Tax Tips Time Again 2020

Welcome to a brand new year and some more changes created by the Tax Cuts and Jobs Act
(TCJA) that was passed in December of 2017. Our newsletter, with expanded information, will help
you understand and navigate the new changes. We hope that you had a rewarding and profitable year
and we look forward to seeing you in our office very soon.

Following are several reminders and new tax tips to help you prepare your information. Remember
to start early. Being organized and prepared when you come in for your appointment helps us get
you the biggest refund allowable. So, if you want to get that BIG REFUND as soon as possible, get
your information together and call us to make your appointment today at (309) 827-4010. Our
professional and knowledgeable staff is ready and waiting to serve you!

When Can I file? The IRS will not accept any returns, electronic or otherwise, until January 27,
2020. But we can prepare your return now and be ready to send it off on January 27th. So, call and
make your appointment now and get your 2019 taxes prepared and your refund in the bank.

Fraud, Fraud, Fraud! Due to the extreme amount of fraud involved with the earned income
tax credit (EITC) and additional child tax credit (ACTC), the IRS will not issue refunds involving
these credits until at least February 15th. The IRS is required under the Protecting Americans from
Tax Hikes Act (Path Act), to hold the entire refund, even the portion not associated with the EITC
and ACTC. This change gives the IRS more time to help detect and prevent fraud.

Individual Penalty for Not Having Health Coverage. This penalty is repealed for
2019. Individuals who did not have health coverage in 2019 will not be assessed a penalty.

WOW! HOW CAN WE DO THAT?

Your Dependents. We will prepare and electronically file your dependent’s Federal and IL
return for only $50.

Our Friendly Referral $25 + $25 program. Due to your wonderful response, we decided
to continue our Friendly Referral $25 + $25 program. What can I say, you guys are AWESOME!
Thank you and please continue to refer your family and friends. As a reminder, here is how the
program works. When you refer a family member or friend to Tax & Accounting Plus, we will send
you a check for $25 and give your friend or family member a $25 discount on their tax
preparation. Simply fill out one of the enclosed Friendly Referral $25 + $25 coupons and have your
friend or family member present it at the time of their tax preparation. That’s it, $25 cash for you
and a $25 discount for them. Sorry, this program is only valid for new referral customers.

Refund Transfer Deposit (RTD) or Refund Transfer Check (RTC). Now ONLY
$59.95 when we prepare your return. How would you like to have your taxes prepared and your
return filed electronically and keep your cash in your pocket? You can with a RTD or RTC. With a
RTD or RTC you can have your tax preparation fee withheld from your refund. After the bank has
received your tax refund from the IRS (about 3-10 days), we will make a direct deposit to your
checking account (RTD) or print you a check in our office (RTC) for the amount of your refund, less
your tax preparation fee and $59.95.

Over the following weeks until tax day we will be sharing several reminders and new tax tips to help you prepare your information. Remember to start early. Being organized and prepared when you come in for your appointment helps us get you the biggest refund allowable. So, if you want to get that BIG REFUND as soon as possible, get your information together and call us to make your appointment today at (309) 827-4010. Our professional and knowledgeable staff is ready and waiting to serve you!

Appointment Hours. We are currently scheduling tax preparation appointments. Please call and set up your appointment to ensure a convenient time is available. To make an appointment or if you have any questions, please feel free to call us at (309) 827-4010.

Hours 9am – 8pm M-F & 9am – 4pm on Sat.

What to Bring to Your Appointment

To help ensure that your tax preparation appointment runs smoothly, please be sure to bring all of the following items:

  • All W-2s, 1099s, or any other tax forms received.
  • Any information pertaining to interest, dividend or any other income.
  • K-1s from LLCs, Partnerships or S Corporations.
  • Any information pertaining to sales of stock.
  • Health insurance forms, i.e. 1095.
  • Categorized list of income and expenses for businesses and rentals.
  • List of personal itemized expenses (i.e. medical, mortgage interest, property taxes, sales tax, charitable contributions, etc.)
  • Social Security cards for self, spouse and dependents.  
  • Picture ID for self and spouse.
  • A copy of your previous year tax return if prepared elsewhere.
  • Any other information pertaining to your tax return.

Check back each week for more tax tips from Tax & Accounting Plus

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