Internal Revenue Service and State Revenue comptroller agencies will begin accepting Tax Returns on January 29, 2024.  Taxpayers that are claiming Earned Income and Additional Child Tax credits will have to wait until mid February before IRS will accept those filings (However, No need to wait for an appointment though, call as soon as you have your W2s and relative tax information).  Businesses and government agencies are required by law to send out W2s, 1099s, 1098s, etc. by January 31, 2024.  You should receive all tax information (with the exception of some clearing houses/money market accounts) by February 7, 2024.  

Business Updates

We will continue with our home-based/online hybrid model for this tax filing season.  Steven will continue to work between Munster, IN and Indianapolis, IN home offices for in-person meetings and using our secured, File sharing portal for remote/online work.  Denis and Stephanie will be working between Munster, IN and Schererville, IN home offices. Please have ALL your tax information printed out/in-hand or emailed prior to appointments.  If you have any questions, please let us know and we will acomadate the best that we can. 

Steven (Munster Home-Office Dates)

10339 Sandy Lane

Munster, IN 46321

February 15-18

March 7-10

March 22-25

April 12-15 

Tax Returns are due Monday, April 15, 2024.  Tax information received after April 1, 2024 via portal will go on extension and will be completed on a first come first serve basis. This will allow us to timely file tax returns and extension forms. 

2023 Tax Year Updates

1.  Tax Brackets have widened, approximately by 7%, increasing the Middle-Income Household range. (See tax charts at bottom of newsletter)

2. Standard deduction has increased (per usual).  For 2023, the standard deduction increased to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850 for 2023, an increase from $12,950.  The average percentage of tax filers that itemize expenses (Medical Expenses, Property Taxes, Mortgage interest, excise taxes, gambling losses, etc) has decreased to roughly only 20% of US tax filers.

3. Form 1099-K has been delayed for Venmo/Paypal/apple pay cash apps for under 200 transactions  OR under $20,000 for cash received.  In other words, If you have collected less than $20,000 or have less than 200 transactions, you will not receive a tax form 1099-K. 

4. Energy Credits and energy efficient NEW vehicles are still in play. If you purchased a new vehicle in 2023 or made energy improvements to your home, you could qualify for tax breaks.  The clean vehicle tax credit cap at $7,500, while eligible eco-friendly home improvements can be credited up to $10,000 for IRS. 

Please call (219) 781-6392 to make your Tax Appointment.  

Thank you, 

Steven Banach