Integrated Tax Solutions Updates
NEW FOR US THIS YEAR:
Website – This year we are excited to introduce our new website! We will be directing clients, referrals, as well as financial professionals to our site as a central resource for your tax needs. You can access your tax portal, tax forms, links to helpful tax resources, annual updates, access to financial advisors, and more all from our website.
Post Cards – This year, in our continued efforts to keep your costs low, we are sending out postcards directing everyone to our new website where you can find your Engagement Form, Information Disclosure Form, and a link to your portal with your 2024 Tax Organizer. Please print, sign, and bring the Engagement Form and Information Disclosure form with your tax documents as you normally would. The 2024 Tax Organizer is a useful tool that we have made redily available to anyone who chooses to use it. Please note: the organizer is not required to be completed as are the Engagement Form or Information Disclosure.
Annual Tax Updates
IRS NEWS…
Disaster Relief – The IRS has published a lengthy list of eligible localities and other details for each disaster, including extended filing and payment dates. If you were affected by a 2024 disaster, please be sure your tax preparer is aware!
Charitable Contribution Scams – beware of promoters of fraudulent tax schemes involving Charitable LLC’s.
IP PIN (Identity Protection PIN) – the IRS and Security Summit Partners encourage taxpayers to add an extra layer of protection between their tax returns and identity thieves by joining the IP PIN program at the start of the 2025 tax season. IP PIN’s can be secured through www.irs.gov in your online account folder. If online is not your thing you can file form 15227 Application for Identity Protection Personal Identification Number to obtain an IP PIN. This program also helps prevent refund delays by accepting duplicate dependent returns with an IP PIN for the 2025 filing season.
Form 1099-K and Third-Party Settlement Organizations – Threshold for reporting transactions during calendar years 2024 and 2025 is $5,000.
Saver’s Credit and Saver’s Match – The Saver’s Credit, which has been available to low- and moderate-income taxpayers is being replaced starting in 2027 with the Saver’s Match. The logistics of managing this program are slow to come; however, the match is up to 50% of the first $2,000 put into a qualified account.
Qualified Charitable Distribution – Eligible IRA owners can donate up to $105,000 to charity in 2024.
Healthcare FSA’s – Employees can contribute up to $3,300 in 2025.
401(k) and IRA Limits – 401(k) increases to $23,500 for 2025; IRA limit remains at $7,000.
Energy Efficient Home Improvement Credit – If you make qualified energy-efficient improvements to your home after January 1, 2023, you may qualify for a tax credit up to $3,200.
Premium Tax Credit – The IRS updated its Fact Sheet 2024-30 for frequently asked questions regarding this credit.