Bridges, Horning and Company, P.C.

Remember unemployment benefits are taxable - including the additional $600 federal portion. The maximum federal withholding from these payments is 10%. Be prepared to owe additional tax when filing 2020 taxes and also be aware your income may now exceed the earned income tax credit limits and your subsidy on your health insurance premium may be reduced. Better to be prepared than not.

Required Minimum Distributions (RMD) are not required for 2020. If you have already taken a distribution - you may put the money back by August 31st. This is for IRAs (including inherited accounts), 401(k)s, 403(b)s, 457(b) and Federal Thrift Savings Plans. Returned funds are treated as a tax free rollover. Monthly installments can also be repaid - the one per year rollover is waived. Caution - the amount of any federal withholding must be included in the redeposit to be considered tax free. If you have automatic distribution directives for the end of the year - you may need to contact your plan administrators. This may be beneficial to some and not all taxpayers. Please consult your financial and tax advisors about your specific situation.

Tax season is officially over! Whew what a long one and we still have returns to complete. Thank you to our amazing talented staff and also to our clients. Together we can achieve what at times seems impossible! It will definitely be a year to remember. Please be safe.

Go to IRS.Gov If you have not been required to file a tax return in the last few years. This is to assure you get your stimulus payment. This is not required if you receive social security benefits. Coming soon to the website you will be able to enter or correct direct deposit information.

Happy Easter from our firm and employees to you and your family.

Under the current situation - Self employed individuals are eligible to collect unemployment if they are unable to work.Under the current situation - Self employed individuals are eligible to collect unemployment if they are unable to work.

We are open and working to complete all business and personal returns. We are here to take care of all your tax and financial matters. However we no longer are meeting face to face. Please call our office to arrange drop offs at the front counter or to mail your information. We will call you to discuss your information and return results. We will be mailing returns and information back. This is a new way for us to do business and we will definitely miss our in person meetings. Please everyone be careful.