💥💥💥 We have decided to continue non-direct contact for the upcoming 2021 Income Tax Season. Your tax information can be dropped off at our secure drop-box, emailed, faxed, or mailed. Your copies can be scheduled for pickup, emailed or mailed via USPS priority.💥💥💥
⭐️ Our email system has multiple firewalls and maximum security as required by the IRS and other state agencies.⭐️
We urge you to take advantage of this alternate way of meeting your tax filing obligations.
To meet IRS due diligence requirements, all tax related questions should be sent via email.
Under no circumstances will we accept information by text or FB messager.
Lets all stay safe and healthy!!!🧐
Tommy and Barbara Tommy Townsend
We offer complete income tax services including individual, partnership, corporate, and estate. All applicable state returns are included.
All services include efiling.
Form 2848, Power of Attorney and Declaration of Representative, must be completed by you in order for us to represent your tax matters with the IRS.
OK folks. Don't shoot your tax preparer. There are MAJOR delays coming due to required forms update, by the IRS, for unemployment exclusion and stimulus #3.
Those of you who have already filed, and had unemployment income included, may wanna think about amending your tax returns. **By the way, amendments can take up to 16 weeks for processing.**
Whoop, there it is:
2. murder hornets
3. 3 stooges (Biden, Pelosi, Schumer)
4. unemployment exclusion
1040 Basic and Schedules if needed
Fee per hour
Fee per hour
1st state included, additional state 30 ea
Add a footnote if this applies to your business
Your tax returns are prepared for your approval. Once approved, they are e-filed to the appropriated agencies.
We will begin preparation and live transmission of income tax returns on January 15, 2021. Once the IRS and applicable states begin processing tax returns, we will post the date.
Income tax organizers are available to assist taxpayers in gathering their information prior to filing their taxes Just email us. There are no obligation on your part.
Each year clients have questions regarding their taxes. We take pride in getting those questions answered.
Due to reoccurring check cashing issues, and to maintain security; Townsend Tax Service will only be accepting the following for payment: Debit / Credit card payments through SQUARE.INC and PayPal. An auto invoice will be emailed from SQUARE. INC once preparation is completed with a link for payment.
The Auto Invoice will look like the attached sample
TOWNSEND TAX SERVICE
The Coronavirus Aid, Relief, and Economic Security Act of 2020, better known as the CARES Act, waived required minimum distributions (RMDs) for 2020.
RMDs generally count as taxable income. So, this one-time reprieve means that some retirees will have lower taxable incomes in 2020 and thus possibly owe less in federal income taxes in 2021.
To learn more about this change, check out “5 Ways the New Coronavirus Stimulus Law Will Help Your Wallet.”
Standard deductions generally rise each year on account of inflation. The IRS reports that for 2020, the standard deduction amounts for the following tax-filing statuses are:
The standard deduction reduces the amount of your income that’s subject to federal taxes. So, if a single person is eligible for and chooses to take the standard deduction (as opposed to itemizing deductions) on their 2020 tax return, they would not be taxed on the first $12,400 of their income from 2020.
Usually, you can only write off tax-deductible donations to charity on your federal tax return if you itemize your deductions rather than take the standard deduction — and the latter has become far more common since the 2018 overhaul of the federal tax code.
But in an effort to encourage Americans to donate money to charity during the coronavirus pandemic, the CARES Act enabled taxpayers to deduct up to $300 in monetary donations in 2020 — even if they take the standard deduction.
Income tax brackets also tend to rise annually. For 2020, the income brackets are as follows for folks whose tax-filing status is single:
For complete 2020 tax rate tables for all tax-filing statuses, see pages 5-7 of IRS Revenue Procedure 2019-44. If you want to compare them with the 2019 tables, see pages 8-10 of Internal Revenue Bulletin 2018-57.
You can save more money in several types of workplace retirement accounts in 2020, as we detail in “These Retirement Account Limits Just Increased.”
The base contribution limit for 401(k) plans, for example, is $19,500 — up from $19,000 for 2019. The limit for catch-up contributions, which taxpayers age 50 and older can make, is an additional $6,500 — up from $6,000. So, folks who are at least 50 can contribute a total of $26,000 to a 401(k) in 2020.
Workplace retirement accounts are not alone. Contribution limits for health savings accounts (HSAs) also tend to increase each year — and 2020 is no exception.
The 2020 contribution limits for folks who are eligible for an HSA and have the following types of high-deductible health insurance policies are:
For 2020, the Saver’s Credit, formally known as the Retirement Savings Contributions Credit, has higher income limits. That effectively makes this little-known tax credit available to more people.
You might be eligible for this credit in 2020 if your adjusted gross income, or AGI (found on your tax return), is not more than:
To learn more about the Saver’s Credit, check out “This Overlooked Retirement Tax Credit Gets Better in 2020.”
The tax credit for qualified adoption expenses is more valuable in 2020. The maximum allowable credit amount is $14,300 — up from $14,080 for 2019.
For 2020, both the income limits and the maximum credit amount for the Earned Income Tax Credit (EITC) are higher.
You might be eligible for the EITC in 2020 if your AGI is not more than:
The maximum amount that the EITC is worth in 2020 is $6,660 — up from $6,557.
One bit of bad news for some folks: The maximum amount of a worker’s income that is subject to Social Security payroll taxes rose to $137,700 for 2020 — up from $132,900 for 2019.
We’re dedicated to our clients. And we've represented them in audits with the IRS. This keeps us current on tax law so we’re always ready for the toughest situations.
We developed strategies for both business and individual clients. And we work hard and long hours when they need us—even after tax season. So let us tackle your most pressing financial issues.
Unlike the large store front tax preparer, we truly care about you.
Five years ago Barbara and I decided that since God had blessed us so much in our lives, we wanted to “PAY IT FORWARD” in some way; so we committed to five (5) years of preparing taxes at no charge to those over 70 years of age, our public servants, and active military. Since those five (5) years have passed; (gee how time flies); we will be going back to regular billing for our tax clients. Please know that we appreciate everything that you do for our community and our great nation.
THANK YOU FOR YOUR TIME AND WE HOPE WE CAN BE OF ASSISTANCE TO YOU FOR THE UPCOMING 2021 TAX SEASON.
Tommy and Barbara Townsend
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We have clients throughout the USA
Barbara and I both, are proud to hold Kentucky's highest honor of Kentucky Colonel
Don't pay those outrageous preparation fees. Let us help you. We treat you like family, not a number!! Ya'll give us a shout now, ya hear. We'll be a team, like biscuits and gravy.
415 Quisenberry Lane, Winchester, KY 40391, USA
(NO In Office Direct Contact)
Monday - Friday: 9am - 4pm
Saturday: 9am - 3pm
DROP-BOX AVAILABLE 24 / 7
We love our customers, so feel free to visit during normal business hours. Give us a call. You'll be glad you did!!