Welcome to Not Just Numbers’ Newsletter.
As we come to the end of another prosperous year, I would like to take the time to say thank you. We’ve been truly blessed in 2023. Our growth and success are measured by your ability to reach your financial goals.
As a local bookkeeping/accounting and tax firm, Not Just Numbers (NJN) strives to grow with you and your growing business needs by taking the pressure off and handling your day-to-day needs and meet the changing tax needs you face each year. We continually evaluate the service we provide and the manner in which we provide it. As the NJN practice has grown, so has the multitude and complexity of NJN’s clients’ bookkeeping and tax issues.
Introducing Tax Dome and Protection Plus
In today’s dynamic landscape of constantly changing tax and accounting regulations and software requirements, we believe that aligning with the right software enables NJN to consistently produce high-quality accounting and tax assistance.
Tax Dome is a management software and powerful portal providing a clear and secure way for NJN to exchange sensitive documents and correspondence with clients and the team.
NJN is converting all our clients over to this new portal for bookkeeping, single-service projects, coaching and tax related services. You will be sent an invitation to activate your account. If you have any questions about how to set up your login, please feel free to contact us and we can send you step-by-step instructions. In addition to cloud-based web access, Tax Dome offers phone apps for owners, employees, and individuals to manage their account from anywhere. This accessibility and security will elevate the overall client experience with NJN’s services.
We have also partnered with ProtectionPlus, a leading tax audit defense solution. ProtectionPlus will extend coverage to every tax return completed by NJN and provide peace of mind with their $1 Million Tax Audit DefenseTM. This partnership gives our clients the extra confidence they deserve when filing their tax returns with NJN. Together, our team will support tax resolution matters and will remain directly involved in responding to IRS letters.
Making Tax Season Effortless: Your Options and Preparations for Seamless Engagement
We offer various channels for engagement during the upcoming tax season. However, please note that availability is limited, and appointments will be scheduled on a first-come, first-served basis. A signed Engagement Letter will secure your spot but no work will commence on the preparation until all documentation and support are received. These channels include in-person consultations, submissions via mail, or virtual interactions through Tax Dome.
For our returning tax clients, we are pleased to offer a Personalized Organizer tailored to your individual requirements through our secure portal. To facilitate the completion of your business or personal tax returns, we will provide Engagement Letters for your signature prior to initiating the process, along with annual questions accessible through Tax Dome. Please note that all tax return signers must have their own separate email address to sign any documents electronically through Tax Dome.
For those who choose to wait until April 1st and thereafter, it is important to note that while the NJN team will exert our best effort to finalize your return before April 15th, NJN does reserve the right to request an extension to provide accurate completion. Due to the increasing complexity of tax laws, reporting requirements, and the meticulous nature of providing an accurate return, NJN is unable to request an extension without explicit written permission and a signed engagement letter. Kindly note that a service fee of $150, in addition to the regular tax return preparation fee, will be applicable for tax return extensions requested after April 1. If you would like to file an extension prior to April 1, the fee will be $50 billed at the time of the request.
Standard Deduction Increases and Child Tax Credit Details
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
Child Tax Credit:
- The 2023 child tax credit (taxes filed in 2024) is worth up to $2,000 per qualifying dependent under the age of 17.
- The credit amount decreases if your modified adjusted gross income exceeds $400,000 (married filing jointly) or $200,000 (all other filers).
- The credit is nonrefundable, but some taxpayers may be eligible for a partial refund of up to $1,600 through the additional child tax credit when they file in 2024.
Corporate Transparency Act: What You Need to Know
On January 1, 2024, a new federal reporting requirement goes into effect that will require small businesses and corporate entities to file a Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Every small business owner, law firm, or organization with qualifying entities needs to understand this new reporting requirement to determine whether it applies to their business. If this requirement does apply to your organization or your clients, now is the time to prepare to file. Non-compliance can result in severe penalties, including fines of up to $10,000 and even jail time.
Achieving Success Through Staff Development and Client-Centric Services
The growth and development of our professional staff has evolved, and we have attracted high-quality, committed professionals, and invested in their training, development, and growth. As a result of those efforts, we have experienced tremendous growth over the past several years. This has been directly related to the success our clients have had in their business and personal pursuits.
Daiva, Beth, Katie, and Gamble have all completed additional training and development over the past year which enhances their services and support for your accounting needs. Shelley continues working with you on everything from coaching, bookkeeping, tax prep and planning so we can reduce your tax liability and address all aspects of your personal financial wellbeing.
