Tax Season Begins February 12
Tax Year 2020 Individual Returns
The IRS will begin accepting and processing returns Friday, February 12, 2021. Returns sent to Drake before this date are being held in a queue and will be transmitted to the IRS as soon as the IRS is ready to process.
When the IRS starts processing returns, acknowledgments may be unpredictable due to the high volume of returns being processed.
Vincent's Bookkeeping Service, Inc
November 12, 2020 at 12:47 PM ·
Here are some pieces of key information from the proposed tax plan of President Elect Joe Biden. There have been a number of misreporting and added commentary on the below. Any questions on these and others and how they impact you. Please feel free to contact me directly.
• Expands Child Tax Credit from $2000 to $3000 (17 and under) with an extra $600 for children under 6. Also becomes fully refundable.
• Dependent Care Expenses (Day Care/Nanny) goes up from $3000 to $8000.
• Reestablished the First Time Homebuyer Tax Credit of $15,000.
• Corporate taxes go from 21 to 28% Flat Rate. This only Applies to C Corporations, not to S Corporations. As S Corps do not incur a Federal tax.
• Imposes a 12.4% Social Security Payroll tax for wages above $400k annually. So that means an individual does not pay the SS Tax from Wages earned from $137,700 to $400,000.
• The income tax rate for income above 400k goes from 37 to 39.6 (previous amount)
• Long Term Capital Gains Tax would be taxed at Ordinary rates when an individual has more than $1 million in Income.
Here are some pieces of key information from the proposed tax plan of President Elect Joe Biden. There have been a number of misreporting and added commentary on the below. Any questions on these and others and how they impact you. Please feel free to contact me directly.
• Expands Child Tax Credit from $2000 to $3000 (17 and under) with an extra $600 for children under 6. Also becomes fully refundable.
• Dependent Care Expenses (Day Care/Nanny) goes up from $3000 to $8000.
• Reestablished the First Time Homebuyer Tax Credit of $15,000.
• Corporate taxes go from 21 to 28% Flat Rate. This only Applies to C Corporations, not to S Corporations. As S Corps do not incur a Federal tax.
• Imposes a 12.4% Social Security Payroll tax for wages above $400k annually. So that means an individual does not pay the SS Tax from Wages earned from $137,700 to $400,000.
• The income tax rate for income above 400k goes from 37 to 39.6 (previous amount)
• Long Term Capital Gains Tax would be taxed at Ordinary rates when an individual has more than $1 million in Income.
Here are some pieces of key information from the proposed tax plan of President Elect Joe Biden. There have been a number of misreporting and added commentary on the below. Any questions on these and others and how they impact you. Please feel free to contact me directly.
• Expands Child Tax Credit from $2000 to $3000 (17 and under) with an extra $600 for children under 6. Also becomes fully refundable.
• Dependent Care Expenses (Day Care/Nanny) goes up from $3000 to $8000.
• Reestablished the First Time Homebuyer Tax Credit of $15,000.
• Corporate taxes go from 21 to 28% Flat Rate. This only Applies to C Corporations, not to S Corporations. As S Corps do not incur a Federal tax.
• Imposes a 12.4% Social Security Payroll tax for wages above $400k annually. So that means an individual does not pay the SS Tax from Wages earned from $137,700 to $400,000.
• The income tax rate for income above 400k goes from 37 to 39.6 (previous amount)
• Long Term Capital Gains Tax would be taxed at Ordinary rates when an individual has more than $1 million in Income.
Vincent's Bookkeeping Service, Inc updated their address.
Vincent's Bookkeeping Service, Inc updated their phone number.
So excited to announce that effective Dec 1 we have moved our office to Palmdale. This move was a bit overdue. The cost of property in Santa Clarita is out of control. As well as the fact the 95% of my work is done electronically so location is not as important as it used to be.
I would like to offer any clients to come visit me and I will gladly pay for lunch!
New Office is located at:
38345 30th St E Suite C-1
Palmdale, CA 93550
See you soon!
