The IRS recently released Notice 2024-08, which updated 2024 Standard Mileage rates starting January 1, 2024. The following 2024 mileage rates are as follows: Business Mileage Rate – 67 cents per mile, up 1.5 cents Medical Mileage Rate – 21 cents per mile, down 1 cent The
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As we approach the end of 2023, we suggest reviewing your 2024 Federal and State withholding to prevent any surprises when filing. It’s optimal to verify withholding early in the year to mitigate unexpected outcomes, such as substantial refunds or balances due. Act Now: We suggest taking
Read more →We wanted to bring to your attention a recent CNBC Article highlighting changes in Social Security benefits that may impact some individuals, particularly those receiving pensions from non-Social Security-covered work. An example of this could be working as a public servant, where wages were NOT subject to
Read more →We wanted to bring to your attention a recent Tax Court case highlighted in the recent Journal of Accountancy Article that underscores the importance of proper substantiation for business expenses. As experienced CPAs, it is crucial for us to ensure our clients are well-prepared and compliant with
Read more →The following Kiplinger article titled “Six Ways to Prepare for Widowhood and Protect the Surviving Spouse” highlights aspects of retirement planning for couples and provides additional details. Given the sensitive nature of the topic, it is essential for both partners to discuss these items to plan for
Read more →The IRS has delayed the effective date of the $600 threshold for Form 1099-K reporting and will treat payments subject to reporting in 2023 as a transition year. Form 1099-K is issued by third-party settlement organizations (i.e., credit card processors, online retailers, etc.). The current threshold for
Read more →The IRS issued IR-2023-203 announcing updated 2024 retirement contribution limits for individuals. For those employees who participate in 401(k), 403(b), and most 457 plans, the 2024 employee deferral amount has increased to $23,000, up from $22,500. The catch-up contribution for those aged 50 or over remains at
Read more →The IRS has recently sent over 20,000 letters to taxpayers to disallow their Employee Retention Credit (ERC) claims. This first wave of letters targeted taxpayers who did not exist or had no paid employees during the eligibility period for this COVID credit. If the taxpayers disagree with
Read more →We wanted to bring your attention to a recent CNBC article discussing tax advantages offered by Health Savings Accounts (HSAs) and the potential for optimizing their use. To be eligible for these advantages, the individual must be currently participating in a High Deductible Health Plan (HDHP) that
Read more →Despite the absence of significant tax law changes, the enduring year-end strategy of deferring income and accelerating deductions to minimize tax liability remains effective. This approach continues to benefit most taxpayers, particularly those in lower to middle-income brackets. Additionally, consolidating deductible expenses into this or the next
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