Jellison CPA takes the health & well being of our clients and employees seriously. With COVID 19 in the news daily and the State of Michigan numbers going up, we have decided that our doors will remain locked and we will continue to use our office drop box during office hours. We are still working very diligently to provide the outstanding services you have relied upon for the past 20 years.
Please note: If there are critical financial decisions that you need to make by year end, with the assistance of Jellison CPA, we ask that you reach out by December 1st. We are happy to do a phone call or a Zoom meeting to accommodate your needs. We will have minimal hours during the weeks of December 21st and December 28th so we can accommodate our Payroll and Payable clients.
We appreciate your ongoing patience & understanding.
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Tax Organizers for 2020 Tax Returns |
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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:
1. 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.
2. 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.
3. 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. We are encouraging all clients to consider using the web organizer this year.
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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2021 Retirement Contribution Limits |
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The limit on elective deferral contributions to 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan will remain at $19,500 for 2021. The catch up contribution for those 50 and older will also remain the same at $6,500.
The maximum deductible IRA contribution for 2021 will stay the same at $6,000.
Here are the 2021 phase-out ranges defined by the IRS:
- For single taxpayers covered by a workplace retirement plan, the phase-out range is $66,000 to $76,000, up from $65,000 to $75,000.
- For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $105,000 to $125,000, up from $104,000 to $124,000.
- For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple's income is between $198,000 and $208,000, up from $196,000 and $206,000.
- For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
If you have questions about retirement contributions, contact us at Jellison CPA.
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The annual cap on deductible contributions to HSA's rises to $3,600 for self-only coverage and $7,200 for family coverage. Qualifying policies must limit out of pocket costs for deductibles and copayments to $14,000 for family health plans and $7,000 for people with individual coverage. Minimum policy deductibles stay at $2,800 for families and $1,400 for individuals. |
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We hope that you have a wonderful day spent with friends and family!
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The office will be closed Wednesday, November 25th, through Friday, November 27th, for the Thanksgiving holiday. |
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Monday through Friday
9 a.m. to 4 p.m.
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