CPA For Individual and Business Income Tax Filing
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beneficial ownership information reporting
What Is BOI?
When To File?
When To File?
- BOI (Beneficial Ownership Information) is a new requirement from the Treasury Department about individuals who own or have control of at least 25% of an LLC or Corporation.
- In 2021 the Congress passed the Corporate Transparency Act to avoid illicit tax shelter structure.
When To File?
When To File?
When To File?
- All companies established prior to January 1, 2024 have until December 31, 2024 to file with FinCen.
- An Entity created on or after January 1, 2024 have 90 days to file with FinCen.
- After January 1, 2025 all new entity have 30 days to register with FinCen.
How To File?
When To File?
How To File?
- Self-Filing: From the FinCen Website.
- Expert-Help: We can help you file on your behalf.
- Website is under development, yet.
VAR CPA EA List of Services
Compliance
Consultation
Compliance
- Income Taxes: Personal, Business, and Corporate
- Knowledgeable Local Sales Tax, VAT
- Legally Required Corporate Documentation
Management
Consultation
Compliance
- Bookkeeping: manage daily transactions
- Payroll: Management of payroll and taxes
- Planning: Reporting and advice to support growth
- Budgeting & Forecasting
- Taxes CPA
Consultation
Consultation
Consultation
- Financial: Help business owners & directors make informed decisions
- Auditing: Advice on any type of audit.
Contact us today to get started!
Contact us today to get started!
Contact us today to get started!
Contact us today to get started!
Contact us today to get started!
Contact us today to get started!
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Individual & Business Taxes
Our family-owned accounting service has been serving the community for over 10 years.
Our team has grown and includes experienced CPAs and dedicated support staff to provide both personal and professional financial services.
Tax Advisors
Corporations & Bookkeeping
Are you in need of accounting and/or bookkeeping services for your business? Schedule a complimentary 15-minute call with our team so we can help you put the right processes in place for a successful business.
IRS Tax Index Update for 2023
Income Tax Rate
Itemized or Standard Deduction
Itemized or Standard Deduction
Tax rate remains the same for 2022:
- Tax rate of 12% (lowest)
- Tax rate of 37% (highest)
Itemized or Standard Deduction
Itemized or Standard Deduction
Itemized or Standard Deduction
- The itemized deduction remain unchanged as previously modified by the Tax Cuts and Jobs Act back in 2017. (There is no limitation).
- The standard deduction for Married-Filing-Jointly increased to $27,700, Single filers to $13,850, and Head of Household to $20,800.
- The standard deduction for a dependent is the greater of $1,250 or his/her total working income plus $400; but less than $13,850.
- The added standard deduction for elderly/blind is $1,500 for married individuals and $1,850 for single and HOH.
AMT Tax
Itemized or Standard Deduction
Earned Income Tax Credit
Tax exemption increased to $81,300 and phase out at $578,150 for single filers.
For married-filing-jointly and qualifying window(er)s increased to $126,500 and phase out at 1,156,300.
Earned Income Tax Credit
Earned Income Tax Credit
Earned Income Tax Credit
- Maximum credit increased to $6,935 for qualifier taxpayers having three or more qualifying children.
Standard Milage Rate
Earned Income Tax Credit
New Clean Vehicle Credit
- Business deduction of personal car used at a rate of 65.5 cents per mile.
- Charitable standard milage deduction is 14 cents.
- Medical standard milage deduction is 22 cents.
New Clean Vehicle Credit
Earned Income Tax Credit
New Clean Vehicle Credit
- New clean vehicle credit of $7,500 for a vehicle placed in service after December 31, 2022 and before December 31, 2032 (limitations apply).
MSA & HSA
Life Time Learning Credit
Life Time Learning Credit
- Maximum contribution $3,050.
- Self-only coverage annual maximum out-of-pocket expense is $7,500.
- For family coverage annual maximum out-of-pocket expense is $15,000.
Life Time Learning Credit
Life Time Learning Credit
Life Time Learning Credit
- To determine the phase out balance for the credit the Adjusted Gross Income (AGI) is $160,000 - $180,000. (MFJ)
- For single individuals AGI is $80,000 to $90,000.
Foreign Earned Income
Life Time Learning Credit
Foreign Earned Income
The foreign earned income exclusion increased to $120,000.
Estate Tax Exclusion
Estate Tax Exclusion
Foreign Earned Income
Fatality of Estate decedents during 2023 have a basic exclusion of $12,092,000.
The unified credit for the year 2023 is $5,113,800.
Gift Tax Exclusion
Estate Tax Exclusion
Gift Tax Exclusion
- All gifts exclusion increased to $17,000 for the year 2023.
Adoption Credit
Estate Tax Exclusion
Gift Tax Exclusion
- The maximum for 2023 increased to $15,950.
Tax News From AICPA.org
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