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 firstname.lastname@example.org or Dana Abernathy at email@example.com.
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.
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.
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).
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.