JBDavis Company

Which credit cards do you accept?

Visa, Master Card, Cash, American Express and Discover cards are accepted, as well as debit cards which bear the Visa or Master Card logo. WE also have chip readers Back to Top

Do JBDAVIS Company accept checks?

Yes, JBDAVIS Company accept checks. There will be a $100.00 returned check fee for all returned checks. This fee will cover bank cost, the time involved in contacting the customer(s) to make aware of this occurrence, administrative fee(s) of reissuing new payment instructions with the outstanding balance and adjusting the accounting for the day of occurrence. Back to Top

When and where is payment made?

Payment is due in full at the time of service, unless prior arrangements have been made. Payment shall be made by using any of the above payment methods - in person, by mail or through e-commence. Back to Top

IRS Taxpayer Help and Education - FAQs

Click Here   for Detailed IRS FAQ's Back to Top

Adoption Credits?

Adoption credit and the exclusion are now permanent provisions for all adoptions of eligible children. The dollar limitation is increased to $14,300 for each child, regardless of whether or not the child has special needs. Credit and exclusion is phased out for modified AGI between $214,520 and $254,520. Expenses include reasonable and necessary adoption fees, court costs, attorney fees, traveling expenses and other expenses directly related to the legal adoption of an eligible person. Updated: ***Updated Jan.2020***Back to Top

Additional Child Tax Credit?

The child tax credit is now a refundable credit for taxpayers with one or more qualifying children when the taxpayer is not able to claim the full child tax credit for each child (because tax liability is less than the available credit). The additional credit is the smaller of the child tax credit remaining after regular tax and AMT to zero.Back to Top

Automobile Mileage Rates?....[2020]

Standard mileage rate for business in 2005 is 58 cents per mile (P/M); 14 cents P/M for charitable miles, medical and moving miles, are 20 cents P/M ***Updated Jan.2020*** Back to Top

Child and Dependent Care Expense Credit?....[2020]

The amount of qualifying expenses eligible for the credit is $3,000 for one individual and $6,000 for two or more individuals. The $5,000 ($2,500 if MFS and not considered unmarried) exclusion under an employer dependent care assistance plan was not changed by the new law. ***Updated Jan.2020*** Back to Top

Child Tax Credit?..[2020]

Child Tax Credit is $2,000 for tax years 2019. Child tax Credit Phaseout Range: MFJ $400.000, Single, HOH $200,000, MFS $200,000Back to Top

Disclosure Rules for Tax Preparers?

Professional income tax practitioners are required to provide a notice to their customers annually. Tax practitioners are prohibited from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the practitioner satisfies various disclosure and opt-out requirement and the consumer has not elected to opt out of the disclosure. Back to Top

Earned Income Tax Credit

Earned income for purposes of calculating EIC, the Taxpayer's investment income cannot be more than $3,650. New definition for qualifying child (1)Child of taxpayer or descendant or legal child (2) Had the same principal place of adobe in the U.S. as the taxpayer for over half the year (3) Under 19 as of year end or was a student who was under age 24 as of year end (4) Was unmarried at year-end (5) Meets identification requirement, for Zero children up to $538, One (1) Child up to $3,584, Two (2) Children up to $5,920, Three (3) Children 6,660 *** Updated Jan.2020*** Back to Top

Foreign Earned Income Exclusion

The foreign earned income exclusion limit in is $107,600 for Tax Year 2019. ***Updated Jan.2020*** Back to Top

Education Saving Accounts

Contribution limits to all ESAs set up for any one beneficiary is $2,000 per year. Modified AGI phase-out ranges for contributors increases to $190.000 - $220,000 for MFJ and $95,000 - $110,000 for all others. Qualified education expenses include certain elementary, and secondary school expenses. Contributions can now be made up to the due date of the return April 15th (not including extensions). Tax free distributions can be used for special needs services. The definition of family member is expanded to include first cousins of the designated beneficiary. Deadline for ESAs April 15, 2020 For 2019 contributions ***Updated Jan. 2020*** Back to Top

Marriage Penalty Relief

The 2003 Tax Act accelerates the marriage penalty relief provisions of 2001 by making the MFJ standard deduction, the 10% tax bracket and the 15% tax bracket 200% of the amounts for Single filers. Tax legislation has provided this relief for the tax years 2003 to 2010 ***Updated Mar.2008*** Back to Top

Katrina (Hurricane)Displaced Individuals Exemption

The new law provides an additional exemption of $500 in taxable years 2005 and 2006 for each Hurricane Katrina displaced individual claimed by the taxpayer. The total of $2000 for MFJ, $1000 for MFS and $2000 for all others. Requirements (1) Main home on 8/28/2005 was in Katrina disaster area (2) was displaced from the home (3) Provided free housing for a period of 60 CONSECUTIVE days which ends in the taxable year in which the exemption is claimed (4) Taxpayer identification number of the displaced individual. NOTE the exemption is not allowed if taxpayer receives any form of rent. Back to Top

Pensions: IRA Contribution Limits

Traditional and Roth IRA contribution limits is $6,000 and $7,000 if age 50 or older, SEP IRA (Employer) 20% of net SE income after SE tax deduction up to maximum contribution of $57,000, SEP IRA (Employee) 25% of wages up to maximum contribution of $57,000. ***Updated Jan.2020*** Back to Top

