Mobile Bay Area Tax & Accounting

and Treasury are moving into a new era, and leaving relics of the past behind. This means we're saying goodbye to paper checks, and we're saying hello to electronic payment methods. Did you know that direct deposit refunds are less likely to get returned as undeliverable? And don’t forget, electronic tax payments are less likely to post late, helping you avoid penalties and interest.

Use our Frequently Asked Questions to get the answers you need at https://ow.ly/J5LW50Y4q49.

The has made updates to the ‘Where’s My Refund?’ tool, including:
• Refund status messages in plain language
• Seamless access on mobile devices and with the IRS2Go app
• Notifications if the IRS needs additional information for your refund

Visit irs.gov/wheres-my-refund

If you claim an or ACTC, the law requires to hold the tax refund for a period to review. Barring other issues, the first of these refunds should be available by February 27, 2024, if using direct deposit. See www.irs.gov/refundtiming

The is reminding you to report all of your digital asset income on your 2023 return. Common digital assets include:
• Convertible virtual currency and cryptocurrency
• Stablecoins
• Non-fungible tokens (NFTs)

When filing, be sure to answer the digital asset question on your tax return.

Get all the details at https://ow.ly/XvCR50QuwqB.

⏰ It’s that time again…I will be expanding my hours starting Feb 1.

Visit my website and book your appointment today!

Home - Bay Area Tax & Accounting Visit our services page to learn more of what we can do for you. Need something you don't see listed? Email us and if we can't help you, we will refer you to someone who can.

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments.

This is a that the final payment for 2023 is due by January 16: www.irs.gov/estimatedtaxes

Keeping well-organized records can make it easier to prepare your tax return this filing season. Accurate records may help you find overlooked credits and deductions or avoid errors that may result in delays that slow your refund. for tax filing season by checking twice for all your documents before you file.

Learn more: www.irs.gov/getready

This holiday season, has a gift for you in 2024. Your can deduct 67 cents per mile when you drive for business use. This can provide you with valuable tax savings.

Get the latest details at: https://ow.ly/WTe250QiZ0l

, if you didn't take your Required Minimum Distribution (RMD) yet and you wanted to help a qualified exempt organization, has a great idea for you. Make a qualified charitable distribution from your IRA to satisfy your RMD for 2023. You avoid the penalty for not taking the withdrawal and your favorite exempt organization benefits.

Find out how at: https://ow.ly/Mg0M50QkKWm

ATTENTION ALL BUSINESS OWNERS!!!

Well our illustrious government has decided that all businesses need another form to file and this one comes with a hefty fine if not filed timely!! This is in addition to the IRS requirements.

Attention Business Owners❗️

: Beginning Jan. 1️⃣, 2️⃣0️⃣2️⃣4️⃣, many companies in the U.S. will have to report information about their beneficial owners (those who ultimately own or control the company) to The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).

Learn more by visiting their website: https://www.fincen.gov/boi