All Taxing Matters

Do you have Tax Questions? At T.A.X.E.S. we have Tax Answers!

Here are some items to collect for your 2024 taxes:

PERSONAL TAXES
• W-2’s – Provide proof of child’s residence (Child Credit) – 1095-A-B (Affordable Care Act)
• 1099R’s (Retirement) -1099 INT (Interest) – K-1’s (Estates, Partnerships and S-Corps)      
• Brokerage statements (Stock Sales) – IRA (Contributions) – 1099-S (Home Sale)
• 1099-SA (Social Security) – HSA (Contributions and Distributions) -1098-T (College)
• Sch-A  Requires – Major Medical Expenses – RE Taxes – Mtg. Interest – Large Charity Gifts. You may be able to download the forms from your company or an agency.

BUSINESS TAXES
• 1099 NEC’s – 1099 MISC’s – Business Income and Expenses
• Rental Income, Expenses and New Assets – Farm Income, Expenses and New Assets
• Mileage log to receive 67 cents per mile – Home Office information – SEHI (Health Insurance)

REMINDERS   
There are tax items you do not want to overlook on your 2024 tax reporting and preparation.
• IRA and HSA contributions can be made up to April 15, 2025
• If you receive a 1099-K in 2024, it must be reported on your tax return
• If you are 73 or older, you must take money out of your tax deferred IRAs and 401Ks
• Did you receive or sell a digital asset? The IRS is requiring Cryptocurrency reporting

There are many more taxing matters for the 2025 tax season. Now is the time to consider planning for your 2024 taxes. In the future read more at Alltaxingmatters.com.

Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax

One of the most important tax credits to families is the child tax credit (CTC) and the additional child credit (ACTC). When you think of the cost of raising children these days, you love them and want the best for them, but it really helps to have a credit on your taxes for them. Our staff at T.A.X.E.S. will explain the credit and what is required to be able to qualify.

2022 Credit 

It is up to $2000 per child. This is a return to the pre-covid amount. You must owe taxes up to $500 for the nonrefundable part of CTC that is added to the refundable amount of ACTC of $1500. This is subject to income phaseouts of AGI of more than $200,000 ($400,000 MFJ).

Age

Only for children under 17 years by the end of 2022. The extended age and different amounts for children was only for tax year 2021. We realize that most children are still in high school at 18, but we have returned to the previous IRS rules for credits, much to the dismay of parents.

Requirements

A Social Security number is required for each child. The child needs to live with a parent for over half of the year. Or a parent has to have a signed form 8332 as a release of claim from the custodial parent. The IRS does not recognize court documents as to custody. This is an important issue, when there is a divorce or legal separation and requires very specific details.

You may be able to take the dependent tax credit instead (ODC). We at T.A.X.E.S. can help you to determine if you can qualify for the $500 credit for an older child or a qualifying relative.

There are many more taxing matters for the 2022 tax season. Now is the time to also consider 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

The time has come to collect your 2023 tax information. The following list is to remind you of the forms and papers you will need to properly file your 2023 taxes. We are here to assist you. Do you have Tax Questions? At T.A.X.E.S. we have Answers!

PERSONAL TAXES

• W-2’s from your employer and 1099-NEC’s from self-employment.
• 1099 Social Security and 1099-R’s statements for retirement income.
• 1099’s interest and dividend forms.
• Contributions to IRA’s and HSA’s.
• Childcare expenses and 1098-T tuition payments for credits                               
• Brokerage statements and K1’s received.
• “New” Home energy and EV electric car credits documentation.
• Med expenses, Mtg. interest, RE taxes, and Charity total must exceed standard deduction.
• Child Tax Credit needs proof of residence. School, Doctor, and Childcare records etc.

BUSINESS TAXES

• Self-employed and rental owners, list income, expenses, and new assets.
• 1099-NEC’s and1099-Ks received. Track business mileage and home office costs.
• Self-employed can deduct their health insurance premiums.

REMINDERS

• You can max-out HSA and IRA contributions by April 15, 2024.
• If you got a 1099-K for funds you received in 2023, it must be reported on your tax return.
• Starting at age 73, RMD’s for IRA’s and 401-K’s withdrawals are required.
• Did you receive or sell a digital asset? The IRS requires Cryptocurrency reporting.
• Deadline is April 15 without an extension. Extension to October 15 but taxes are due April 15.

When you have all the papers required for filing, we can help provide easy tax solutions.

There are many more taxing matters for the 2024 tax season. In the future read more at Alltaxingmatters.com.

Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax.com

Are you ready for the 2023 Tax Season? Income Taxes are a challenge! The past two years have shown that to be true with all the changing tax laws. 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

Here are some of the new numbers for families and facts you need to know for 2022 taxes.

• Standard Deduction is now for Single $12,950 and Married filing joint $25,900, over 65 years of age add $1,400-$1,750. Head of Household is $19,400.
• The Child Credit is $2,000 for qualifying child under age 17 and a refundable component or additional child credit of up to $1,500 per child.
• Other qualifying Dependent Credit is $500. 
• If you have an HSA account, you can contribute $3,650 for single and $7,300 for family.

BUSINESS TAXES

The Mileage Rates have increased to compensate for the higher cost of fuel. For those who use the standard mileage for business use of vehicles, the amount is split by dates for 2022.

• Jan 1-Jun 30 58.5 ¢ and Jul 1-Dec 31 62.5¢
• Basis calculation for S-Corporations and Partnerships is required to deduct loses and tax-free distributions. It is the responsibility of partner and shareholder to track their basis.

REMINDERS   

There are tax items you do not want to over look on your 2022 tax reporting and preparation.

• If you got a 1099-K for funds you received in 2022, it must be reported on your tax return.
• Starting at age 72, RMD’s for IRA’s and 401-K’s withdrawals are required.
• Did you receive or sell a digital asset?  The IRS is requiring Cryptocurrency reporting.

There are many more taxing matters for the 2022 tax season. Now is the time to consider 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