WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67…
Read More...Get Ready: IRS website has helpful resources for taxpayers
WASHINGTON — The Internal Revenue Service encourages taxpayers to check out IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax return. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can…
Read More...New tax brackets for 2024
Not everybody pays the same amount of taxes. The IRS determines how much you’ll pay each year using a graduated-rate income tax system. This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%,…
Read More...IRS announces delay in Form 1099-K reporting threshold for third-party platform payments for 2023; plans for a threshold of $5,000 in 2024 to phase in implementation
WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new law, the agency will…
Read More...Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024
WASHINGTON — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return. This is the first in a series of special IRS “Get Ready” reminders to help taxpayers prepare for the upcoming tax…
Read More...Merry Christmas
Wishing you a very Merry Christmas and the best of the Holiday Season.
Read More...Individual retirement accounts can be important tools in retirement planning
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA is the most common…
Read More...LEARN FROM MY FINANCIAL MISTAKES: WHY HAVING A PLAN CAN HELP YOU RECOVER
A certified financial planner on the money mistakes she made early in her career and how she got on a better path. It seemed like a good idea at the time. I was a brand-new financial planner and I thought I had to look a certain way. The only problem was that I hated shopping,…
Read More...Planning to Retire in 2024? Take These Steps Before You Leave Your Job.
With only a few months to go before hitting that major life change, now is the time to get your plan ready to go. If you’re planning to retire in 2024, congratulations! You’re about to start on an incredible next stage in your life’s journey. To make the most of your available financial resources during…
Read More...Happy Thanksgiving
As we begin another holiday season, may your heart be filled with love and grace. Spend time with loved ones and friends and consider the blessings of the Lord in your life.
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