Section 179 Deduction Limits

The Section 179 deduction limitation for 2019 is $1,000,000 phase-out is $2,500,000. The new Law also expands the definition of qualified real property eligible for Section 179 expenses to include:  Roofs, Heating, Ventilation, Air-conditioning property, Fire Protection and alarm system and Security system.***Updated Jan.2020*** Back to Top

Self-Employed Health Insurance Deduction

The percentage of self-employed health insurance that is deductible as an adjustment to income is 100%. ***Updated Jan.2020*** Back to Top

Social Security Earnings Limit Repealed

Recipients of Social Security benefits are no longer under an earnings limit once they reach full retirement age (65 for workers born before 1938). A special rule applies for the year a recipient reaches full retirement age. Individuals who reach their full retirement age during the calendar year 2020 are able to earn up to $46,920 in the months prior to reaching full retirement age ( $17,640 in 2020). ***Updated Jan.2020*** Back to Top

Student Loan Interest Deduction

The 60-month limitation for deducting interest on repayments no longer applies. Interest is deductible for all years during the loan repayment period. The Maximum deduction is $2,500.  Phase-Out Ranges S, HOH, QW is $70,000-$85,000 and MFJ is $140,000-$170,000 and MFS do not qualify. ***Updated Jan. 2020*** Back to Top

Day Care Providers STD Meal Allowance

Day care providers can now use a standard meal and snack rate per child per day rather than keep track of actual costs for purposes of deducting food expenses. Breakfast $1.33, Lunch and Dinner $2.49, Three Snacks .74 cents each ***Updated Jan.2020*** Back to Top

Gift Tax Annual Exclusion

The annual gift tax exclusion is $15,000 per calendar year.  Gift to a non-citizen spouse is $157,000  ***Updated Jan.2020*** Back to Top

Taxpayer Penalties

<>FAILURE TO FILE RETURN (Late filing penalty) 5% of unpaid balance for each month or part of a month the return is late. Max. 25%;

><>FAILURE TO PAY TAX (Late payment penalty) 5% for each month or part of a month there is an unpaid balance. Max. 25%;

<>FRAUDULENT FAILURE TO FILE TAX RETURN 15% of tax per month not to exceed 75% of tax;

<>FRAUD 75% of underpayment attributable to fraud;

<>FRIVOLOUS TAX COURT ACTIONS Up to $25,000 if position is groundless or if the taxpayer unreasonably failed to pursue administrative remedies;

<>FRIVOLOUS or INCOMPLETE RETURN $5000 ($500 for returns filed before 3/16/07), regardless of actual tax liability;

<>WILLFUL ATTEMPT TO EVADE OR DEFEAT TAX: Felony up to $100,000 fine, five years in prison or both ($500,000 for Corp.);

<>WILLFUL FAILURE TO PAY TAX OR FILE RETURN: Misdemeanor up to $25,000 fine, one year in prison or both ($100,000 for Corp.);

<>WILLFUL MAKING AND SUBSCRIBING TO FALSE RETURN: Felony up to $100,000 fine, three years in prison or both ($500,000 for Corp.) ***Updated Dec.2003*** Back to Top

Taxpayer Preparer Penalties

<>UNDERSTATEMENT OF TAXPAYER'S LIABILITY DUE TO UNREALISTIC POSITION-$1,000 per return;

<>UNDERSTATEMENT DUE TO PREPARER WILLFULLY OR RECKLESS CONDUCT OR INTENTIONAL DISREGARD OF RULES-$5,000 per return;

<>FAILURE TO FURNISH COPY OF RETURN TO TAXPAYER-$50 per return, up to $25,000 per year;

<>FAILURE OF PREPARER TO SIGN RETURN-$50 per return, up to $25,000 per year;

<>FAILURE TO FURNISH PREPARER'S IDENTIFYING NUMBER-$50 per return, up to $25,000 per year;

<>FAILURE TO MAINTAIN COPIES OF RETURN PREPARED OR MAINTAIN A LISTING OF CLIENTS-$50 per return, up to $25,000 per year;

<>ENDORSING OR NEGOTIATING A TAX RETURN CHECK-$500 PER CHECK

<>EIC-FAILURE TO MEET "DUE DILIGENCE" REQUIREMENT-$100 per failure;

<>AIDING AND ABETTING AN UNDERSTATEMENT OF TAX LIABILITY-$1,000 per taxpayer per taxable period;

<>IMPROPER DISCLOSURE OR USE OF RETURN INFORMATION-Civil $250, Misdemeanor $1,000, one year prison or both;

<>MISREPRESENTATION OF EXPERIENCE, EDUCATION; GUARANTEEING PAYMENT OF TAX REFUNDS; THE FRAUDULENT OR DECEPTIVE CONDUCT-Court action to stop preparer from such conduct. Action to stop preparer from acting as a paid preparer for repeated violations. ***Updated Mar.2008*** Back to Top

Tax Rate Reduction..[2019]

The 2019 Tax Act accelerated the rate reduction of the tax rates scheduled to take effect in 2019 so that they are now effective for tax year 2019. The tax rates for 2019 now include the 10%, 12%, 22%, 24%, 32, 35 and 37% tax brackets. ***Updated Jan. 2020*** Back to Top

Get Your Tax Records..[2019]

Get Transcript Online;  CLICK HERE  Get Transcript By Mail;  CLICK HERE

FAFSA  - Tax information for student Financial Aid Applications; CLICK HERE

Get Transcript Frequently Asked Questions (FAQs);  CLICK HERE 

View Your Account Online; CLICK HERE            ***Updated Mar. 2020***   Back to Top

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