Happy New Year! As we step into another tax season, we reflect on the year that has passed—a year of both challenges and successes. It's been a journey of adaptation and growth for all of us. As we navigate the complexities of the 2024 tax year, our team at Lizza & Carullo CPAs & Advisors is more committed than ever to ensuring your tax filing process is as smooth and efficient as possible. With significant updates to our firm and the tax code, we're fully equipped to guide you through this season with the excellence and diligence you've come to expect from us.
Increased Standard Deduction: The standard deduction has been increased to $29,200 for married couples filing jointly, $14,600 for single taxpayers, and $21,900 for heads of households.
Adjusted Tax Brackets: To counter inflation, the tax brackets have been adjusted. The top rate remains 37% for high-income earners.
Alternative Minimum Tax (AMT) Exemption: The AMT exemption for 2024 is $85,700, phasing out at higher income levels.
Enhancements to Child Tax Credit: For 2024, the Child Tax Credit remains a significant benefit for families, potentially adjusted for inflation. Please consult with us for specific amounts and eligibility.
Increased Retirement Contribution Limits: Contribution limits for 401(k)s, IRAs, and other retirement plans may see an increase, allowing for greater tax-deferred savings.
Transition to Canopy: Our new client portal enhances security and efficiency for all your tax-related communications, offering enhanced file sharing, payment processing, and streamlined communication.
Convenient Appointment Scheduling: Easily schedule appointments through the Canopy app or our website, providing you with flexibility and convenience.
Engagement Letter: You will receive an engagement letter via email. Prompt signing is essential to initiate the tax preparation process.
Document Submission: Please submit your tax documents through Canopy or as otherwise arranged.
Tax Return Preparation: Our experienced team will meticulously prepare your tax return.
Review and Approval via SafeSend: You will receive your tax return through SafeSend Returns, allowing you to review, approve, and electronically sign it.
E-Filing: Upon your approval, we will e-file your return.
To protect your privacy and ensure compliance with data protection regulations, we've implemented a policy for handling sensitive information. Please do not send documents or sensitive data directly to our staff via email. Any email containing unsecured data sent directly to a staff member will be deleted. Instead, please use our secure Canopy client portal for all document submissions. This ensures your information is protected at every step.
Business Tax Returns (Forms 1065, 1120-S): Due by March 15, 2024.
Personal Tax Returns (Form 1040): Due by April 15, 2024.
We advise you to submit your documents at your earliest convenience to avoid any last-minute rush.
Our commitment to providing personalized, accurate, and timely service remains unwavering. Your financial well-being and satisfaction are our paramount concerns.
As we embark on this tax season together, know that we're here for you, ready to answer any questions and assist in any way we can. Thank you for your continued trust in Lizza & Carullo CPAs & Advisors. Here's to a successful and seamless tax season!
Joseph A. Lizza, MBA, CPA, CGMA
Lizza & Carullo CPAs & Advisors