My name is Kevin R Mays,MBA. I am the proud owner of Mays Concepts LLC.
A Veteran owned and operated Accounting Service. We are conveniently located in Downtown Mint Hill, NC. Exit 47 on I-485. Our business was formed in 2009 during the time when America was going through a hash recession.
Our objective is to provide the best Accounting, Bookkeeping, Tax Preparation and Payroll Service to your business! We offer your business and your personal interest in Quality Service at every turn! We are also Quick Books Certified, Registered IRS Tax Preparer and a North Carolina Registered Notary Public for Small Businesses of 1 – 500 employees or contractors. We are a one-stop-shop business and accounting service just for you. We also offer Budgeting Services, Inventory Management Services, and Consulting Services.
My experience also includes 6 years of discipline in our United States Army (’95-’01) with deployments to Germany, Bosnia, Japan and South Korean. Within two and a half years of my initial military service, I accomplished the rank of Sergeant-E5 (Manager). I missed the base record of rapid rank by 6 months. I also had the privilege of serving with the Expeditionary Forces under NATO in Bosnia (former Yugoslavia ‘97) under the Command of President Clinton and General Grange. After my 6th year of Army Service, I earned an Honorable Discharge along with the full benefits of being a Veteran of America’s Armed Forces. My Military Occupational Specialty (MOS), Logistical Specialist, included maintaining over $10.5 Million Dollars of Specialized Military Equipment inventory with 100% accuracy. I hold an Associate’s Degree in Business Management, a Bachelor’s in Accounting (Cum Laude), and an MBA in Human Resources.
2020 Tax Season Topics
- Business Owners & Contractors
- 2019 Changes in Tax Laws
- What to expect each month
- C-Corp, S-Corp, Partnership, LLC & 1040 Taxes Due Dates
Business Owners & Contractors
Now that we are in the New Year, this is the time where all Business Owners & Contractors with 1099’s Miscellaneous should have a good idea of how much end of the year income will flow through your company. YOU should be ready for your accountant to start the process of preparing your taxes after a few adjustments to your P&L Statement. Here are two areas you should focus on:
P&L Statement: Your P&L Statement, or Profit & Loss Statement, should have all your yearly income and expenses contained in this form ready to go over with your accountant. Once you have completed the adjustments, you should have all expenses categorized according to your specific tax form.
Balance Sheet: If your tax forms require a Balance Sheet then you should also have this form ready for your accountant to exam.
Once you have these documents updated and categorized according to your tax forms (1040, 1065, 1120-S, 1120-C) then you are ready to file your taxes. Other Tax forms may be needed to complete your taxes such as the Mortgage Interest, Personally Property Taxes or additional income sources.
2019 Changes in Tax Laws.
Changes in the 2020 Filing Season for 2019 Tax Returns. Seniors, age 65 and older, will have their very own tax return called 1040-SR. This form allows seniors to claim the standard deduction or itemize their deductions on Schedule A as before. Previously Seniors would use 1040 EZ to prepare tax with income limits $100,000 and interest income to $1,500 annually. With the 1040-SR there will be “zero” income limits or restrictions on the type of income reported.
Standard Deduction: This tax year will see an increase in the standard deductions from 2018 taxes. The idea of the increased standard deduction will allow individuals to file without itemization on Schedule A.
Single & Married Filing Separate (MFS) $12,200
Head of Household $18,350
Married Filing Joint (MFJ) $24,400
ACA Penalty: The individual mandate will not be enforced for the 2019 Federal Tax return. Some states may require you to have insurance, but *North Carolina will not enforce a penalty. *(Charlotte Observer 12/26/17) As of right now, Massachusetts, New Jersey, and DC are the only ones with health insurance mandates.
Medical Expenses Schedule A: The medical expense threshold will increase from 7.5% to 10%.
Alimony Deduction Eliminated: Couples that have signed divorce documents after 12/31/18 that require alimony payments will no longer have to claim the payment as income. The payer can no longer claim the alimony as an expense.
401k Contributions: These limits have increased from $6,000 to $19,000 for taxpayers over age 50 to decrease their taxable income. IRA Contributions have also increased to $6,000.
HSA Contribution: The HSA limits will increase as well to $3,500 for self-coverage and $7,000 for family coverage.
What to Expect Each Month
Let’s talk about what to expect each month during the 2020 Filing Season for 2019 Tax Returns.
January: January marks the beginning of the New Year, the beginning of Tax Season and the gathering of your tax documents. For business owners, you will have you P&L and Balance Sheet Statement adjusted for your specific day to file your corporate taxes.
February: This month marks the true beginning of Tax season for most Americans. Within the next few days of the beginning of the month, you should have received all of your tax documents arriving in the mail, emailed, or faxed. Forms such as W2’s, 1099-Mis, 1099-Div, 1099-R Pension/Annuities/Retirement, K1’s, Mortgage Interest, Bank Interest, and Child Dependent Care Forms to name a few. You should also have a copy of any donation slips, charity gave forms, &
Car / Motorcycle / RV / Boat / Airplane Registration receipts. Most Americans are rushing to the tax office, not to be the model tax abiding citizen but to get that refund to pay off Christmas! Right?
March: This is what I called the comfortable month of tax season. You know you have everything you need to prepare your taxes so it is just a matter of setting up the appointment with Mays Concepts, LLC to have them prepared. You aren’t in a rush like last month folks.
April: This is the “OH SNAP” month. Yes, when this month starts you will only have 15 days left to file your taxes or file an extension. The extension must be sent before April 15th to be accepted. The extension will not be accepted after April 15th!!! So, “OH SNAP” calls ays Concepts, LLC!!
C – Corp, S-Corp, Partnership, LLC & 1040 Taxes Due Dates
Let’s talk about when your tax due dates are during the 2020 Filing Season for 2019 Tax Returns.
February (Recap): The end of February marks the true beginning of Tax Season for most Americans. Right now, you should have all of your tax documents.
March-May: March is the start of due dates for taxes. Here are the tax forms and their due dates.
Tax Due Date March: Partnership form 1065 and S Corporation taxes on form 1120s are due on March 15th
Tax Due Date April: Standard Taxes on form 1040 are due April 15th, Sole Proprietors/LLC using Schedule C on form 1040 with your standard taxes are due on April 15th, C Corporation on form 1120 are due on April 15th
Tax Due Date May: Non-Profit Organization taxes on form 990 are due on May 15th.
I hope you were able to get some your questions answered during my presentation. If you have any follow up questions, please contact me at (704) 526-0307, www.maysconceptllc.com or maysconcepts@gmail.com for a free consultation and to set your appointment.
Mays Concepts LLC, Remember, You Can Count On Me!