Year End Tax Planning - Personal

January 2021

Dear Friends,

HAPPY NEW YEAR! I think we all are happy 2020 is over! We hope that you and your family were not severely affected by the virus. We are looking forward to getting together with family and friends soon into 2021. We hope you are too. Meanwhile, it’s TAX TIME!

Due to the coronavirus pandemic (COVID-19), Congress passed the Families First Coronavirus Response Act (Families First Act) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help offset the economic burden. One of the most known notably was the Economic Impact Payment (EIP) or “stimulus checks”. The EIP was an advance payment of the 2020 recovery rebate credit. While the credit was based on either your 2018 or 2019 return, it will be reconciled on your 2020 return. Therefore, please provide us a copy of the Notice 1444 to confirm the amount you received. We will need this to complete your return.

A new item and some items we don’t want you to forget:

  • CHARITABLE DONATION This year there is a $300 charitable donation deduction for non-itemizers.
  • SCAM ALERT! Please remember, the IRS or state will never e-mail or call you to request information or demand payment. Do not give anyone your personal information or make any payments over the phone. Call us right away.
  • IDENTITY THEFT If you have been a victim, please make sure we have your IRS PIN number to electronically file your return. The IRS sends out a new PIN each year.

If you would like a 2020 TAX ORGANIZER, please contact our office and we will send one to you. Please sign the enclosed engagement letter and complete the questionnaire. This helps us prepare a complete and accurate return. Start gathering all your information. When you have it, you can drop it off, mail, fax or email it. Appointments are also available if needed. Please give us your ORIGINALS OF ALL DOCUMENTS. No staples please.

Remember that we offer a full range of professional services and can help you with financial, estate and retirement planning, as well as health, life, disability and long-term care insurance. In addition, our expansive list of business clients allows us to recommend a wide array of professionals in the construction, service, retail and wholesale trades. Please feel free to contact us if we can help.

I again want to THANK YOU for putting your faith in me and the gang; Kim, Stacey, Maryellen, Ronnie, Julie, Bill, Phil and Tony. It really means a lot. As always, if you have any questions, do not hesitate to give us a call.



341 E. Lancaster Avenue, Downingtown, PA 19335 • 610-269-6833 • 610-269-7983 (Fax)
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