2024 Tax Tips Newsletter

Dear Clients & Friends,

We hope you are managing to stay comfortable during this hot weather; these temperatures and humidity are more typical of August, so hopefully Mother Nature is getting it out of her system early and it won’t be even hotter later this summer. Please make sure to hydrate and stay cool. If you get a moment in between working, vacations, and kid’s activities, then please read the enclosed Tax Tips newsletter.

In this edition of our newsletter, you will find tips on keeping documentation, managing your retirement plans, and taking advantage of adult student tax breaks. Many people are investing in their hobbies by transforming them into businesses. If that is something you are considering, then turn your attention to the newsletter’s section on this topic. It may be a beneficial move depending on the profit motive, income, and expenses of your hobby. But beware, hobby losses are not allowed to offset other income and can encourage IRS scrutiny of your return. 

We are working diligently to complete the tax returns we have on extension. If you have not brought in your 2023 tax information, we recommend that you do so sooner than later. Also, please take note of the upcoming tax-related deadlines. If you are paying estimated taxes toward your individual or corporate tax liability for 2024, then keep in mind that your 3rd quarter installment will be due September 16th and 4th quarter will be due January 15, 2025.

We are still down one staff member and continue to seek the right person to bring on board. If you know someone that has some tax preparation and accounting experience, then please send them our way.

Intuit Link is a secure portal we utilize to upload tax returns and related information. This method is far more secure than an email. We encourage you to call or email us if you are interested so that we can invite you to a portal. You may email your favorite staff member or our general email at info@rgscpa.com, and we will set you up.

As always, we appreciate your continued patronage! Please contact our office if you have questions concerning any information in this newsletter. If you have been exposed and/or tested positive for Covid, Flu or any other contagious illness, then please contact our office prior to any appointments here or at your place of business to reschedule.

2024 Tax Tips Newsletter – Starkey & Company

                                                                                                                                          Sincerely,

                                                                                                                                          Starkey & Company, PA