Patricia A. McBean, EA, CAA is and Enrolled Agent, Certifying Acceptance Agent, Notary Public, and the Owner of AM-PM Business Solutions, LLC. Before starting her own practice, Patricia worked at a national tax preparation chain store in Palm Coast for 7 1/2 years. She started as a Tax Associate and worked her way up to Assistant Manager, income tax course Instructor, and ultimately became the Office Manager for the last 3 1/2 years of employment there. After becoming an Enrolled Agent and with the blessing of her family, Patricia decided to venture out on her own.
It is important to Patricia that her clients understand their tax situation and plan financially throughout the year to minimize their tax liability. She stays abreast of current tax laws and the latest technology so that she can provide the best service to achieve this goal.
Patricia McBean, EA, CAA
2020 Tax Law Changes for Individuals
· The Standard deduction is as follows:
o Married filing joint - $24,800
o Head of Household - $18,650
o Single and Married filing separate - $12,400
· Child tax credit - $2,000
· For 2020 there is an above the line deduction for charitable contribution of $300
· The annual IRA contribution limit for 2020 is $6,000, or $7,000 if you are age 50 or older.
You have until May 17, 2021 to make a 2020 contribution.
· Standard mileage rates are as follows:
o Business – 57.5 cents per mile
o Medical/Moving – 17 cents per mile
o Charity – 14 cents per mile
· If you did not receive your stimulus payments, you can claim it as the recovery rebate credit. Stimulus payments are not taxable.
· Penalties for retirement early withdrawals were suspended.
We strive to provide accurate, courteous, professional, and prompt service to our clients. We are certain that you will be satisfied. We will work with you to resolve any issues that may arise or refund any fees paid if you are not completely satisfied.