Tax Tip of the Month: Maximize Contributions to Your Retirement Fund
With the end of the year rapidly approaching, it is a good time to check and see how much money you have contributed to your retirement fund in 2020, and how much more you could possibly contribute before reaching the maximum. If you have money available at the end of the year, contributing it to a retirement fund is one of the best investments you can make, especially if you have many years before retirement.

Thanks to the power of compounding interest, a contribution of a few thousand dollars to a retirement account now could be worth tens of thousands of dollars by the time you retire. Click here to see how much your investment could be worth by the time you retire.
COVID-19 Precautions for Tax Season
Due to the resurgence of COVID-19 in our area this winter, our office will have a number of additional precautions in place for the 2021 tax season to protect our clients and employees.

First, this year an online portal will be automatically set up for all tax clients for them to securely transfer documents to us without having to visit the office. Previously, clients had to request this, but now it will be set up for every client automatically. See the tax organizer you will receive in the mail for more information.

Second, although in-person appointments will still be available, you must call in to the office ahead of time to make those appointments.

Finally, we will be setting up a system to allow clients to sign e-file forms and other forms electronically as another way to minimize physical contact.

Thank you in advance for your understanding and cooperation as we work to keep everyone as safe as possible during these difficult times.
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Picture of the Month
This month's picture is of a 1947 Farmall H tractor that Ben has been working on restoring. The project is coming along well and the tractor is currently decked out for the holidays. Ben was going to feature it in the Christmas parade which was unfortunately cancelled due to the pandemic.
Latest Firm News
This month, Ben completed three days of continuing education on new updates to tax law that will affect the 2021 tax season. The education also covered possible initiatives that might be undertaken by the incoming Biden administration and how those might affect taxpayers.

In other news, tax organizers for existing clients of the firm will mail out on December 28th, so be sure to look for those in your mailbox starting in early January.

As a reminder, our office is open for in-person appointments. Per the current Virginia regulations, face masks are required for clients visiting the office. Phone appointments are of course still available for those who would prefer that option.
Featured Video: Retirement Plans for Small Business
To follow up on our tax tip for this month, now is the time of year many people are thinking about contributing to retirement plans. If you are a small business owner, you have several types of retirement plans available to you and your employees that are not available to the general public. Watch Ben's video below to learn more about them.
Featured Resource: United Way of Prince Edward County
This time of year, many people are thinking about making charitable contributions. The IRS has issued a ruling that in 2020, you can deduct a charitable contribution of up to $300 from your taxes even if you don't itemize your deductions.

If you want to take advantage of this to help out a good cause but aren't sure which charity to donate to, the United Way is a great place to do some research. Part of what United Way does is audit and vet other charitable organizations to make sure they are being run in a responsible manner. Checking their list of vetted organizations is a great way to make sure that your charitable contribution won't be spent only on administrative funds or worse, into the pockets of an unscrupulous organization's leaders.
Featured Customer: Pregnancy Support Center of Farmville
The Pregnancy Support Center is a a life-affirming, Christian ministry offering emotional, physical and spiritual support to women, men and their families facing pregnancy issues, sexual decisions and post-abortion trauma. The center provides peer counseling, education, and material services, all of which are confidential and free of charge. Learn more about them on their website here.