Tax Preparation Resources
The 2020 Tax Filing Deadline is April 15, 2021.
The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2021 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. The easiest and fastest way to request a filing extension is to electronically file a Form 4868 through a tax professional, tax software or using the Free File link on IRS.com. Businesses must file Form 7004.
Annual Tax Guide for 2021
Here's a quick summary of the major changes:
- Each of the tax brackets will see an increase.
- The deduction limit restrictions will increase for traditional IRAs.
- A rise in income limits for Roth IRA contributions.
- Contribution limits increase for employer-sponsored plans.
- A rise in standard deductions for every filing status
- a rise in limits for HSA contributions.
- A rise in estate tax exemption limits.
- No required minimum distributions (RMDs).
Click here to learn more.
Unchartered Territory: Biden's Proposed Tax Policy
RightCapital, a financial planning software vendor has prepared a summary of the changes proposed under President Biden's tax plan. Click on the presentation to learn more.
Tax Preparation Services
Through our affiliation with Prentice Wealth Management, LLC, Anthony Vaccaro, CFA®, Enrolled Agent is available to answer your tax related questions and schedule a phone or Zoom consultation. Please contact our office to reserve time with Anthony. View the checklist and pricing on our Tax Preparation Flyer.
Critical Items for Tax Consultations
- Valid state issued photo ID
- A complete copy of the previous year's returns
- All forms W-2, 1099 & 1098
- Property tax receipts
- Detailed income and expense information for small business and rental real estate
- List of charitable contributions including the name of the organization, date and amount donated
- Any additional information pertaining to the current tax year
Tax Form Mailing Dates
Investment related tax documents such as consolidated 1099's will generally not be mailed until late February. If you hold securities (usually mutual funds) that report undistributed capital gains, these gains will be reported on a form 2439 which will not be mailed to clients until mid March. Click here to view the full chart.
February 1- March 15
February 15 - March 15
Tax Advantaged Savings Table
This table outlines 2020 contribution limits and deadline dates.
TurboTax Affiliate Discount
If you prefer to prepare your own taxes, TD Ameritrade provides a discounted TurboTax download for affiliate firms and their clients.