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NEWS & UPDATES

March 2024 Update

April Tax Dash! Don't Miss the Deadline!

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Dear Valued Clients,

 

Spring has sprung in Alabama, and with it comes the annual tax season scramble! Sellers C.P.A., located conveniently in Dadeville, Alabama, wants to ensure you have all the information you need to file a smooth and accurate tax return – before the April 15th deadline.

 

 

Latest Tax Law Updates:

 

  • Standard Deduction Increase: The standard deduction for tax year 2023 has increased to $27,700 for married couples filing jointly and $13,850 for single filers. This could significantly impact your taxable income.

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       Consider running a preliminary tax calculation to see if it makes sense to itemize deductions this year, even with the standard deduction                   increase.

  • Child Tax Credit Changes: The enhanced Child Tax Credit introduced during the pandemic has reverted to pre-pandemic levels. Be sure to factor this change into your calculations, especially if you welcomed a new child or have dependents attending college.

  • Mileage Reimbursement Rates: The standard mileage deduction for business use of your car has increased to 65 cents per mile for 2023. If you use your car for work, gather detailed mileage records to maximize this deduction.

 

Tax Filing Need-to-Knows:

  • Gather Your Documents: The earlier you start collecting documents like W-2s, 1099s, receipts for charitable donations, and documentation of any business expenses, the smoother the filing process will be. A well-organized approach will save you time and frustration.

  • Consider Itemizing Deductions: While the standard deduction increase may be beneficial, itemizing deductions can still be advantageous depending on your individual circumstances. Sellers C.P.A. can help you determine which option will save you the most money on your tax bill.

  • E-file for Faster Processing: E-filing is the quickest and most secure way to submit your return. It also reduces the risk of errors compared to paper filing. Sellers C.P.A. can guide you through the electronic filing process and ensure your return is submitted securely.

 

Facing a Tight Deadline?

 

If you can't meet the April 15th deadline, don't panic! You can file an extension for an additional six months, giving you until October 15th to file. However, filing an extension doesn't grant you an extension to pay any taxes owed. If you anticipate owing taxes, be sure to make an estimated payment by April 15th to avoid penalties and interest.

 

Let Sellers C.P.A. Help You Navigate Tax Season!

 

Tax season can be stressful, but it doesn't have to be. Sellers C.P.A., conveniently located in Dadeville, Alabama, has a team of experienced tax professionals ready to assist you with every aspect of the process:

 

  • Return Preparation: We'll ensure your return is filed accurately and maximizes your deductions and credits. Our in-depth knowledge of tax laws means you won't miss out on any benefits you're entitled to.

  • Tax Planning: Don't just file your return – proactively plan for the future! Let's discuss strategies to minimize your tax burden throughout the year. We can help you develop a tax-smart approach to saving and investing.

  • Audit Representation: In case of an audit, we'll be in your corner to navigate the process. Having a qualified professional by your side can help minimize stress and ensure a smooth resolution.

 

 

Don't wait until the last minute! Contact Sellers C.P.A. today for a consultation. Visit our website at [sellerscpa.net] to schedule an appointment or give us a call.

 

Remember, the deadline is April 15th!

 

Sincerely,

Carol Sellers and The Sellers C.P.A. Team

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