remember to bring all your paperwork and ID when you come in for your appointment. We have a checklist that will be helpful.
Make sure to make multiple appointments for each individuals tax return. (except for joint returns) i.e. parent, brother, sister, etc.
Well clients, here we are again, approaching the end of another year (and in this case THANK GOODNESS). I know it has been a very strange year for all of us and we are hoping that the year of 2020 takes everything bad and negative with it.
At this point, we are going to fill you in with what we KNOW for now.
The stimulus money you received as most of you know, is not taxable. HOWEVER (isn’t there always a however with IRS?) the Stimulus check was actually an Advance. The actual Stimulus money was a 2020 Tax Credit, meaning you should not have received that credit until you file your 2020 tax return, because the Government cannot make laws retroactive to a closed year. So, if you received the correct amount of money based on your filing status, the number of children, etc. you are fine. If you received money that you were not entitled to receive, at the time of this letter you do NOT have to repay it, however, that does not mean that in the future IRS may not change its mind. If you did NOT receive your money based on income or a bad mailing address, or you have had another child in 2020, you can get additional money on the tax return we prepare in 2021.
You received a letter showing the amount that you received for the stimulus payment. PLEASE BRING THAT LETTER WITH YOU FOR THE PREPARATION OF THE RETURN
If you received a PPP loan (would apply to Schedule C filers, partnerships, or corporations), we will need to know the amount you received and what you paid for with those funds. At the time of this writing, the money received, even if the loan is forgiven is NOT income, however (another however) you cannot deduct the expenses that you used the funds for. This may change, it is still being debated.
Due to a number of factors, our prices here at the office are changing. We hope you will find that our prices are still fair, but they are going up. The pricing with the coming year will be as follows and they are “starting at” prices, meaning they are not set in stone and may change due to the amount of work involved.
Any tax return that was normally what we called a “short form” or a child’s return will now start at $95.
Returns with multiple schedules, $125
All Schedule A returns will start at $125
All Schedule C E (rental) for f (Farm) returns will start at $150. This also includes ANY return that includes Earned Income Credit.
All Corporate, Partnership, or Trust returns will now start at $200
We have tried over the years to make sure our prices have always been not just competitive, but such that if you were to prepare your return on your on using an online service, we can do it for you at about the same price. This year will most likely be one of the most challenging tax years with all of the new laws and credits that were passed.
You can now claim charitable contributions up to $300 without itemizing so please be sure to bring that info with you.
In 2020 you are NOT required to take from your 401K or IRAs under the Required Minimum Distribution laws if you did not turn 72 in this year. You can also CONTRIBUTE to your IRA this year if you are under the age of 72. 72 is determined as of July 1 2021.
Unfortunately, a lot of people had to draw unemployment this year. We will have to have the Form 1099G from the State before we can submit your return. You will only get one form. It will cover both the State and the Federal portion of the payment.
This is the short and sweet version at this point. With a new administration, we anticipate changes not only in this year but in the coming tax years and as always, we will keep you informed.
Finally, we will open the calendar on December 16, around 3 pm. If you have already booked, please do not re-book
We will do another update letter in December.
Thank you for your continued commitment to our company and know that we are committed to you and your taxes. We thank you very much for allowing us to serve your tax needs.
We love our customers, so feel free to visit during normal business hours.
Eubanks Tax Service 3020 S Wofford Ave. Del City, OK 73115 US