Maddox Thomson & Associates

As tax deadlines approach, you may feel overwhelmed. We’re here to help with tax-compliant solutions for individuals, closely held businesses, and partnerships. Reach out today at https://maddoxthomson.com/ and let’s work together.

Tax season is just around the corner, and we want to keep you well-prepared for the year ahead. Here are some important dates to remember. At MTA, we're here to support you every step of the way. Don't let these deadlines sneak up on you – reach out to our team for expert guidance and ensure a smooth tax season in 2024.

MTA is here with a friendly reminder: March 15th is the deadline for corporate tax return filings. Don’t wait; contact your full service, privately held CPA firm. Built on a reputation for client service, MTA delivers tax-compliant solutions for individuals, closely-held businesses, and partnerships. Learn more at MaddoxThomson.com.

Are you a parent and grandparent who’s concerned that leaving your children a lot of money will ruin them? Annual gifts are a good way to see if that’s true and help the following generations get used to handling wealth. Large inheritances usually ruin the heirs when they don’t have the knowledge to manage the wealth or aren’t mentally and emotionally prepared. Sudden wealth tends to cause problems. Lifetime gifts can reduce sudden-wealth syndrome.

Read the full article at https://buff.ly/3RIRW83 and reach out to us if you need help with your estate and gift planning.

Navigating the ever-changing landscape of IRS and local tax laws can be a challenge. That's why you need a tax partner like Maddox Thomson & Associates, dedicated to keeping you informed and compliant year-round.

From financial structuring to entity selection, our team has the expertise to resolve your financial queries. We assist with quarterly tax payments, ensuring they are made promptly and accurately.

At MTA, we're more than accountants; we're your tax advocates.

In response to soaring prices across the US, the Internal Revenue Service has announced an increase in the optional standard rates for the final 6 months of 2022.

Used to calculate the deductible costs of operating an automobile for business and certain other purposes, the optional standard mileage rates will increase by 4 cents a mile from the effective rates at the start of the year, bringing the standard mileage rate for business travel to 62.5 cents per mile and the rate for deductible medical or moving expenses to 22 cents per mile.

Curious how this may apply to you? Check out this recent Axios article, or contact a member of our team today at https://lnkd.in/gWj86mBp to learn more!

IRS raises mileage rate for 2022 taxes amid high gas prices It’s rare for the IRS to make a mid-year adjustment.

Maddox Thomson & Associates proudly announces that our own Chi Le has become a U.S. citizen!

Maddox Thomson & Associates : Citizenship for MTA's Own Chi Le Maddox Thomson is thrilled to announce our own Chi Le is now a naturalized citizen of the United States! For many people, becoming an American citizen is a dream. The path to citizenship can be long and costly and takes tremendous commitment. Opportunity, study, dedication, and a host of other quali...

Each year, various rates of taxation in the U.S. are adjusted in response to inflation. Designed to help taxpayers maintain the purchasing power of their savings, these annual inflation adjustments are important to keep in mind when planning for various expenses. We’ve recently highlighted the IRS' annual inflation adjustments for the highest income tax bracket, AMT exemption amounts, and standard deductions. To continue our coverage, here are some handy charts outlining a few of the major changes for retirement and other various tax items. Please remember, these changes are in effect for 2022 and will affect the returns you file for that year in 2023.

If you need further assistance navigating these changes or would like to review your unique situation, please feel free to reach out to a member of our team!

Last month, the IRS released the annual inflation adjustments for the year 2022. Given the immense amount of information to digest, we will be highlighting the major changes over the next few days. Below are the tax inflation index changes for the highest income tax bracket, the new alternative minimum tax (AMT) exemption amounts, as well as the increases for standard deduction amounts. Please take note: these changes are in effect for 2022 and will affect the returns you file for that year in 2023. Stay tuned, more to come!

If you need further assistance navigating these changes or would like to review your unique situation, please feel free to reach out to a member of our team!

We are actively seeking folks to join our team! Are you interested in a career providing family, individual and small business advisory services? Check out our page below for more information on our Tax Associate and Senior Tax Associate job opportunities. We'd love to hear from you!