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2020 Sunset Accounting Year End Newsletter

Happy Holidays from Sunset Accounting & Tax Service, Inc.
It is that time of year again so let’s get ready for tax season!

Most updates will be on my website to keep this email brief. Corp clients please make your yearend appointment or send me your income and expenses to look over as we have three weeks left to get rid of profit. If you need me to issue your 1099 I will need them by 1/15/2021.  Corporate appointments need to be made prior to Jan 18th before tax season starts.

2020 Tax Season
SOON!
Drop-Offs Start on:

Jan. 18th, 2021

704-391-1533

COVID 19
According to the CDC the virus cases will be going up over the next 60-90 days. With the restriction imposed in NC and changing often, I have decided for the safety of all my clients that I will be going to a drop-off only system this year.  There will be a dedicated area in the outer office that will have all the information you need along with supplies needed to keep everyone safe. Some of the provided items we will include are folders, pens, hand sanitizer plus manual cleanings after we hear the door close. I know there will also be special circumstances so if you fall in that category please call so we can go over other options.   You can start dropping off as early as Jan 18th, 2021.  I will contact you as I am preparing your taxes at a time convenient for you. For the clients that have already made appointments they will be honored.

PDF DIGITAL RETURNS
I would like to move towards all PDF digital copies of tax returns this year.  If you prefer a hard copy please let us know. I have six boxes of tax returns from 2019 currently sitting in my office not picked up. If you think yours is one of them please let us know when you are dropping off so you can pick up your copy.  I will return all original paperwork you drop off.

THINGS TO KNOW:
Most people do not itemize – they take the standard deductions. For 2020 the IRS is allowing special charitable deductions of $300. The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021.

The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.

Happy Holidays and Warm Wishes 
Sunset Accounting & Tax Services, Inc
704-391-1533 or 1535
Sunsetaccountingservices.com

Sunsetaccounting@bellsouth.net or sunsettaxservices@gmail.com

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