2020 Tax Changes:

 

Filing:

The IRS has determined that e-filing will not begin until February 12th this year. We encourage you to come in before that date and we will be able to prepare your taxes. We just cannot e-file until that date.

 

Other Expectations:
The standard deduction will be increased slightly this year. 


For business mileage in 2020, the rate was decreased slightly to 57.5 cents. Make sure you have a proper detailed log to help audit proof your return!

 

Taxpayers may be able to claim the Recovery Rebate Credit if they met the eligibility criteria in 2020 and:

  • They didn't receive an Economic Impact Payment this year, or
  • Their Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018) plus $500 for each qualifying child.

 

All taxpayers now eligible for Identity Protection PINs:

The Internal Revenue Service has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.For more information, go to the IRS.GOV website at this link: 

https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

 

Businesses:

Businesses have a deadline of Feb. 1st to issue/file 2020 W-2s, 1099-MISCs, and the new 1099-NEC (Non-Employee Compensation)

 

General Operating Notes:

 

Electronic filing is required for all returns we perform. We will be accepting credit cards and debit cards in addition to checks and cash. There is no longer an additional fee for debit/credit card transactions.

 

You may not have filed your federal income tax return for this year or previous years. Regardless of the reason for not filing, you should file as soon as possible. We are here to assist you.

If your return was not filed by the due date (including extensions), you may be subject to some penalties.

If you cannot pay all of the tax due to the IRS, they may be able to assist you with arranging payments.

There is no penalty for failure to file if you are due a refund. But, if you want to file a return or otherwise claim a refund, you risk losing a refund altogether. A return claiming a refund would have to be filed within 3 years of its due date for a refund to be allowed.

What to Bring to Tax Appointment

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Phone:

210-658-2587

E-mail: bandhtaxservice@gmail.com

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