TAX DAY:
April 15, 2025 |
We are currently accepting new clients for the 2025 tax season.*
*The 2025 tax season is for preparation of your 2024 tax returns. To ensure we are able to provide timely services to our existing clients, we ask that all new clients be current on their tax filings (all returns filed through tax year 2023). If you are interested in becoming a new client, please contact us prior to completing any of the new client forms. |
CLIENT RESOURCES
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January 15, 2025
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CHECKLISTS
TAX RETURN CHECKLIST - New Clients QUESTIONNAIRES
2024 TAX YEAR QUESTIONNAIRE - New Clients*
* All clients are required to complete and submit a tax questionnaire every tax season. IRS Links
ONLINE ACCOUNT - Individuals
ONLINE ACCOUNT - Businesses
Michigan Links
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Most significant changes for Tax Year 2024:
- Income Tax Brackets: The marginal rates have not changed (10%, 12%, 22%, 24%, 32%, 35% and 37%), however, the IRS has adjusted the brackets (the income thresholds that are connected to these marginal rates) to account for inflation.
- The Standard Deduction increased for each filing status: Single or Married, Filing Separately - $14,600; Head of Household - $21,900; Married, Filing Jointly or Qualifying Widow(er) - $29,200.
- Taxpayers who are 65 and older qualify for an additional standard deduction: Single or Head of Household - $1,950; Married, Filing Separately or Jointly - $1,550 per eligible spouse.
- 1099-K Reporting: Those who received payments through third-party companies will receive a 1099-K for any earnings of $5,000 or more.
- IRA Contributions increased for 2024 to $7,000.
- 2024 Mileage Rates: 67 cents/mile for business; 21 cents/mile for medical; 14 cents/mile for charity
- Bonus Depreciation: For 2024, businesses can deduct 60% in first-year bonus depreciation.