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Welcome to the 2020 Tax SeasonHappy New Year! As we begin the new tax season, we invite you to stay connected and share what’s happening in your life. Thank you to those who have sent us referrals and new clients. We appreciate your confidence and commitment to our firm.We have another interesting year ahead of us with all of the government assistance stemming from the pandemic – especially the CARES Act and the new $900 Billion Covid Relief Bill. Many of our clients have been impacted and there is said to be more government relief coming in 2021. We’re working hard to keep up with ways this can save you money for the 2020 tax year and beyond. With that in mind, here are a few updates and deadlines:IRS Standard Mileage: 20202021Business.575.56Charitable.14.14Medical.17.16Moving.17.16It’s easy to keep track of your mileage using an App on your smart phone called Mile IQ, and we suggest you take a picture of your odometer on January 1 in order to document mileage on your car.Gift Exclusion Amount for 2020 and 2021 remains $15,000 per year.Documentation: The IRS will not begin accepting E-file individual tax returns this year until January 27, 2021. This gives you plenty of time to gather your information before bringing it to us.Security. We take security seriously. Please securely send your tax documents to us by Clicking this link . No account set-up is required, only your name and email address.Tax Information. Just as a reminder, below is a list of the documents we need to prepare your individual return:A copy of your 2019 return, if not prepared by our officeForm(s) W-2 (wages, etc.)Form(s) 1099 (interest, dividends, retirement, social security, misc. and rental income)Schedule(s) K-1 (income/loss from partnerships, S Corporations, etc.)Form 1098 (mortgage interest) and property tax statementsBrokerage statements from stocks, bonds or other investmentsSummary of health and medical expenses, charitable contributions, etc.Closing statements pertaining to real estate transactionsAny notices received from the IRS or State GovernmentSchedule of all estimated payments that you made during the yearForm 1095 regarding health care coverageContact trish@ if you would like us to send you a copy of an optional tax organizer as a guide in gathering your tax information.Deadlines: In order to be as efficient as possible, all tax documents for business returns due on March 15th need to be in to us no later than February 26th to be filed on time. Also, all tax documents for individual returns need to be in to us no later than March 22nd to be filed by the April 15th deadline. Extension Requests. All information required for us to calculate your individual extension payment amounts must be received by April 1, 2021. Any income tax balance due amounts for individual returns will be estimated and are due to be paid by April 15, 2021 in order to avoid interest and penalties. We love to connect with you. We can do this by telephone, zoom video conference, or through an appointment at our office (masks required). Please feel free to set an appointment by calling 828-258-2323 or by email to Jessica@.Engagement LettersIn our ongoing efforts to embrace technology to make your experience smooth and convenient, your engagement letter is available for you to electronically sign. This safe and secure method is very simple to use. No more printing and mailing in a paper copy. Just click below on the appropriate entity link to sign, date and submit back to us.1040 Engagement Letter 2020U.S. Individual Income Tax Return1120S Engagement Letter 2020U.S. Income Tax Return for an S Corporation1120C Engagement Letter 2020 U.S. Income Tax Return for Cooperative Associations 1120H Engagement Letter 2020U.S. Income Tax Return for Homeowners Association1065 Engagement Letter 2020U.S. Return of Partnership Income1041 Engagement Letter 2020U.S. Income Tax Return for Estates and TrustsWe will also have paper copies in our office for you to sign if you prefer. Process for E-filing your tax return includes the following steps:Receive and review your tax returnReceive your signed E-file Authorization formsIf you have not already signed & submitted your signed Engagement letter, then do so at this time. Submit payment for our invoice of tax preparation feesJust as a reminder, send us your tax information by Clicking this link. Drag and drop your information into the box and click submit. Please contact our office at 828-258-2323 if you would like assistance with the process.We sincerely thank you for your business and look forward to hearing from you soon. Wishing you health, happiness and peace in 2021.Believe in Abundance!Carol L. King & Associates, P.A. ................
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