Tax Tips 2020

$300 in donations per taxpayer for folks who are not itemizing

 

Purchase energy efficient property and electric vehicles

Contribute to an IRA or qualified plan by 4/15/21

Change your Withholdings

Fill out a new W-4 to change how much tax is taken out of your paycheck.

he IRS has changed this form considerably for 2020.  You can fill this out and turn it in to your employer anytime and especially if your life situation changes. It's recommended to fill out a new one each year.  Please call if you need assistance with how to fill it out.

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File Tax Returns

Please schedule a time to chat with me if you'd like to have us file your tax returns or check out our rates.

Some helpful info:

The federal standard deduction for 2020 is:

$12,400 Single

$18,650 Head of Household

$24,800 Married filing jointly

add $1,650 if you're 65 or older

Many states provide free e-file service if you meet the qualifications. 

California CalFile - File your tax return for free

Rates & Dates

Mileage Rates

2021

  Business: 56 cents per mile

  Medical: 16 cents per mile

  Charitable: 14 cents per mile

2020

  Business: 57.5 cents per mile

  Medical: 17 cents per mile

  Charitable: 14 cents per mile

IRA Max Contribution for 2020 & 2021

$6,000 ($7,000 if you're 50 or older)

Contributions can be made up to 4/15/21 to be applied to your 2020 tax return

Due Dates

Click here to view some important due dates.

Pay Estimated Tax

If you do not have a paycheck with tax withholding, or didn't have enough withheld, you can pay estimated tax directly to the tax authorities.

Click these links to go to pay online.

IRS DirectPay

California WebPay

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