Hey TTD Fam! Welcome to the New Year.
With tax season quickly approaching, here are some reminders to help you get prepared.
The Estimated Tax Deadline is January 16, 2024
The IRS says you need to pay estimated quarterly taxes if you expect:
To owe $1,000 or more in federal income taxes this year, even after accounting for your withholding and refundable credits (such as the earned income tax credit).
Here are a few other Hot Topics for this filing season:
The IRS in November delayed a 2023 reporting change for business payments made via apps such as PayPal or Venmo.
If you made energy improvements to your home, you could qualify for tax breaks.
The clean vehicle tax credit caps the break at $7,500
For 2023, the earned income credit ranges from $600 to a maximum of $7,430
The Mileage rates are:
Business 65.5 cents per mile
Medical .22 cents per mile
Charity .14 cents per mile
The tax law changes for this year covered more than 30 pages so these are just a few.
Make sure you are following up with your tax professional to see what changes might apply to your circumstances.
Follow me on Instagram to get the scoop on breaking news and live tips to help take the fear out of this tax filing season.