2024 Year End Newsletter

Dear Clients & Friends,

We hope you are enjoying the cooler weather of fall and are looking forward to the holidays ahead. Tax law is always evolving, although a lot of things are the same, many provisions of prior legislation are being phased in during 2024.

Some of these new provisions are highlighted in the enclosed year-end edition of our newsletter. In the newsletter, you will find important information to consider before the end of 2024. Tax planning is always important. This newsletter includes a checklist for what to keep track of in order to streamline the filing of your taxes. Make sure to sort your receipts, collect your 2024 tax forms, and coordinate your deductions.

For the tax year 2024, income brackets subject to tax are increasing by approximately 5.4 percent due to inflation. Required distributions for tax-deferred IRAs and 401(k)s can be delayed to the year you reach age 73.

You may receive a new form for this coming tax year called a “1099-K.” This form is designed to catch business activity conducted on the internet that is currently unreported. This form will report the gross amount of payments you received of more than $5,000 from transactions on services like PayPal and Venmo. If you receive one, save it and make a list of related expenses. This revenue needs to be reported, most likely on form Schedule C Business Income or Loss.

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.

Garrett Jenkins, EA is now an Owner and Partner of the Firm. Garrett has over 11 years of experience in public accounting working with business and individual clients helping them reach their goals by providing business, tax, and financial services they need to be successful. Garrett is the firm’s liaison with the Milford Chamber of Commerce and is a member of the Milford Lions Club. We are excited about the firm’s future with Garrett joining the ownership group.

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 Year End Newsletter – Starkey & Company

                                                                                                                                          Sincerely,

                                                                                                                                          Starkey & Company, PA