2023 Mid-Year Newsletter
Dear Family & Friends,
Memorial Day is right around the corner and Starkey & Company would like to take this opportunity to personally thank those who have committed their lives to serve our country and to those who have lost their lives while defending our beautiful nation. We hope everyone has a fun filled day spent with family, friends and BBQ’s. If you need reading material while you lounge by the pool or at the beach, consider the enclosed mid-year newsletter.
Please join us as we welcome Judi Parsons back to the office. Judi had knee surgery at the end of tax season and has been recovering at home for the past month. We missed Judi greatly and so glad she’s back to keep us on track. In other news, Penny Tuttle retired at the end of April. She is missed but we hope she is having a blast living the retired life.
Beginning in 2023, grandparents are able to contribute to their grandchild’s college savings without hurting their ability to get financial aid by opening a 529 college savings plan. 529 plans are investment plans that enable you to save money for a beneficiary and pay for education expenses. The earnings are tax-free as long as they are used for qualified educational expenses and best part it’s virtually invisible to FAFSA (Free Application for Federal Student Aid.)
A Gift Tax Return (Form 709) is a federal tax form that must be filled out by any individual who gives a gift that exceeds the annual exempt gift amount which is currently $17,000 for 2023 or $16,000 for 2022. It’s the IRS way of keeping taxpayers from transferring wealth from one generation to the next tax-free. A Gift Tax Return isn’t just limited to gift of money, if you give real estate, vehicles, art, stocks and bonds to an individual and it exceeds the yearly limit, you will need to file a Form 709.
Please call our office if you have any questions regarding the information presented in this newsletter or to set up an appointment with one of our accountants to start planning for 2023.
We are working diligently to complete the tax returns we have on extension. If you have not dropped off your 2022 information, please do so as soon as possible. During the busy tax season, we sometimes forget to tell our clients how much we appreciate their patronage. We enjoy interacting and assisting you with your individual, business tax and financial needs. We appreciate any feedback you have on the services we provide. Only with feedback can we improve the experience you have with our firm. Have a happy and safe summer.
2023 Mid-Year Newsletter – Starkey & Company
Sincerely,
Starkey & Company, PA