As the holiday season is upon us, I find myself reflecting on the past year. Every December I create a photo calendar for the next year. I get to go back through all of my photos and remember all of the small and big things I was blessed to be a part of. My family is a huge part of my life. Rob and I celebrated our 25th wedding anniversary in September. Without him holding down the home front during tax season, I would not be able to be the successful business owner that I am. As my children grow, I find that I am growing with them. Gone are the days of diaper bags, strollers, standing in line to see Santa… Instead, I was able to see my daughter, Betty, head to London for her study abroad this past fall. She is so much braver than I was at her age. In November, my sister, my mom, Cara and I all took a trip to visit her. Those 5 days were filled with laughter and memories that will last a lifetime. My daughter, Cara, just turned 18 and was accepted into all 3 of the art schools that she applied to for next Fall. She is so much more talented than I am and I am truly excited to watch her find her path as an artist. My son, Bruce got his driver’s permit, yikes, watch out Hartland 😊. Rob and I spent the summer with him traveling with his baseball team and watching him do what he loves and is so committed to. We added another member to our family in March, NORMAN, you have seen him featured in past newsletters. After a long day at the office, he is such a stress reliever for me.
My life as a CPA has grown and changed over the years. I am truly blessed to have an amazing staff that I rely on each day to help me be the best that I can be. With tax season just around the corner, these ladies deserve all of my thanks and appreciation for their dedication and hard work. I am also grateful for you, our clients, business associates and friends. I want to express my sincerest appreciation for the trust you have placed in everyone here at Jellison CPA.
May the holiday spirit be with you and your family today and throughout the New Year.
Carrie
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Retirement Contribution Limits for 2020 |
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Do you contribute to a retirement plan? You may want to check that the amount you contribute will reach the new maximum contribution limits for 2020.
The limit on elective deferral contributions to 401k, 403b, most 457 plans and the federal government's Thrift Savings Plan will increase from $19,000 in 2019 to $19,500 in 2020. The catch up contribution for those 50 and older will increase to $6,500 from $6,000 in 2019.
The maximum deductible IRA contribution for 2020 will stay the same at $6,000. The ability of taxpayers who are covered by workplace retirement plans to make a deductible IRA contribution will phase out for singles and heads of household who have adjusted gross incomes between $65,000 and $75,000, a slight increase from last year.
For married couples filing jointly, where the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phaseout range will be $104,000 to $124,000 for 2020. These amounts also increased slightly from 2019. When an IRA contributor is not covered by a workplace retirement plan but is married to someone who is, the deduction will be phased out if the couple’s income is between $196,000 and $206,000, also an increase from 2019.
For taxpayers making contributions to Roth IRAs, the phaseout range for determining the maximum contribution will be $196,000 to $206,000 for married couples filing jointly and $124,000 to $139,000 for singles and heads of household. These limits were all increased from 2019.
The adjusted gross income limit for the saver’s credit will be $65,000 for married couples filing jointly, $48,750 for heads of household, and $32,500 for single taxpayers and for married individuals filing separately, all increases from 2019.
If you have questions about retirement contributions, contact us at Jellison CPA.
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Thanks for visiting us at Hartland's Polar Express Day. It was great to see all of you! |
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Tax Organizers Are On The Way! |
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The document that seems to cause the most stress is the tax organizer.The tax organizer is the document we send to you to help you collect and organize your tax information. It looks like a lot of work but it doesn't have to be. Look for an article next month that gives details about how to complete your tax organizer.
We will be sending tax organizers in early January. There are three ways to receive your organizer;
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In the mail-we will send you a hard copy in the mail with a return envelope. You will fill out the organizer, collect your documents and mail or drop off your paperwork to our office.
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Email-we can email a pdf. You would need to print the pdf., collect your documents and mail or drop off your documents to our office.
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Web-we will send an organizer through your client portal. You can answer and ask questions directly within the organizer. You can scan and upload your documents. All of your information is secure, you don't need to print anything, and you don't have to pay to send information to us or make a trip to drop off your paperwork.
Contact us at 810-991-1761 or email Michelle at [email protected] if you would like to change or have questions on how to receive your tax organizer. We look forward to hearing from you.
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There is Still Time to Apply for the HACC Scholarship! |
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The Hartland Area Chamber of Commerce has a tradition of giving to and enhancing the community. As part of that tradition, each year the HACC presents two scholarships to a Hartland Consolidated Schools (public, private, charter, alternative, home school) resident high school senior that demonstrates the kind of character and qualities the chamber seeks to propagate in our community. In selecting the winner, the chamber looks for a high school senior who demonstrates leadership, has been a good student throughout his or her academic career, who places a value on community service and personal growth and who would consider coming back to Hartland after their college career to work or own a business.
The 2020 scholarship is for two (2) $2000 scholarships.
To be considered for the scholarship, students must submit an application online (physical applications available through the high school counseling office or The Hartland Chamber) and write an essay. Scholarship winners are selected by a committee comprised of area business professionals. The scholarships will be awarded and recognized at the Chambers annual business awards dinner in January. The deadline for 2020 scholarship applications is January 6, 2020.
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December 2nd – December 20th Office Hours:
Monday – Friday
9:00 am – 4:00 pm
Holiday Hours:
Monday, December 23rd – Reserved for Payroll clients
Tuesday, December 24th– CLOSED
Wednesday, December 25th – CLOSED
Thursday, December 26th– CLOSED
Friday, December 27th – 9:00 am – 4:00 pm
Monday, December 30th – 9:00 am – 4:00 pm
Tuesday, December 31st– CLOSED
Wednesday, January 1st– CLOSED
Thursday, January 2nd – 9:00 am – 4:00 pm
Friday, January 3rd, - 9:00 am – 4:00 pm
Have a wonderful Holiday Season!
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Jellison CPA | Phone 810-991-1761 | Fax 866-642-2025 | Website
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