January 2021 Newsletter

MARY VANNONI, ENROLLED AGENT

7027 S. 24^th Place

Phoenix, AZ 85042

(Office) 602-243-1177 (Fax) 602-243-3430 (Toll) 888-769-3891 (e-fax) 888-889-4961

(website) www.mlking.biz (email) mary@mlking.biz

HAPPY NEW YEAR!

First and foremost, hope this finds you all safe and healthy. It’s been quite a year but together, we’ll get through this! We’re a little wordy today but lots to cover.

Enclosed is your 2020 Tax Organizer. If you prefer, we can email an organizer to you with your 2019 tax information for comparative purposes. Please call the office to request this.

We have some additions to our tax team. Tammy will be our new administrative coordinator and as referenced below, my new tax partner Lacey Ballantyne. Marilyn and Sylvia have returned to get us through another year! At different points in the tax process, you may receive an email from any of us asking for additional information. Our emails are mary@mlking.biz, lacey@mlking.biz. marilyn@mlking.biz, sylvia@mlking.biz and tammy@mlking.biz .

2020 has certainly been a different and challenging time for all of us. There have been some big changes to the tax code this past year. Some impact 2020 and even as this as written, some will impact the 2021 tax season.

We are here to help guide you through all this. Much of this is happening in real time so we must depend on guidance from the various government agencies. We appreciate your patience and understanding as we all work together in our new world.

Starting January 26^th, please contact us to set up your 2020 tax preparation interview (currently no in-person appointments). No need to schedule an appointment if you want to submit your information on line or in the mail as you’ve done in the past.

For all phone appointments, we must have all your tax documents submitted to us no less than 2 days prior to your interview appointment.

You can email your documents, drop off at the home office, or choose to personally transfer them BY APPOINTMENT ONLY, As a reminder, those addresses are:

Mesa office on Mondays (1237 S Val Vista) . Mesa lobby is open for general drop-off daily from 10-3 (if you want to leave your tax envelope with the front desk).
Scottsdale office on Wednesdays only with an appointment (9500 E Ironwood Square Drive, #230).
Home office on Tuesday, Thursdays and Saturdays (7027 S. 24^th Place). There is also the “Bunny Box” at the front door where you can leave your tax papers. Let us know when you’ve dropped your papers so we can retrieve them right away.

For all Taxpayers:

Charity – 2020 Singles can deduct up to $300 for cash contributions – even if you claim a standard deduction. Married Filing Joint deduction is allowed up to $600. Please keep charity receipts and documentation for all deductions claimed.
Stimulus – When we file your 2020 returns, we will need to know how much you received in 2020 and 2021. It’s not taxable but possibly we can get you more money back.
Unemployment – Lots of people received unemployment benefits this past year. Please remember it is taxable income federally as well as in many states. Be sure to include the tax form 1099-G which reports your unemployment.

There will be a refund delay until February 15^th for those returns that claim Earned Income Credits and additional Child Tax Credits. This is for identity and security reasons to make sure you receive the refund instead of another person committing tax return fraud in your name. The IRS will “likely begin accepting electronic returns between January 15^th and February 1, 2021”. I’m thinking more towards the latter considering the stimulus checks are in transit over the next couple of weeks.

Taxes: We are requesting your tax information be received no later than April 1st if we are to e-file your return by April 15th. Any documents received after April 1st will not be processed until the next deadline of October 15th.

I mentioned to many of you last year I am planning to retire from the tax business. In preparation for retirement, we are not taking on new clients. While this will be my last tax season, you will have the opportunity to interact with my tax partner, Lacey Ballantyne. Lacey has been working closely with us to make this transition process seamless and I know she will be a good fit for you and all your future tax preparation needs.

If you have any questions, please feel free to call or send us an email. Refer to our website for any updated developments or give Tammy a call at the office, #602-243-1177 so she can answer your questions. We look forward to talking with you soon.

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