New for 2019/2020

Here are the important tax changes and other pre-tax information you may need before you come into the office.  If you have any questions, please contact us via phone at (770) 921-9881 or send an email to either Andrea Kennedy at akennedy@taxtime-ga.com or Dana Abernathy at dabernathy@taxtime-ga.com.

A new decade has arrived! We hope 2019 was a good year for you. As you prepare your documents to file your income taxes, we also prepared ourselves to do the best job possible for you by attending several tax schools to learn about all the new tax law changes for 2019 and 2020 – and we are still getting updates as last-minute tax law changes go into effect.

Some interesting changes to the tax law include:

- Mortgage insurance premiums are deductible (retroactive to 2018*)
- College tuition may be an adjustment to income (retroactive to 2018*)
- Medical expenses on Schedule A must exceed 7.5% of AGI (rather than the 10%)
- Required Minimum Distributions (RMD) may now be delayed until age 72, if your first RMD period is after 12/31/19. Part of the SECURE Act.
- Mileage: $.58 (business); $.14 (charity); $.20 (medical, moving) for 2019/$.575 business for 2020
- For tax years after 2020, if you have EARNED INCOME, you can still contribute to a traditional IRA. No age limit for ROTH IRA contributions.
- Effective 2020, new parents can take penalty-free distributions from a 401(k), IRA or another qualified retirement plan within a year after a birth or adoption (part of SECURE Act).
- Do you have any virtual currency (Bitcoin, etc.)? If so, we need to know about it.  

New for This Year: We will have an Engagement Letter for all clients to sign. This will establish our responsibilities to our clients, and our clients’ responsibilities to us.   

As always, be sure to bring all tax reporting documents (W-2s, 1099s, 1098s, K-1s, real estate taxes, etc.) when you have your taxes prepared. Feel free to send us copies of everything (via e-mail, fax, US Mail, UPS, FedEx, etc.) and we will prepare your return and then coordinate a time for you to sign everything. We also have a slot in our door if you need to drop off your documents after hours. For information sent via e-mail, we have a secure portal, but you need to contact us for the information to send secure documents. If you want your taxes completed before April 15, please be sure to submit your documents to us no later than March 15, 2020 (drop-offs, mailed information).  

Please MAKE AN APPOINTMENT.  Appointments with our tax specialists are available six (6) days a week.  We also accept walk-ins, but priority will be given to scheduled appointments. We appreciate your patience and strive to give everyone the best tax service possible. Saundra (our Receptionist) can help you with making an appointment.

*Indicates you may need to amend 2018 tax return.