Welcome to Ingram & Associates Tax Firm
Established 1966
Individual / Business / Corporate Tax Returns
Professional Bookkeeping and Payroll Services
Voted #1 Tax Preparers for 2019 & 2020!! #BestofSumter. Thank-you Sumter!
Make your appointment with the Best!
Guaranteed, Dependable, Year-round Service
Where we care about our clients and offer reasonable rates
ABOUT US
MEET THE TEAM
Charles C. "Buck" Ingram
President / Tax Preparer
Buck started Ingram & Associates in 1966 while he was also employed by the US Postal Service. He has grown the business to 4000+ clients and I&A has a 99% accuracy rating. Coming from a "country" background, Buck enjoys helping people get the most out of every dollar they can on their Individual and/or Business tax returns.
Christopher D. Ingram
Vice-President / Tax Preparer
Chris has been working with his dad for over 14 years at I&A. He strives to give his clients the best tax advice possible. You can count on Chris and his valuable experience as an IRS Registered Tax Preparer to get you the most money back on your Individual or Business return.
Jim L. Lamb
Tax Preparer
Unfortunately, Mr. Lamb passed away in September 2018 and will truly be missed by all! We request that you please make your appointment with Chris or Beth to take care of your tax and business needs. This team is dedicated to serve you!
Susan E. "Beth" Huggins
Bookkeeper/Tax Preparer/Notary Public
Beth received a BS degree in Business Administration, with emphasis in Finance, from USC-Aiken. She has 30+ years of Accounting experience and joined I&A in Jan. 2017 as Bookkeeper and an IRS Registered Tax Preparer. She is currently taking new bookkeeping clients as well as tax clients. Call I&A to set up your Bookkeeping meeting or to make your tax appointment today.
Angela Green
Administrative Assistant
After 14 years of service at I&A, Angie will set up your appointment and process your documents with care and accuracy. She is extremely conscientious about her work and is very personable. Angie will have some temporary help in the office again this year, so put these ladies to work and make your tax appointment today!
99% error free at Ingram & Associates
Review the following tips for being prepared for your 2020 tax appointment
If possible, please do not bring children to your appointment.
- Please bring all statements that show the wages, interest or any other income you received during 2020 (W-2's, 1099's, your Social Security Statements, Pensions & Annuities, etc.)
- If you withdrew money from your 401k, please bring the required documentation (Form 1099-R)
- If you were unemployed, received alimony or gambling winnings, please bring these documents with you (W2-G)
- If you paid any Student Loans during 2020, please bring form 1098-T with you (provided by College)
- If you were Self-employed during 2020, please bring totals of your income and expenses by category (see Business/Rental section below)
- If your child goes to daycare, we need to have the ID number (or Social Security number) and address of the provider along with the amount you paid to them
- If you are covered by Health Insurance please bring a copy of your 1095 A, B, or C - whichever applies to you
With proper documentation, the following may be deductible:
- Unreimbursed medical expenses
- Moving expenses (only if Military)
- Recognizable charitable donations
- Overnight job related expenses (log book if filing Schedule C)
- Job improvements (if you own your own business)
- Casualty losses (if loss was from a natural disaster)
All receipts should show a grand total
For Business expenses and Rental property, please have a total expense for each of the following categories, if applicable:
- Advertising
- Car & Truck Expense
- Commissions and fees
- Contract Labor
- Insurance (other than health)
- Interest paid on Mortgage and/or interest paid on other loans for your business
- Legal and Professional fees
- Office Expense
- Rent or lease
- Repairs & Maintenance
- Supplies
- Taxes & Licenses
- Travel
- Deductible Meals
- Utilities
- Wages paid to employees
- Other Expenses
If new equipment was purchased, please provide a list of equipment with the date purchased and the amount.
Filing Deadlines:
January 31, 2021:
Furnish W-2 Copies B, C, & 2 to employees. File Copy A along with Form W-3 to the IRS.
Furnish 1099 Copy B to recipients. File Copy A with the IRS along with Form 1096 for paper filing.
March 15, 2021:
Last day to file Partnership and Corporate Returns
April 15, 2021:
Last day to file Individual Returns
Need more time to file? Then use Form 4868 to apply for an automatic extension.
Print Form 4868, fill out the requested information, attach the amount you think you will owe on your 2020 tax return and have it postmarked by April 15, 2021 to receive an automatic extension until October 15, 2021
.
Changes for Tax Season 2021:
Tax Day is Thursday, April 15, 2021.
If you didn't receive the $1200 Stimulus check during 2019 ($2400 for Married filing jointly), you may be able to receive a credit for it on your 2020 tax return if you qualify. If you did receive the money, it will not count as taxable income. Instead, it is being treated as a refundable tax credit for 2020.
If you itemize deductions, the CARES Act allows you to deduct up to 100% (verses 60% in 2019) of the adjusted gross income in your qualified charitable donations, in an effort to encourage charitable giving.
If you don't have enough deductions to itemize, the CARES Act added a new "above-the-line" deduction that will help you write off up to $300 of charitable contributions you made in cash ($600 for Married Filing Jointly).
If you itemize, you can deduct out-of-pocket medical expenses above 7.5% of your adjusted gross income.
If you are self-employed, there are lots of deductions you can claim on your Schedule C including travel expenses and take a home office deduction if you use a part of your home to conduct business. However, if you were sent home to work remotely, you won't be able to claim the home office deduction as this is reserved for self-employed individuals only.
Make your appointment with Ingram & Associates for all the up-to-date information needed to receive the tax breaks you deserve.
Income tax brackets have increased to account for inflation.
The standard deduction has increased to $12,400 for single filers and $24,800 for married couples filing jointly.
Depending on your income, your filing status and how many children you have, you could save anywhere from a few hundred to a few thousand dollars by qualifying for the Earned Income Tax Credit.
The Child Tax Credit is $2,000 per qualified child (with income limitations).
If you received unemployment benefits in 2019, you will need to pay income taxes on that money.
You might have to pay income taxes and a withdrawal penalty for any 529 educational plans that were refunded to you.
The IRS has waived penalties on early withdrawals from your 401(k) and IRA accounts for 2019 but you still have to pay income taxes on the money you withdrew.
If you own a traditional IRA, the age has increased from 70 1/2 to age 72 on withdrawals of required minimum distributions. Owners can also continue to contribute to the traditional IRA past age 70 1/2.