Resources
January 2024 Newsletter
Featured Articles
Appraisals Aren't Just for Businesses
January 2024
Whether you're in the process of making a retirement or estate plan or you intend to donate property to charity, you'll need to know the value of your assets. For many hard-to-value items, such as closely held business interests,
The Advantages of LLC Structure for a Small Business
January 2024
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you're launching a new business and want to know the options for
Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls
January 2024
If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it's placed in service. Alternatively,
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
January 2024 Newsletter
Tax Tips
Upcoming Tax Due Dates
January 2024
January 16
Individuals: Pay the fourth installment of 2023 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding.
Employers: Deposit Social Security, Medicare and withheld income taxes for December 2023 if the monthly deposit rule
2024 vehicle mileage rates
January 2024
The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle:
Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks)
Did You Get Married in 2023?
January 2024
Your filing status options for your 2023 income tax return depend on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it's a good idea to take
One Reason to File Your 2023 Tax Return Early
January 2024
The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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