We prepare your taxes on-line! You sign your taxes on-line! 24/7 secure access!
Accounting and Tax Services You Can Count On Save your time and money!
Tax Representation Services
The IRS has just received $80 billion in funding for advancements in tax law enforcement. We can help if:
- You owe the IRS a lot of money, but can't pay at the moment;
- You got a letter from the IRS demanding unpaid taxes;
- You've received notification about penalties and interest;
- You’re on the brink of very aggressive collections, including levies and seizure of your assets;
- You didn't file your tax returns for many years;
- You are under the IRS examination or audit;
- You got a notice from the IRS but don't understand the meaning of the notice.
2024 Tax Season
As we approach the 2024 tax year, several important updates and changes in tax preparation are noteworthy. Here's a summary to help you stay informed:
1. Standard Deduction Increases
- Married Couples Filing Jointly: The standard deduction rises to $29,200, an increase of $1,500 from 2023.
- Single Taxpayers and Married Individuals Filing Separ
As we approach the 2024 tax year, several important updates and changes in tax preparation are noteworthy. Here's a summary to help you stay informed:
1. Standard Deduction Increases
- Married Couples Filing Jointly: The standard deduction rises to $29,200, an increase of $1,500 from 2023.
- Single Taxpayers and Married Individuals Filing Separately: The deduction increases to $14,600, up by $750.
- Heads of Household: The deduction is now $21,900, reflecting an increase of $1,100.
2. Tax Bracket Adjustments
Tax brackets have been adjusted for inflation, affecting income thresholds across all filing statuses. It is advisable to review the updated brackets to understand how they may impact your tax liability.
3. 1099-K Reporting Threshold
For the 2024 tax year, the threshold for receiving Form 1099-K from payment platforms has been adjusted. Earnings of $5,000 or more from such platforms will now trigger the issuance of a 1099-K form. This change is particularly relevant for side jobs or online sales individuals.
4. Retirement Account Contribution Limits
Contribution limits for retirement accounts, including 401(k) plans, have increased to allow for greater retirement savings. Reviewing these new limits can help you maximize your contributions.
5. Child Tax Credit
The Child Tax Credit remains at $2,000 per qualifying child under 17. The maximum refundable portion is adjusted for inflation and is set at $1,700 for 2024.
6. IRS Direct File Program
The IRS has introduced a permanent Direct File program, allowing taxpayers to file their federal income taxes for free without needing third-party services. This initiative aims to simplify the filing process and reduce associated costs.
7. Tax Filing Season Dates
The IRS has announced that the 2024 tax filing season will commence on January 29, with the standard filing deadline on April 15. Taxpayers are encouraged to prepare early and utilize online tools provided by the IRS to facilitate a smoother filing experience.
8. Energy-Efficient Home Improvement Credits
Expanded tax credits are available for energy-efficient home improvements, such as solar installations and other qualifying upgrades. These credits are designed to incentivize environmentally friendly enhancements and are valid through 2032.
9. Estate and Gift Tax Exemptions
The estate and gift tax exemption amounts have been adjusted for inflation, allowing for higher thresholds before taxes are applied. Reviewing these changes is important, especially when planning significant gifts or estate transfers.
Thanks for the opportunity to serve you!
Accounting and Tax Services for Small Business
Compliance
Accounting and Payroll
Accounting and Payroll
- New Companies/Entities Registration
- EIN, ITIN
- Legally Required Corporate Documentation
- Accounting process set-up
- Public Notary Services
Accounting and Payroll
Accounting and Payroll
Accounting and Payroll
- Bookkeeping: Manage daily transactions
- Payroll: Management of payroll and taxes
- Planning: Reporting and advice to support growth
- Payables & Receivables: Management of supplier and customer invoices
Taxes
Accounting and Payroll
Taxes
- Taxes: Individual, Self-Employed, Corporate, Partnership, Non-Profit, International
- Tax Planning for Individuals and Businesses:
- Lowering taxable income
- Reducing tax rates
- Controlling the amount and terms of tax payments
- Maximizing tax relief and tax credits