2023 Year End Guide for Individuals

As we approach the end of the year, our team at Snap Advisory is diligently preparing for the busy season ahead. We're fine-tuning our processes, ensuring a seamless transition, and, most importantly, keeping our focus on providing uninterrupted, top-notch service to you. Rest assured, it's all about strategic planning rather than extinguishing any metaphorical fires!

I want to extend a heartfelt thank you for your continued trust during this period of change. While I may not be Patti, and our styles may differ, our shared dedication to serving our clients remains unwavering. And of course, Gale is here, bringing her invaluable leadership to guide the team through this transition. Patti, though stepping into retirement, will still lend her expertise during this phase. The rest of our team – Gale, Frex, Iryna, David, and myself – are committed to maintaining the high standards and smooth operations you've come to expect from us.

Here are a few important updates I'd like to share:

• Holiday Closure: Our office will be closed between Christmas and New Year's, but we're just a call away if you need us.
• Open House Event: We'd love to meet you in person! Join us for our Open House on January 17th and 18th – yes, Patti will be there too! 
• Stay Informed: Sign up for our Newsletter for the latest in tax and finance. We're eager to hear what topics you're interested in – let us know!
• 2023 Tax Updates: Below, you'll find a brief overview of key tax changes for 2023 and important dates for 2024.
• Engagement Letters: If you haven't yet, please sign your engagement letters to allow us continued access to your tax information.

I'm genuinely looking forward to meeting you and working together. If you have any questions or need assistance, please don't hesitate to reach out.

Warm regards,
Saad Abbas, CPA

What’s New for Tax Year 2023

• Solar tax credit remains at 30% for systems installed through 2032
• Estate tax exemption increased to $12.92 million per individual
• Standard mileage rate lowered to 65.5 cents per mile
• State and local tax (SALT) deduction cap remains at $10K
• Child Tax Credit reverts to $2,000 per qualifying child
• 401(k) catch-up contribution limit rises to $7,500 for those 50+
• Maximum Social Security taxable earnings increased to $160,200
• 401(k) deferral limits unchanged: $22,500 under age 50, $30,000 over 50
• IRA limits stay the same: $6,500 contributions + $1,000 catch up
  

Key Tax Deadlines for 2024

January 17

• 2023 Q4 Estimated Payments Due
  

March 15

• S Corp & Partnership Returns Due
  

April 18

• Individual Returns Due
• C Corporation Returns Due
• Q1 2024 Estimated Payments Due
• California Franchise Tax Due
  

June 15

• Q2 2024 Estimated Payments Due
  

September 15

• Q3 2024 Estimated Payments Due
• Extended S Corp & Partnership Returns Due

October 16

• Extended Individual Returns Due
• Extended Corporate Returns Due