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.
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.
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
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.
