Lehman, Hershberger & Company P.C.

Certified Public Accountants

  We see beyond the numbers to what matters most.


Now, in association with Block Advisors and H&R Block.

 

Goshen Office

301 W. Lincoln Ave.

Goshen, IN  46526

Phone: 574-533-8857

Fax: 574-534-5443

RLehman@lhpc.us

 

Shipshewana Office

P.O. Box 216

305 E. Main St.

Shipshewana, IN  46565

Phone: 260-768-4552

Fax: 260-768-4001

BrianH@lhpc.us


 

Document
W-9

December 2019

 

Dear Friend & Valued Client:

The staff at Lehman, Hershberger & Company P.C. hopes your holiday season is Merry and Bright!  It’s hard to believe, but it’s time to start thinking about taxes again!  We want to sincerely thank you for allowing us to be of service in the past, and we look forward to seeing you soon.

 

This year will be a new and exciting beginning for Lehman, Hershberger & Company as we are partnering with H&R Block and Block Advisors.  This partnership will bring added security to our electronic data, robust tax software at our disposal, and will provide our associates a vast resource library for tax law research.  These added resources will help us provide the best possible tax service this coming tax season to you.

A new tax year also brings with it several changes to tax laws.  Here are a few of the more notable changes:

  • The penalty (individual mandate) for not having health insurance no longer applies for 2019 federal tax returns.  If you or anyone on your tax return had health insurance through the marketplace, you will still need to reconcile any premium tax credit you received throughout the year on your tax return.  If this is the case, a 1095-A will be issued to you.  Please include the 1095-A with your tax documents when you bring them in.

 

  • For the 2020 tax season, the standard deduction amounts will be increased slightly as in previous years. The new amounts for 2019 tax returns are below. The increased standard deduction will continue to allow more individuals to file without itemizing deductions on Schedule A.

Filing Status

Standard Deduction Amount

Single & Married Filing Separate

$12,200

Head of Household

$18,350

Married Filing Joint

$24,400

 

  • IRA contribution limits have also increased to $6,000 with a $1,000 catch-up amount for taxpayers over age 50.

 

  • HSA account contribution limits have increased to $3,500 self-coverage only and $7,000 for family coverage.

 

  • As part of the IRS effort to make taxpayers who have had dealings in virtual currency aware of the possible tax consequences that are involved, the IRS added a virtual currency question to the top of Form 1040, Schedule 1:  “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”
  • Examples of virtual currency are:  Bitcoin, Ether, Roblox, and V-bucks.  If you sold or otherwise exchanged virtual currencies, or used virtual currencies to pay for goods or services, or held virtual currencies as an investment, generally there will be tax consequences and it needs to be reported on your tax return. 

 

Finally, in order to prepare your return, we are required to have copies of all of your W-2’s, 1099’s from retirement, interest, dividends and brokers, Form 1095 for health insurance, bank Forms 1098 and any other official IRS documents.

Tax Organizers:  To assist you in gathering your tax information, we have tax information organizers available on our website:  www.LHPC.us.  If you prefer printed copies, simply stop in or give us a call at (574) 533-8857. 

Important Reminders:

  • Filing an Extension does not give you an extension to pay!  Even if an extension is filed, the IRS and State will assess penalties and interest on the amount due from the original due date.
  • If you owe tax and cannot pay, file your returns anyway in order to avoid late filing penalties.
  • Our extended office hours will start on Jan. 25th.  Before that, our offices will be open 8a-5p Mon-Fri. 


Payment Terms:  As always, payment for services is due when you pick up your returns.  We do, however, offer the following payment options: 

  • Cash, check or money order,
  • Visa or MasterCard (3% additional fee to cover bank charges),
  • Fee Collect ($40 additional fee) - This service allows you to have your tax preparation fees deducted directly from your federal tax refund.


From all of us here at Lehman Hershberger, we wish you a very Blessed New Year!!