As we embark on the 2024 tax season journey, it’s crucial to stay informed about recent changes and updates that could impact your financial obligations and planning strategies. If you start humming along, we don’t blame you.
1. All My Ex’s File State Franchise Filings in Texas:
Beginning with the 2024 tax season, For reports originally due on or after Jan. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a No Tax Due Report. The “No Tax Due Information Report) (Form 05-163) is discontinued!
Your entity still is required to File Form 05-102, Public Information report.
2. If you are 73, you may have 99 problems but do not let forgetting to tax your RMD be one of them!
This upcoming tax season if you’re age 73 or older, make sure you’ve taken your required minimum distribution (RMD) from your retirement accounts or you could face a 25% penalty. If this is your first RMD, you have until April 1, 2024 to do that!
3. New 1099-K Reporting Threshold for Payment Apps Delayed:
Hold up wait a minute. That’s right! Originally scheduled to take into effect for 2023 tax return: Third party payment vendors (Venmo, Cash App, Zelle, Apple Pay, PayPal, Square) were required to provide Form 1099-K’s to taxpayers that received $600. This is now deemed a transitional period. Please be aware that Form 1099-K’s will be coming next tax season in January 2025.
4. Record High H S A Contribution Limits!
In 2024 there are record high H S A contribution limits for 2024. Individuals can contribute up to $4,150 to their H S A Accounts for 2024. Families can contribute up to $8,300.
As we conclude this update, it’s evident that staying informed about tax law changes is vital for individuals and businesses alike. Whether it’s adjusting to new filing requirements, ensuring compliance with RMD regulations, or understanding shifts in reporting thresholds, our team is here to guide you through these changes and help you make informed financial decisions. Don’t hesitate to reach out.