 11208, East Williamsburg, 11206, Farragut, 11210, Fiske Terrace, 11230, Flatbush, 11226, Flatlands, 11236, Fort Greene, 11205, Fort Hamilton, 11209, Fulton Ferry, 11201, Georgetown, 11230, Gerritsen Beach, 11229, Gowanus, 11231, Gravesend, 11223, Greenpoint, 11222, Greenwood Heights, 11232, Highland Park, 11207, Homecrest, 11239, Kensington, 11218, Mapleton, 11204, Madison, 11229, Manhattan Beach, 11234, Manhattan Terrace,  11230, Marine Park, 11234, Midwood, 11230, Midwood Park, 11210, Mill Basin, 11234, Mill Island, 11234, Navy Yard, 11205, New Lots, 11236, North Side, 11211, Northeast Flatbush, 11212, Ocean Hill, 11233, Ocean Parkway, 11230, Paerdegat Basin, 11236, Park Slope, 11215, 11217, Plum Beach, 11235, Prospect Lefferts Gardens, 11225, Prospect Heights, 11217, 11238, Prospect Park South, 11217, Red Hook, 11231, Remsen Village, 11236, Rugby, 11203, Sea Gate, 11224, Sheepshead Bay, 11235, South Midwood, 11210, South Side, 11210, South Park Slope, 11215, Spring Creek,        

11239, Stable Brooklyn, 11218, Starrett City, 11239, Stuyvesant Heights, 11216, Sunset Park, 11220, Vinegar Hill, 11201, Weeksville, 11233, West Midwood, 11230, Williamsburg, 11206,11211, Windsor Terrace, 11218, Wingate, 11203, 

 

 

 

 

 

 

 

 


 


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Advantage Brokerage, Inc

NYC Business Insurance
164-03 89th Ave Ste. 1-C

Jamaica, New York 11432

New York City Business Insurance

8845 164th St, Jamaica NY 11432 

Queens County, New York City, N.Y.C.
Phone: (929) 290-8609

New Location opening in Brooklyn, NY

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