As we approach the end of January and those W-2s start arriving in the mail, it’s a good time to get ahead of the due dates and deadlines for filing this year. Get all the information for your tax season calendar here.
The IRS has announced that it will start accepting and processing Tax Year 2024 returns on January 27th, 2025. When the agency will begin accepting and processing 2024 tax returns. More than 128.7 million individual tax returns are expected to be filed by the April 15, 2025, tax deadline, so if you haven’t started gathering your information, now its a great time to get ahead of the crowd.
Act now to report, prevent and recover from tax-related identity theft.
Learn how to protect your information so no one can get your refund, file a return in your name or access your Online Account. Click here to learn more.
Recently, two clients notified Business Bookkeeping Services of a Bank of America phone scam that included the caller requesting the last four numbers of the client’s Social Security (SS) number. One client shared the SS numbers, resulting in bank accounts being compromised. The frightening part is that the client’s caller ID came up as “Bank of America”. Click the article link to learn what you should do if you get a call, and how to avoid falling prey to phone scams. If You Get This Call From Bank of America, Hang Up Immediately
As the “clean” vehicle market continues to expand, tax rules regarding incentives and credits are subject to changing EPA and commerce legislation. The articles below spell out the latest requirements, and explain Form 8936, for claiming clean vehicle credits.
There has been a lot of news recently about checks being stolen from the mail and “washed” or sold to the highest bidder on illegal websites. This article from the IRS website linked below is evidence of the efforts being made to prevent check theft and mail fraud within the organization.
U.S. Postal employee and two co-conspirators are arrested for $24 million stolen check scheme.
Here are a few things to remember as you are collecting the information you need to file your taxes.
The best way to insure speedy processing is to make sure you provide your tax preparer with all the necessary information and totals, but keep your receipts handy at home!
We have updated our chart showing the Adjusted Gross Income (AGI) amounts and corresponding Roth contribution limits for Tax year 2023.
| Filing Status | 2023 Modified AGI | Contribution Limit |
|---|---|---|
| Married Filing Jointly | Less than $218,000 | $6,500 ($7,500 if you’re age 50 or older) |
| $218,000 to $228,000 | Reduced | |
| $228,000 or more | Not eligible | |
| Single, Head of Household, or Married Filing Separately (and you didn’t live with your spouse at any time during the year) | Less than $138,000 | $6,500 ($7,500 if you’re age 50 or older) |
| $138,000 to $153,000 | Reduced | |
| $153,000 or more | Not eligible |
