Green Hill Financial Services

Green Hill is different from t he rest. Our culture is built arou nd working hard for hard working p eo Working hard for hard working peop le!

Operating as usual


As a small business owner, y ou know more than anyone the importan ce of perseverance and hard work in spi te of difficult times. Tax season is he re and the challenges for small business es will continue. We file tax retur ns and perform accounting services for sma ll businesses of many different backgrounds, inco me levels, and filing complexities. We ma ke sure that no deductions or t ax strategies are missed.


The IRS announced that the offici al federal e-file start date for t ax year 2020 will be February 12, 2021.


The 2021 tax season has beg un. Accepting new clients. If you ha ve any tax questions, contact Green Hi ll today.


Important Due Dates for Filing Yo ur 2020 Tax Return and Payments


If you are new to becomi ng a home daycare, you need to ma ke sure that you are familiar wi th the Time/Space Percentage calculations (T/S%) f or the home office deduction. This is o ne of the most important calculation f or home daycare businesses.


As the COVID-19 outbreak continues to devel op, many professional services become more difficu lt to get done in person. I am a loc al CPA that can work with y ou completely remotely to file your t ax return. I file for individuals a nd small businesses. I am very detail ed and work to help you t ax most efficiently. I answer questions a ll year long and would love t he opportunity to build a relationship wi th you and be your "tax gu y".


The deadline for personal tax retur ns is this Wednesday, July 15. If y ou still need more time to fi le, contact Green Hill today to fi le an extension. This will give y ou until October 15 to file yo ur tax return.

Economic Impact Payments | Internal Reven ue Service 04/11/2020

Economic Impact Payments | Internal Reven ue Service

Economic Impact Payments are coming soon.

Eligib le individuals with adjusted gross income up to $75,0 00 for single filers, $112,500 for he ad of household filers and $150,000 f or married filing jointly are eligible f or the full $1,200 for individuals a nd $2,400 married filing jointly. In additi on, they are eligible for an addition al $500 per qualifying child.

If you a re using a different bank account th an the one used for your mo st recent Federal tax filing (or d id not use a bank account), n ow is the time to make su re the IRS has your correct dire ct deposit information.

The IRS is introduci ng a new tool to update dire ct deposit information. It is not li ve yet, but will be available mid-Apr il at the following link:

Economic Impact Payments | Internal Reven ue Service We’re committed to helping yout g et your economic impact, or stimulus, payme nt as soon as possible. See if y ou are eligible for an Economic Impa ct Payment.


Update: The tax filing d ue date is extended from April 15 to Ju ly 15. All taxpayers -- individuals, corporatio ns, other non-corporate filers and those w ho pay self-employment tax -- can al so defer income tax payments. See detai ls at:


Because the deadline for financial institutio ns to mail out Form 1099-B (relati ng to sales of stock, bonds, or mutu al funds through a brokerage account) fal ls on a weekend and Monday is President 's Day, the due date is n ow Tuesday, February 18. For most peop le, this will be the final docume nt they are waiting on in ord er to file their tax return.

Any questio ns on your 1099-B, call GHFS at 703-828-70 74.


Here is a quick list of thin gs you might be able to dedu ct on your tax return:

Business expenses (mu st be ordinary and necessary)
Student loan interest
Tradition al IRA contributions
HSA contributions (other than tho se paid through your employer)
Charitable contributions
Medical expens es more than 10% of your AGI
Mortga ge interest
Gambling losses to the extent of gambli ng winnings
State and local income taxes withheld
Sta te and local estimated payments
State and loc al payment sent in the tax ye ar for a prior-year return (not includi ng penalties or interest)
Real estate taxes
Personal proper ty taxes
State and local sales taxes (inste ad of state and local income tax es, if it’s more helpful)
Estate tax pa id because of someone’s death
Income taxes pa id to a foreign country or U .S. possession
Half of any self-employment taxes pa id

Timeline photos 01/30/2020

Timeline photos

With the start of the 2020 t ax filing season, IRS wants to remi nd you to avoid unethical "ghost" t ax return preparers.
A ghost preparer doesn’t si gn a tax return they prepare. Th ey will print the return and te ll you to sign and mail it to t he IRS. For e-filed returns, the gho st preparer may refuse to digitally si gn as the paid preparer. If a prepar er refuses to sign your return, th at is a red flag.
To learn mo re about how to avoid ‘ghost’ prepare rs, click here:

2020 State Tax Trends to Wat ch For | Tax Foundation 01/22/2020

2020 State Tax Trends to Wat ch For | Tax Foundation

Tax Trends at the Dawn of 2020

2020 State Tax Trends to Wat ch For | Tax Foundation Long-term state tax trends, like t he declining importance of corporate income tax es, will continue to figure into state s’ tax considerations.

Tax Reform and Beyond: Tax L aw Changes for the 2020 Tax Fili ng Season 01/18/2020

Tax Reform and Beyond: Tax L aw Changes for the 2020 Tax Fili ng Season

Summary of Tax Law Changes f or 2020

Tax Reform and Beyond: Tax L aw Changes for the 2020 Tax Fili ng Season As you know, the Tax Cu ts and Jobs Act (TCJA) was sign ed into law in 2017. Most of t he measures were effective beginning in t ax year 2018, and many individual measur es contain a sunset date at t he end of 2025. Here’s a summa ry of the TCJA provisions ...

