The tax due dates are returning to the regular schedule. Partnerships and S-Corporation business returns are due March 15. Personal (Individual) and C-Corporations are due April 15.
Beginning in mid to late January our office hours will be Monday – Thursday 9:30 am to 5:30 pm and Friday 9:30 am – 5:00 pm. After April 15th we will return to regular hours Monday – Thursday 10:00 am to 5:00 pm and closed on Friday.
If our office hours do not meet your schedule, and/or those who are more partial to using our secure portal (TaxDome), please upload your tax documents and communicate via this secure client portal (email). Our office will be transitioning to Tax Dome as our secure portal in the near future.
By utilizing TaxDome you are able to e-signature to complete the return. This will save you time by eliminating the trips to the office.
Services Offered in Addition to Tax Preparation
We have expanded and now offer Family Office Services. The Family Office focuses on the integration of tax, wealth, and risk management into one cohesive experience. Typically, in financial services, advice is segregated to very specific expertise versus being connected across the different financial services disciplines. Creating a cohesive and integrated plan can have the same impact once only reserved for the wealthiest. It is now available to every American family.
Why You Need a Family Office
We see that too many of our clients suffer from the conflicts, high costs, and inefficiencies that result from working with multiple, often competing financial firms. We have made it possible for every American family to enjoy the advantages that were once only available to the ultra-wealthy. We can do taxes first, then a math analysis at no cost to you to see if your current portfolio is right for you.
Those advantages include lower costs, smarter tax treatment, and a holistic approach to preserving, protecting, and growing your wealth.
Our vision for a brighter future is to provide the professionals, the expertise, the systems, and operational controls required to deliver the family office experience.
We also offer more consulting services such as data analytics using different Business Intelligence (BI) tools to solve more complex business problems for our clients. This side of the business has been expanding recently and we foresee BI services growing more in the future.
Standard deduction table
| Filing Status | Standard Deduction 2023 | Standard Deduction 2024 |
| Single | $13,850 | $14,600 |
| Married Filing Jointly or Qualifying Widow(er) | $27,700 | $29,200 |
| Married Filing Separately | $13,850 | $14,600 |
| Head of Household | $20,800 | $21,900 |
Tax Year 2023 Tax Brackets
| Taxable Income Brackets and Rates | |||
| Rate | Single Filers | Married Joint Filers | Head of Household Filers |
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $15,700 |
| 12% | $11,000 to $44,725 | $22,000 to $89,450 | $15,700 to $59,850 |
| 22% | $44,725 to $95,375 | $89,450 to $190,750 | $59,850 to $95,350 |
| 24% | $95,375 to $182,100 | $190,750 to $364,200 | $95,350 to $182,100 |
| 32% | $182,100 to $231,250 | $364,200 to $462,500 | $182,100 to $231,250 |
| 35% | $231,250 to $578,125 | $462,500 to $693,750 | $231,250 to $578,100 |
| 37% | $578,125+ | $693,750+ | $578,100+ |
Tax Year 2024 Tax Brackets
| Taxable Income Brackets and Rates | |||
| Rate | Single Filers | Married Joint Filers | Head of Household Filers |
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 |
| 12% | $11,600 to $47,150 | $23,200 to $94,300 | $16,550 to $63,100 |
| 22% | $47,150 to $100,525 | $94,300 to $201,050 | $63,100 to $100,500 |
| 24% | $100,525 to $191,950 | $201,050 to $383,900 | $100,500 to $191,950 |
| 32% | $191,950 to $243,725 | $383,900 to $487,450 | $191,950 to $243,700 |
| 35% | $243,725 to $609,350 | $487,450 to $731.200 | $243,700 to $609,350 |
| 37% | $609,350+ | $731.200+ | $609,350+ |
Here are a few tax highlights:
Child Tax Credit (CTC) and Advanced Child Tax Credit (ACTC)
The standard amount of $2,000 per qualifying child 16 and younger. Up to $1,500 may be refundable.
Self-Employed
If you are self-employed in 2023 and receive payments from third party providers like Venmo or PayPal you will receive a 1099-K if you process more than $600. Meals from a restaurant with a business purpose returns to a 50% deduction in 2023.
Corporate Transparency Acy (CTA)
The CTA was passed to increase the transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It takes effect on January 1, 2024. It does this by requiring the filing of Beneficial Ownership Information (BOI) report. The companies that need to file are a corporation, LLP, LLC or any other entity created by filing with a state. This primarily targets small businesses. Sole-proprietorships do not need to file. A beneficial owner is an individual who exercises substantial control or owns at least 25% of the company. The beneficial owner must report to FINCEN their name, date of birth, address, and unique identifier number from a recognized issuing jurisdiction and a photo of that document. The company applicant may be the individual who directly files documents or is primarily responsible for controlling the document that are filed. The reporting companies created before January 1, 2024 have one year to file the initial reports and companies created after January 1, 2024 have 30 days to report. That may be extended to 90 days. If there are changes in beneficial ownership, it must be reported within 30 days upon becoming aware of the change. Failure to comply can result in fines from $500 to $10,000 per violation and jail time of up to two years.
Energy Credits
The solar energy credit is 30% for solar panels and solar water heaters purchased between January 1, 2022 and
December 31, 2032. The energy efficient home improvement credit was increased to up to 30% of certain qualified energy efficient improvements for tax year 2023 with maximum amount limited to $1,200 for certain improvements and up to $2,000 for qualified heat pumps, biomass stoves or biomass boilers. The lifetime limit was eliminated.
Certain EVs are eligible for a possible $7,500 credit and used EVs may be eligible for the lessor of $4,000 credit or 30% of the sales price.
Mileage Rates
Here are the rates that might be possible to take.
Business Rate is 65.5 Cents per mile, medical rate is 22 cents per mile, and the volunteer rate is 14 cents per mile.
Gift Tax
The annual gift tax exclusion for 2023 is $17,000 ($34,000 if married). No tax due on amounts up this amount.
Common Tax Forms You May Receive
W-2: if you earned wages from an employer
1099-INT: if you earned interest over $10.
1099-DIV: If you were paid dividends.
1099-G: if you received unemployment benefits.
1099-NEC: if you received self-employment income or non-employee compensation.
1099-MISC: if you earned rental, royalty, or other income.
1099-K: If you earned income from credit card payments, debit cards, prepaid cards or a third-party processor like Venmo, PayPal, etc.
1099-SA: If you got health savings account distributions.
1099-R: If you received distributions from a retirement plan or IRA.
1099-B: If you sold stock.
SSA-1099: if you received social security benefits.
1095-C: if you purchased health insurance from the marketplace.
W2-G: if you received gambling winnings.
1098: Mortgage Interest Statement.
Property tax statement.
1098-E: if you paid interest on student loans.
1098-T: if you or someone on your return paid tuition and education costs.
Childcare expenses: ask your child care provider
Sterling Hawthorne Group, 5750 Rufe Snow Dr, Ste 119, NRH 76180, Ph: 817-428-6005