When you’re ready to prepare your tax paperwork, these organizers we put together can help you to get organized and prepared.

• Organizer 1040 with schedule A B & D
• Organizer 1065 or 1120-S
• List of Items needed for gathering your forms 1065/1120
• Organizer Schedule C
• Organizer Schedule E

• IRS Home Page
• Where is my refund?
• Federal Estimated Tax Payment Vouchers
• Pay your IRS tax bill

2023 Mileage Rates

• Business 65.5¢ / mile
• Medical 22¢ / mile
• Moving 22¢ / mile (disallowed except for military)
• Charitable 14¢ / mile

2024 Mileage Rates

• Business 67¢ / mile
• Medical 21¢ / mile
• Moving 21¢ / mile (disallowed except for military)
• Charitable 14¢ / mile

Things that can impact this 2023 tax year’s tax return:

• The 2023 tax filing season will begin on Monday, January 29th, 2024. Any returns claiming the EIC (Earned Income Credit) will not be processed before (to be determined yet).
• The due dates on Federal schedule 1040’s and 1041’s are April 15th, 2024. Maine and Massachusetts have until April 17th, 2024. Also, form 1065 and 1120 are due on March 15th, 2024. The extended due date for corporations, partnerships and fiduciary returns is September 15th, 2024. All individual returns that have been extended are due on October 15th, 2024.

FICA

• Social Security (OASDI) Wage Base $160,200 (2023) 168,600 (2024)
• Medicare (HI) Wage Base No Limit
• Social Security (OASDI) Percentage 6.2%
• Medicare (HI) Percentage 1.45% (2.35% for individuals earning over $200,000)
• Maximum Employee Social Security (OASDI) Withholding $9,932.40 (2023) 10,453.20  (2024)
• Maximum Medicare (HI) Withholding No Limit
• Maximum Amount of Earnings to Still Receive Full Benefits Under Full Retirement Age $21,240 (2023) 22,320 (2024)
• Depending on your income, you might pay income tax on part of your Social Security income. If combined income is more than $44,000, they’ll be taxed on up to 85% of their benefits.
• For singles, those income thresholds are between $25,000 and $34,000 for 50%, and more than $34,000 for 85% (A very good tax strategy works if you collect social security and have combined income of less than the threshold figures. Your social security is tax free and any combined income is virtually tax-free)

Things that will affect your 2023 & 2024 tax return:

Tax Changes

• Here are the 2023 standard deduction amounts for each filing status:
  

  Filing Status	Standard Deduction Amount
  Single	$13,850
  Married Filing Jointly or Qualifying Widow(er)	$27,700
  Married Filing Separately	$13,850
  Head of Household	$20,800

  There is an additional standard deduction of $1,500 for taxpayers who are over age 65 or blind. The amount of the additional standard deduction increases to $1,850 for taxpayers who are claiming the “single” or “head of household” filing status.

• Dependent Exemption: Eliminated
• State, local and property taxes: They are now been limited to $10,000. (Schedule A)
• New tax brackets are now in effect: 10%, 12%, 22%, 24%, 32%, 35%, 37%. This will reduce your overall taxes by anywhere from 1%-4% depending on your income levels, filing status, etc.
• Capital Gains and Dividends: No change

• 2023 EIC Qualification Item	No Children	With 1 Child	With 2 Children	With 3+ Children
  1. Max 2023 Earned Income Tax Credit Amount	$600	$3,995	$6,604	$7,430
  2. Earned Income Base Amount required to get maximum credit	$7,840	$11,750	$16,510	$16,510
  3. Phaseout Threshold Amount Begins (for Single, SS, or HoH)	$9,800	$21,560	$21,560	$21,560
  4. Income (AGI) Maximum When Credit Eligibility Ends (for Single, SS, or HoH)	$17,640	$46,560	$52,918	$56,838
  5. Phaseout Threshold Amount Begins (for Married Filing Jointly)	$16,370	$28,120	$28,120	$28,120
  6. Income (AGI) Maximum When Credit Eligibility Ends (for Married Filing Jointly)	$24,210	$53,120	$59,478	$63,398

