Welcome to a new decade ... 2020!

Happy New Year to our readers and families!  MIR Taxes hopes that the holiday season for everyone were joyous and pleasant for everyone. 

As we begin a new year, we are entering a new decade. We are sending our first newsletter of the new decade. Our hope is that the Newsletters remain an informative tool for you. We would also appreciate any feedback on the newsletters. This is also the time of year that most of us detest which is to begin organizing records, forms, receipts, etc. for the preparation of the 2019 tax return. This newsletter provides various tools and information to assist in compiling your data to prepare you tax return when you speak with your tax professional ... or do-it yourself. A checklist has been compiled to assist taxpayers in this tedious task. Any questions or concerns? Contact MIR Taxes. If you wish for our firm to assist you in completing the process, we will send you an invite for a secured link that includes a tax organizer and uploading the documents.

Valuable information for the new tax season: 

Checklist for Tax Year 2019 tax preparation filing.

IRS inflation adjustments: We are providing you with a chart as a courtesy of all of the IRS adjustments for the new tax season. Most of these adjustments are dependent on inflation or per Congressional acts. Click here to read which adjustments may affect your tax situation. 

The 2020 Tax Calendar has been compiled for your benefit as well. Please click here to download your calendar and mark the dates.

Standard Mileage Rates: Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
•    57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
•    17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and
•    14 cents per mile driven in service of charitable organizations.

Read more about the Standard mileage guidance updated for the TCJA here. 

Virtual currency IRS updates:  Other tax news article concerning the New guidance on virtual currency covering “hard forks” here. 

Tax Brackets & More: Review the 2020 Tax Brackets, Standard Deduction, and Other Changes here.

EARLY BIRD SPECIAL DISCOUNT

Looking for savings in your tax preparation reporting costs in 2020? Be sure to contact us for a special discount. The offer expires on January 31, 2020. 

2019 Tax Highlights Video - NEW

Please click here to view the NEW video concerning the tax highlights for 2019.

International Tax News Links

"Do I have to file?"

Wondering if you are required to file because your income is too low? There are changes for the tax year so you could possibly do not have to file taxes to Uncle Sam this year. Click here.