Tax season is upon us, and gathering W-2’s, 1099’s, and receipts in preparation for filing are taking place. So what if you are confused about what to do with the changes in tax law. We sat down with a local expert on this topic, Robin Huntley, to get some answers.
Raes Accounting, owned by Robin Huntley and located in Apollo Beach, has been in business since 2011 and cant be mistaken with the pink ambiance and fun style of Huntley. Huntley, a graduate from Walsh College in Troy, Michigan, and an Enrolled Agent from the Department of Treasury. Huntley has been in practice since 1995.
So, are there tax law changes again?
“I could talk forever on this,” said Huntley.
“They redesigned the forms again, & there is the new 1040 SR for senior citizens. The only different thing is the larger print. Instead of six schedules, they consolidated them to 3. Individual Responsibility Tax is now gone. Standard deduction increased to S 12,200 MFJ (Married Filing Joint) 24,400 & HOH (Head of Household) 18,350.”
“There is more reporting for the Qualified Business Income Deduction. AMT (alternative minimum tax) exemption & phase-out amounts Increased. A new checkbox for CryptoCurrency. Also, a 1099k will be issued for cryptocurrency this year. For individuals in the RMD (Required Minimum Distribution), the age increased to 72. But if you turned 70.5 in 2019, you are still required to have RMD.,” said Huntley.
Huntley added, “There may be some situations where it may benefit to Amend 2018 with some extensions that have been extended through the end of 2019 in December such as mortgage relief debt has also been extended, and there may be individuals that had to include the 1099C as income & paid taxes on it. The qualified tuition and related expenses were also extended. Medical expenses went from 10% to 7.5% and mortgage Insurance premiums being deductible.”
Digging through these changes can be a daunting task. Some of us will need professional assistance with our taxes, and what will be needed when visiting a tax professional?
Huntley answered in detail, “I do have an organizer that I can send if they call & ask for it. I request that information be dropped off/uploaded to my secure portal; (https://secure.countingworkspro.com/?cid=17835raes&logout=1 ) If the client doesn’t want to upload documents they can click on No account upload here, and then I call & schedule an appointment to review the return. There is a $50 nonrefundable deposit with every drop-off.”
The list of items needed are:
- Last year’s income tax if you are a new client
- Name, address, Social Security number and Date of Birth for yourself, Spouse and dependents
- Dependent Provider, Name, Address, Tax ID and SSN
- Banking information if Direct Deposit is Required
Income Data Required
- Wages and/or Unemployment
- Interest and/or Dividend Income
- State/Local income tax refunded
- Social Assistance Income
- Pension/Annuity/Stock or Bond Sales
- Contract/Partnership/Trust/Estate Income
- Gambling/Lottery Winnings and Losses/Prizes/Bonus
- Alimony Income
- Rental Income
- Self Employment/Tips
- Foreign Income
Contact Robin Huntley and Rae’s Accounting at email@example.com or 813-540-1010