• American Opportunity Credit: $2,500 per year maximum (100% of the first $2,000 of qualifying expenses and 25% of the next $2,000). Phaseouts apply as well.
• Qualifying expenses include Tuition, Fees you are required to pay in order to enroll in a course or program, Books, Classroom supplies and equipment
• Section 179: Up to $1,160,000. However, there is a limit to how much eligible equipment a business can purchase and still receive a deduction.
• For 2023, businesses can take advantage of 80% bonus depreciation. In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter until it is completely phased out in 2027 (assuming Congress doesn’t take action to extend it). For example, say a company purchases a $200,000 piece of equipment and places it in service during the 2023 year. Claiming bonus depreciation on the company’s federal tax return reduces the true cost of the purchase to $144,000 (assuming a 35% tax bracket), freeing up $56,000 in cash savings.
• Estate Tax: You can pass your heirs up to $25.84 million tax-free (for married couples).
• S-Corporations, partnerships, LLC’s and sole proprietors: The majority of these companies get to deduct 20% of their income tax-free (Section 199A. If your total taxable income — that is, not just your business income but other income as well — is at or below $182,100 for single filers or $364,200 for joint filers in 2023 you may qualify for the 20% deduction on your taxable business income. In 2024, the limits rise to $191,950 for single filers and $383,900 for joint filers.

    2024 AMT Specific Changes to the Tax Code

• Filing Status: AMT Exemption Amount
• Excess Taxable Rate (28%) Income Threshold Base
• AMTI exemption phaseout range
• Single $85,700/$232,600/$609,350 to $952,150
• Joint Returns or Surviving Spouses $133,500/$232,600/$1,218,700 to $1,751,900.
• Married Individuals Filing Separate Returns $66,650/$116,300/$609,350 to $875,950.
• Estates and Trusts $29,900/$232,600/$99,700 to $219,300
  

  2023 AMT Specific Changes to the Tax Code

• Single $81,300/$220,700/$578,150 to $903,350.
• Joint Returns or Surviving Spouses $126,500/$220,700/$1,156,300 to $1,662,300.
• Married Individuals Filing Separate Returns $63,250/$110,350/$578,150 to $831,150.
• Mortgage Interest: Under the new tax law, homeowners can only deduct interest they pay on home mortgage debt less than $750,000, down from the former cap of $1,000,000.
• Child Tax Credit: This credit has been decreased to $2,000 per child.We have had rumors about the “American Family Act” that would increase the credit to $3,600, but so far this has not been passed.

• Single	2024 Numbers	2023 Numbers
  Traditional 401k Contribution Limit	$23,000	$22,500
  Traditional IRA Contribution Limit	$7,000	$6,500
  HSA Contribution Limit	$4,150	$3,850
  Student Loan Interest Deduction	$2,500	Unchanged
  Mortgage Interest Deduction	Max at $750,000 principal	Unchanged

  Married Filing Separately	2024 Numbers	2023 Numbers
  Traditional 401k Contribution Limit	$23,000	$22,500
  Traditional IRA Contribution Limit	$7,000*	6,500
  HSA Contribution Limit**	$4,150	$3,850
  Student Loan Interest Deduction	Cannot Take Deduction	Unchanged
  Mortgage Interest Deduction	Max at $750,000 principal	Unchanged

  Married Filing Joinly	2024 Numbers	2023 Numbers
  Traditional 401k Contribution Limit	$23,000	$22,500*
  Traditional IRA Contribution Limit	$7,000*	$6,500
  HSA Contribution Limit**	$8,300	$7,700
  Student Loan Interest Deduction	$2,500	Unchanged
  Student Loan Interest MAGI Max	$175,000	$170,000
  Student Loan Interest MAGI Phaseout	$165,000	$150,000
  Mortgage Interest Deduction	Max at $750,000 principal	Unchanged

• The Tax Bill suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. This includes the following deductions that an employee had been permitted to deduct under current law:
  1. Casualty and theft losses from property used in performing services as an employee;
  2. Business bad debt of an employee;
  3. Business liability insurance premiums;
  4. Damages paid to a former employer for breach of an employment contract;
  5. Depreciation on a computer a employee’s employer requires him or her to use in his or her work;
  6. Dues to a chamber of commerce if membership helps the employee perform his or her job;
  7. Dues to professional societies;
  8. Educator expenses;
  9. Home office or part of a employee’s home used regularly and exclusively in his or her work;
  10. Job search expenses in the employee’s present occupation;
  11. Legal fees related to the employee’s job;
  12. Licenses and regulatory fees;
  13. Malpractice insurance premiums;
  14. Medical examinations required by an employer;
  15. Occupational taxes;
  16. Passport fees for a business trip;
  17. Research expenses of a college professor;
  18. Subscriptions to professional journals and trade magazines related to the employee’s work;
  19. Tools and supplies used in the employee’s work;
  20. Costs for travel, transportation, meals, entertainment, gifts, and local lodging related to the employee’s work;
  21. Union dues and expenses;
  22. Work clothes and uniforms if required and not suitable for everyday use; and
  23. Work-related education. The Tax Bill suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. This includes the following deductions that an employee had been permitted to deduct under current law.