Summit CPAs, Inc.

04/19/2023

We made it, another tax filing year is in the books! So grateful to all of our clients and the support staff at Summit for making it a successful season! Now, on to quarterlies, non-profit returns, consulting work, and extensions. We're here if you need us!

03/02/2021

01/11/2021

SUMMIT CPAs, INC. (253) 588-5900
5920 100th St SW Ste 11, Lakewood, WA 98499
______________________________________________________________________________
Happy 2021 to all of you from Summit CPAs! Wow, what an unusual and challenging year 2020 has been! We hope all of you and your families got through the year in good health, both physically and financially! It seems as if tax season just ended (actually it did!) and now it is time to begin organizing your records and thinking about making appointments for your 2020 taxes. As of this writing, there has NOT been any indication from the IRS that the filing season will be extended, so please do not wait too long to get your documents organized.

For those of you who came in last year before April 30th, we did get moved into our new offices (as mentioned in the last tax letter) as of May 1st 2020. We are literally about 30 steps to the left of our old office, in the same complex, Lakewood Professional Village Suite 11. You will park in the same lot as before, and our phone, fax, and email address are all the same. See our full mailing address above.

While there is progress being made, we are unfortunately still dealing with the COVID crisis. To better serve you, there are several options available to you for providing your information and getting your taxes completed and filed:
• In person appointments are still available. Following each visit by a client, we implement physician approved sanitizing procedures to keep both you and our staff safe. We started this last year when the outbreak first started.
• You can drop off your organizers and documents with our receptionist any time during normal office hours, no appointment is necessary. If there IS something that you need to review or discuss with myself or Dave, please schedule an appointment, or ask for a follow up phone call.
• You can drop off your information through the mail slot in the door anytime during the day, evenings, or weekends.
• You can mail, or email your documents to us, and we can follow up via phone call or email with any questions.
• New for this year, we have the ability to meet virtually (via Zoom) provided at no cost to you. Simply call our office and indicate that you would like to schedule a virtual meeting.

There are several changes to tax reporting requirements and the organizer this year. Most of them center around the section titled COVID-19 Information, located in the “Questions” section. Be sure to review this area closely and provide any related documentation, particularly Notice 1444 (stimulus checks), as well as funds received for the Paycheck protection program, and loan forgiveness. Also be sure to update your banking information, and provide copies of your 1095-A, B, or C (health insurance coverage) if applicable.

We sincerely appreciate your loyalty, and realize 2020 was a difficult year for many. Accordingly, we are keeping our pricing structure the same, no price increases! As always, we are grateful for any referrals!
Sincerely,
Tim, Dave, Maxine 🐾, and the rest of the Summit Team

04/23/2020

Many people are still waiting to receive their stimulus checks. If you did not get yours last week, there is a good chance that for whatever reason the IRS will be sending you a paper check by mail if in fact you do qualify. They are capable of sending out approximately 5 million checks per week. Who receives these checks first is determined by your adjusted gross income. See the table below for when you can expect to receive your check. (Source The Motley Fool)

If the IRS has your direct deposit information on file: the week ending April 17.
Paper checks for people with up to $10,000 in AGI: the week ending April 24.
Between $10,000 AGI and $20,000 AGI: the week ending May 1.
Between $20,000 AGI and $30,000 AGI: the week ending May 8.
Between $30,000 AGI and $40,000 AGI: the week ending May 15.
Between $40,000 AGI and $50,000 AGI: the week ending May 22.
Between $50,000 AGI and $60,000 AGI: the week ending May 29.
Between $60,000 AGI and $70,000 AGI: the week ending June 5.
Between $70,000 AGI and $80,000 AGI: the week ending June 12.
Between $80,000 AGI and $90,000 AGI: the week ending June 19.
Between $90,000 AGI and $100,000 AGI: the week ending June 26.
Between $100,000 AGI and $110,000 AGI: the week ending July 3.
Between $110,000 AGI and $120,000 AGI: the week ending July 10.
Between $120,000 AGI and $130,000 AGI: the week ending July 17.
Between $130,000 AGI and $140,000 AGI: the week ending July 24.
Between $140,000 AGI and $150,000 AGI: the week ending July 31.
Between $150,000 AGI and $160,000 AGI: the week ending Aug. 7.
Between $160,000 AGI and $170,000 AGI: the week ending Aug. 14.
Between $170,000 AGI and $180,000 AGI: the week ending Aug. 21.
Between $180,000 AGI and $190,000 AGI: the week ending Aug. 28.
Between $190,000 AGI and $198,000 AGI: the week ending Sept. 4.
All other checks (e.g., those who didn't have tax info on file): the week ending Sept. 11

03/20/2020

If you haven't heard already, the tax filing deadline for all individuals and businesses has been moved from April 15th to July 15th. The Treasury department also added a 90 day grace period to pay your taxes without penalties or interest. Taxpayers who expect to get a refund are encouraged to still file their returns as soon as possible.

02/15/2020

If you think hiring a professional is expensive, wait until you hire an amateur. We are here to assist with all of your tax, accounting, and consulting needs.

01/10/2019

For the first time in several years, Congress has enacted major tax legislation that impacts nearly everyone who files a return. A few of the changes passed in the law include:

• Increases in the standard deduction amounts to $24,000 for MFJ and $12,000 for single filers. These rates almost double the previous deduction amounts.
• Elimination of deductions for personal exemptions (2017 amount was $4,050 per person)
• Increased child tax credit from $1,000 to $2,000- subject to income limitations
• Elimination of miscellaneous itemized deductions subject to the 2% limit.
• An increase in the standard mileage rate to $.545 cents in 2018 and $.58 cents in 2019
• State and local (property) tax deductions are capped at $10,000
• An average overall decrease in tax brackets of between 2% - 4%
• Mortgage interest deductions capped at a maximum debt of $750,000
• The health care mandate penalty is repealed effective for 2019
• Deductions of up to 20% for Qualified Business Income, subject to phase out limitations.
• Increases in allowable first year write-offs for qualified asset purchases.
• Changes in net operation loss rules. Carryback of losses no longer allowed. Losses after 12/31/17 limited to 80% of taxable income.

We are here to help you navigate through all of these changes and serve all of your tax, accounting, and consulting needs!

01/08/2016

Tax season is here! Our goal here at Summit CPAs is to ensure you pay the lowest amount of tax possible and get the largest refund you are due! We are accepting new clients, so contact our office to schedule a free consultation!

12/10/2015

Got the office decorated for Christmas!

11/11/2015

Thank you to all the brave men and women who have served our country!