We are all learning to maneuver through life with COVID as the new normal.
Every year there are changes in the tax law, and this year is no different.
Many of those changes are COVID related.
Virtual appointments – You can choose to review completed tax returns either by Zoom or telephone.
Secure Portals – We now have a secure portal to upload documents to one another in order to protect your personal and financial information.
Recovery Rebate Payments (Stimulus Checks) – IF YOU (or your dependent) DID NOT GET A STIMULUS PAYMENT– IT CAN BE CALCULATED on your 2020 tax return. Keep in mind, when they are a dependent and claim themselves to get the stimulus IT WILL AFFECT SOME OF YOUR TAX CREDITS. We can help you determine which may be more beneficial. Also, if you did not receive the full amount available, you could receive it as an additional refund, if you qualify.
Virtual Currency – IRS is beginning to track the amount of virtural currency being used. There are questions on the tax return for this topic.
COVID payroll tax credits, PPP Loans and EIDL Loans - These items will affect employers, employees and business owners.
1099 NEC – New form to report Self Employment or Contractor income formerly reported on Form 1099-MISC
IRA or Retirement Distributions – new laws regarding required distributions, taxation can be spread over 3 years, and other penalty exclusions.
Charitable Contributions – Even if you do not itemize, you may now deduct up to $300 if not married, and $600 if married for cash/check only donations. Items/goods donated to charitable organizations do not qualify.
What’s NOT new is that we LOVE our clients and being able to serve you. We will miss our face to face appointment times this year and look forward to being in person this time next year.