2024 Tax Preview Newsletter

Dear Clients & Friends,

We hope you are enjoying the beginning of 2024 with your family and friends.

Although we are concentrating on the preparation of 2023 tax returns, it is also important to think about tax planning for 2024 and the various tax rules, breaks, and deductions that could affect you. Please gather at your earliest convenience all the necessary information related to this year so that we can assist you with the preparation of your 2023 tax return and allow you to pay the lowest taxes possible.

Tax preparation organizers were sent out in the first week of January. We ask that you have all of your information when you drop off your tax documents or request an appointment. We generally use the first-in first-out method when preparing returns. Call us if you currently have not received an organizer and would like one to assist you in gathering your information.

We can now upload tax returns and related information to a secure portal called Intuit Link. This method is far more secure than an email. We encourage you to call or email us if you are interested so that we can invite you to a portal. You may email your typical contact or our general email at info@rgscpa.com.

Enclosed is our winter newsletter. In it, you’ll find a review of some key changes to the tax code for 2023 and 2024.

Due to inflation, the income tax brackets and standard deductions are being adjusted by approximately 3.8 to 5 percent. Social security checks are increasing by 3.2%. Additionally, retirement plan contributions are also increasing as a result of inflation adjustments. For example, the annual savings limit for IRAs is now $7,000 for 2024, which is a $500 increase from 2023.

Beginning in 2024, most entities will need to comply with the Corporate Transparency Act (CTA) by filing a Beneficial Ownership Information (BOI) with FinCen. The deadline for filing this information is December 31, 2024 for businesses that were in existence before December 31, 2023. For businesses formed after this date, reporting is either due 90 days after formation for those formed in 2024 or 30 days for those formed in 2025. It is your responsibility to comply with CTA and the filing of the BOI. Failure to file this information can result in the imposition of substantial civil penalties.

Please contact our office if you have questions concerning any information in this newsletter. We’re always here to help our clients. New Year means New Tax Season. Starting January 3rd, we are open 6 days a week. Monday – Friday 8:30 A.M. to 5:00 P.M. and Saturday 9:00 A.M. to 2:00 P.M.

As always, we appreciate your continued patronage and look forward to a great 2024! Please remember that if you have been exposed and/or tested positive for Covid, Flu or any other contagious illness, then please contact our office prior to any appointments here or at your place of business to reschedule.

2024 Tax Preview Newsletter – Starkey & Company


                                                                                                                                          Starkey & Company, PA