At Atwood Accounting Services, our success is built upon personal integrity and the commitment to providing you with the highest level of service possible, at a reasonable price, while paying strict attention to the details.
Dear Clients,
The big change this year is with the Montana tax return. Most people will no longer be able to use itemized deductions or married filing separately on the same tax return. We may find it beneficial to file as married but separate on Federal to save on Montana taxes, but we will discuss that option with you. The state will be starting with the Federal taxable income amount and then adjust from there. For 90% of my clients that means they no longer will get to use itemized deductions, but file using the standard deduction. As a reminder for you, the standard deduction for the Federal tax return is this:
Single or Married Filing Separate $14,600 + $1,950 if over 65
Married Filing Joint $29,200 + $1,550 for each adult over 65
Head of Household $21,900 + $1,950 if over 65
To itemize, your deductions for mortgage interest, charitable donations, taxes (state income tax, property tax and auto tax – maxed at 10,000 or 5,000 MFS) and medical expenses over an amount of 7.5% of your income. If you are uncertain if you itemized in the past, look at your last year’s tax Federal tax return and look for a schedule A.
Because of this change, I have decided not to provide an updated deduction form, but you may use the form found on my website under the Questionnaire tab or you may list the totals on your own piece of paper – I do not want receipts to add up. You may use this form to add or subtract dependents also.
We will continue to offer various ways for you to give us your tax documents. Please feel free to include any notes, comments, or questions you may have, and I will call you or enclose a written answer with your tax return. If you are emailing us documents, we recommend that you upload them through ShareFile. Please contact us and we will provide you with our private link
I will call you if I have any questions about your documents. If you feel it necessary to talk to me in person, please call for an appointment.
We will endeavor to complete your tax return within 14-21 business days. It is vital that we receive ONLY the required documents like W-2’s, 1099’s, and any other income or direct deductions, so we don’t have a lot of papers to mail back to you or to sort through. Please remember to let us know your estimated tax payments.
Be aware that any tax information brought in after March 20th could result in an extension. The extension is only an extension of time to file, NOT an extension of time to pay your taxes. The IRS and the State of Montana will charge interest and penalties if payments do not accompany the extension form if you owe. I can create the accompanying payment form, if you so desire.
I want to thank you all for helping me complete another successful year in business. All of us look forward to seeing you in 2025.
Sincerely,
Terry L. Atwood, CPA
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