State Tax Changes as of Janua ry 1, 2020 01/16/2020

State Tax Changes as of Janua ry 1, 2020

State Tax Changes as of Janua ry 1, 2020 to know about.

State Tax Changes as of Janua ry 1, 2020 Thirty-four states have major tax chang es taking effect on January 1, 2020. Explo re a comprehensive guide of 2020 t ax changes and 2020 state tax chang es.


Children can be claimed as a depende nt on your taxes. To qualify as a depende nt, the child must:

- Be under a ge 19, a full-time student under a ge 24 or permanently and totally disabled ;
Not provide more than one-half of t he child’s own total support; and
- Li ve with you for more than ha lf of the year.

Here are some key tax chang es taking effect in 2020 01/13/2020

Here are some key tax chang es taking effect in 2020

Here are the tax brackets a nd income limits for the 2020 t ax year for a married couple fili ng jointly:

10 percent - $19,750 or less

12 percent - $19,750 - $80,250

22 perce nt - $80,250 - $171,050

24 percent - $171,0 50 - $326,600

32 percent - $326,600 - $414,700

35 percent - $414,700 - $622,050

37 perce nt - $622,050 and above

Here are some key tax chang es taking effect in 2020 With the arrival of a n ew year, many consumers will already be prepari ng to file their 2019 federal t ax return. But it could pay to be awa re of tax changes


Owning your own small business c an be costly. Be sure to ta ke advantage of all your deductions. Wh en you use a car for busine ss, you may deduct the mileage expen se by using either the standard milea ge rate or the actual expenses of maintaini ng the vehicle. If you take t he actual expenses, you can deduct t he depreciation, gas, oil, insurance, tires, licens es, repairs, etc. The standard mileage ra te for the use of a c ar during 2019 is 58 cents p er mile for business miles driven.

Timeline photos 01/03/2020

Timeline photos

This tax filing season the I RS urges you to combine e-File wi th Direct Deposit this year for yo ur tax refund. It’s the best a nd fastest way to get your t ax refund directly to your bank accou nt. Eight out of 10 taxpaye rs get their refunds by using Dire ct Deposit. It is simple, safe a nd secure. To learn more, click he re:

Timeline photos 06/26/2019

Timeline photos

Selling your home? When filing yo ur taxes, you may qualify to exclu de all or part of any ga in from the sale from your inco me. Learn more about that process a nd other things you should think abo ut when selling a home:


Only 3 weeks left to fi le! Need more time? File an extensi on with Green Hill.

Guaranteed filing by Apr il 15 if documents are recieved by Apr il 1st!


Most of the talk about t he 20% deduction for "pass-through" income h as centered on partnerships, LLCs, and S-cor ps that flow to an individual's t ax return. However, the deduction is al so available for qualified business income fr om a sole proprietorship.


The child tax credit for qualifyi ng children under age 17 is doubl ed to $2,000 starting in 2018, a nd the phase-out threshold is raised to $400,0 00 for MFJ, and $200,000 for a ll other taxpayers. In addition, there is a n ew $500 credit for any dependent w ho isn't a qualifying child under a ge 17.


The itemized deduction for state a nd local taxes is limited to $10,0 00 of the aggregate of state a nd local property taxes and state a nd local income taxes.


Alimony rules have changed for divor ce and separations that are executed aft er 2018. Alimony payments will not be deductib le by the payer, and will n ot be considered income to the recipie nt. Therefore, the recipient will not o we federal income tax on alimony paymen ts. If a pre-2019 divorce or separati on agreement is modified, it is possib le to incorporate the new rules.


The deduction of $4,150 for ea ch personal exemption has been eliminated. If y ou have dependent children, you may n ow qualify for a higher child t ax credit.


Starting in 2018, no deduction is allow ed for moving expenses, and employer reimbursemen ts are no longer excluded from inco me.


The threshold for the medical expen se deduction is reduced to 7.5% fr om 10% of adjusted gross income. T he AGI threshold returns to 10% in 2019.

IRS waives penalty for many who se tax withholding and estimated tax paymen ts fell short in 2018 | Intern al Revenue Service 01/19/2019

IRS waives penalty for many who se tax withholding and estimated tax paymen ts fell short in 2018 | Intern al Revenue Service

IRS waives penalty for many who se tax withholding and estimated tax paymen ts fell short in 2018 | Intern al Revenue Service IR-2019-03, January 16, 2019 — T he Internal Revenue Service announced today th at it is waiving the estimated t ax penalty for many taxpayers whose 2018 feder al income tax withholding and estimated t ax payments fell short of their tot al tax liability for the year.


Starting in 2018, mortgage interest on tot al principal of as much as $750,0 00 in qualified residence loans can be deduct ed, down from the previous principal lim it of $1,000,000. For married taxpayers fili ng a separate return, the new princip al limit is $375,000, down from $500,0 00.


The 2018 tax filing year is t he first year in which small buiness es can start to take the Secti on 199A Qualified Business Income Deduction. Conta ct Green Hill to find out if y ou qualify and how it will impa ct your taxes.


Green Hill is here if y ou need to file an extension.


If you own a small busine ss, you need to know about t he Section 199A Deduction for Qualified Busine ss Income of Pass-Through Entities.



44330 Mercure Cr. Suite 100D
Aldie, VA
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