2024 TAX LAW UPDATES
With various changes in the tax laws trust an Enrolled Agent to prepare and file your taxes with guaranteed accuracy
TAX SEASON
IS
ALMOST HERE
Tax Forms
Your employers have until Jan 31 to issue your W2 wage statements.
They don't always meet the deadline.
Many taxpayers file at the beginning of the season.
At times when you file your return early, you may receive additional tax documents in the mail.
No worries! We are here to help.
Contact us if you received additional documents
after you have already filed your taxes.
Additional Income Reporting
Did you receive income through a third party transaction using Square, CashApp, Zelle, PayPal, etc?
As of DEC 23. 2023 the IRS has reduced the 1099-K reporting threshold of $600. The 1099-K forms are now required to be issued when gross payments exceed $20,000 and the are more than 200 transactions.
We provide assistance to taxpayers who received
form 1099-K in error.
Income from Digital Assets
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Non-fungible tokens (NFTs)
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Crypto Currency
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Virtual Currency
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Stablecoins
If you sold, exchanged, or transferred
a digital asset held as a capital asset in 2024
The IRS requires you to report this on your tax return
Educational Credits
American Opportunity Tax Credit
• Up to $2,500 per eligible student attending an eligible institution
• Applies for the first four years of undergrad education. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
Lifetime Learning Credit
• Per taxpayer on the return, up to $2,000 per year for qualified tuition and
related expenses paid to an eligible institution
• Applies for any post-high school education at eligible educational
institutions
Retirement Plans
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $23,000.
The limit on annual contributions to an IRA has increased to $7,000 per year. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.