YEAR END PLANNING
As we approach the end of the year, now is the time to plan for taxes. You have time to act before it is too late! We can assist you with your personal and business taxes. As we work with clients, we develop friendships that last for years to come.
You have Tax Questions? At T.A.X.E.S. we have Answers!
PERSONAL TAXES
• Standard Deduction is now for Single $13,850 and Married filing joint $27,000 over 65 years of age add $1,500-$1,850. Head of Household is $20,800.
• The Child Credit is $2,000 for qualifying child under age 17 with a refundable component of up to $1,600 per child and qualifying Dependent Credit is $500.
• You can make qualified IRA contributions or max out 401-Ks
• HSA account, you can now contribute $3,850 for single and $7,750 for family plans.
• Ask about NEW Energy Credits, College tuition credits, and Child Care Credits.
BUSINESS TAXES
• The 2023 standard mileage for business use of vehicles is 65.5¢.
• Consider purchase of new assets as a deduction and paying for expenses in 2023.
• Basis calculation for S-Corporations and Partnerships is required to deduct losses and tax-free distributions. It is the responsibility of partner and shareholder to track their basis.
REMINDERS
• If you got a 1099-K for funds you received in 2023, it must be reported on your tax return.
• Ask about new rules for RMD’s for IRA’s and 401-K’s withdrawals that are now required.
• Did you receive or sell a digital asset? The IRS is requiring Cryptocurrency reporting.
There are many more taxing matters for the 2024 tax season. Now is the time to consider YEAR END PLANNING for the 2023 taxes. In the future read more at Alltaxingmatters.com.
Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax.com