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Dave Koohy
Coastal Financial Group & Island Tax Associates
(401) 846-4290

Say a final good-bye to 2020 

And welcome some good news!

2020 has affected all of us in many different ways including the impact it has on your taxes. The good news is that because of Covid 19, there might be some benefits we can apply to your tax returns.  Call us at (401) 846-4290 to schedule your appointment.  When you call let us know if you'd prefer an in-person meeting at my office (which is constantly being disinfected per Covid 19 requirements) or by a Zoom video meeting. 
Important Dates:

JANUARY 31st - You should have all tax documents from your employer, contractor, or the government.  

MARCH 15th is the deadline for small business filing.

APRIL 15th is the deadline for personal tax returns



What to  Bring to Our Meeting

  1. Medical cost information
  2. Social Security income
  3. Unemployment insurance forms
  4. Business and self-employment income
  5. Records of rental property expenses


  1. The interest on your mortgage
  2. Home Equity Line of Credit interest
  3. Medical insurance and non-reimbursed medical expenses including drugs, lab fees, co-pays, contact lenses and eyewear
  4. Donations – provide receipts, credit card charged records or cancelled checks
  5. Estimated taxes including Federal and State payment details
  6. IRA and Pension contributions
  7. Child care expenses – provide the name, address and business ID numbers of all providers
  8. Student loan interest
  9. Business self-employment expenses
  10. Rental expenses which might include: mortgage interest, real estate taxes, insurance, repairs, maintenance, improvements, utilities, and association fees.
  11. Tuition expenses, copy of form 1098T

Income Documents to include at our meeting

  1. W-2 for wages
  2. 1099-G for unemployment benefits received
  3. 1099- miscellaneous for freelance work
  4. 1099-R for annuity, IRA or pension income
  5. 1099-B and 1099-S for the sale of property or stocks
  6. 1099C – cancellation of debt forms
  7. W-2G for gambling winnings
  8. K-1 forms from Partnerships, “S” Corporation, Trusts & Estates

Residing in a state other than Rhode Island

Some states do not require a State Tax return.  If you have moved to a new state or have had a significant change in your financial situation, you may need to file a state tax return even if you have not previously done so.

Retirement Funds

Both 401k’s and traditional IRA’s can result in tax breaks depending on your situation.  This could potentially lower your tax liability and make your retirement more secure.

For IRA’s:

  • under 50 years old – you can contribute $6000/year
  • over 50 – you can contribute $7000/year

For 401K:

  • under 50 years old – $19,000/year
  • over 50 years old – $25,000/year
If you have any questions or concerns, please feel free to email me at  or call at (401) 846-4290.  I look forward to meeting with you.

Copyright © 2021 Island Tax Associates, All rights reserved.

Our mailing address is:
Island Tax Associates
438 E Main Rd
Middletown, RI 02842-7273

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