We wish you a Happy New Year!Please consider forwarding this information to a friend if you think they would find it useful. We appreciate you!New Year, New Tax Changes!I hope you enjoyed your time off for the holidays this year because we’re about to dive head-first into tax talk. Was your New Year’s Resolution to be more educated when it comes to taxes? Start with these IRS inflation adjustments:
While tax rates have remained the same, the IRS has increased the income brackets for each tax rate for the 2023 tax year.
The IRS has adjusted the standard deduction for each filing status due to inflation.
The individual 401(k) annual contribution limit has increased to $22,500 ($30,000 for ages 50 and older).
The IRA annual contribution limit has increased to $6,500 ($7,500 for ages 50 and older). Be sure to follow @lktbook on Instagram (www.instagram.com/lktbook) throughout tax season for more updates! I’ll be sure to share relevant information and tips from trusted advisors, too! Important DatesJANUARY 15, 2024
JANUARY 16, 2024
JANUARY 31, 2024
Client's Corner
Wrapping things up!My goal this tax season is to save you time and money! Need some information on 1099s? Like who needs one & why do I have to send them? Check out these resources:
Have questions? Let us know! Know a friend who could use our help?We would love to support them! The biggest compliment is that you trust us with your bookkeeping. The second biggest compliment is when you send your friends our way! Refer a business owner who signs up for monthly services and receive a $100 cash referral gift. You can send this intake link to your friends: bit.ly/LKTLead Your support of our small business makes all of this possible, thank you! Looking for a DIY solution?Look no further than our Small Business Bookkeeping Tracker! For the start-up side gig who just has a few transactions a month, this tracker will be your BFF for tax filing. You can enter your transactions each month and this tracker will produce monthly and annual reports. The best solution for any business until you need to partner with a bookkeeper to provide done for you services. PO Box 2475, Chattanooga, TN 37409 |
Bookkeeping Newsletter | May 2024 It's gonna be an a-MAY-zing month! I hope you found some great ways to support small businesses on Small Business Saturday this past weekend! My mission is to put order to chaos when it comes to the finances of business owners, and I want to take a moment to highlight some of the ways I love to do that: SERVICE NUMBER ONE | HISTORIC BOOKKEEPING This one-time service is to get your bookkeeping up to date from your last tax filing. We will "recreate" your books...
Eclipses, Brackets, and Estimated Taxes You know how they call the NCAA basketball tournament March Madness? I’m coining the term April Absurdity for all of the tax craziness that’s happening on April 15th - TODAY - I'm hoping the absurdity of the month is behind you already! Here’s what needs to be filed/paid: Your individual tax return filing (Form 1040) and tax payment Your first quarter 2024 estimated tax payment Any calendar year corporate tax return filings (Form 1120) and tax payment...
It's Officially Time to Talk Taxes! Did you know that not everyone is required to file their taxes? Your filing requirement is based on factors like your gross income, age, dependent status, earned and unearned income, and how much you make if you're self-employed. You may be wondering why I’m telling you this... don’t I want you to file a tax return? YES! I want you to file a return because even if you aren’t technically required to file an individual tax return, there are several important...