🎄 Happy Holidays and Important Tax Updates for the Upcoming Season 🎁
Dear valued client,
As the holiday season approaches, I want to take a moment to thank you for trusting Hernandez Accounting Solutions Inc. with your tax and accounting needs. Your support and confidence in our services mean the world to us. We’re excited to continue serving you as we prepare for the upcoming 2024 tax season.
Tax Updates
For the 2024 tax year, the tax laws remain the same as in 2023, so you can expect a smooth transition into the new season. However, a few important changes are on the horizon for 2025:
- ⏰ Reminder: Beneficial Ownership Information Report (BOI)
As required by the Corporate Transparency Act, most businesses must submit a BOI report by January 1, 2025. Failing to meet this deadline could result in substantial penalties—$500 per day, up to $10,000. If you’d like us to file the BOI report on your behalf, we’re happy to assist. Our service fee is $100. To proceed, please upload a clear photo of the front of your driver’s license using the link below:Feel free to contact my office with any questions.
- SALT Cap Expiration: The $10,000 cap on state and local taxes (SALT), including withholding and property taxes, will expire on December 31, 2024. Starting in 2025, these taxes will be fully deductible again.
- Qualified Business Income Deduction (QBI): The 20% deduction for qualified business income expires in 2025, although we anticipate it will be extended.
We’ll keep a close eye on these developments and guide you through any impacts these changes might have on your financial planning.
🎄 Holiday Wishes 🎁
From all of us at Hernandez Accounting Solutions Inc., we wish you a joyous holiday season filled with warmth, laughter, and happiness.
Here’s to a prosperous new year!
Thank you again for your continued trust in us.
Warm regards,
Marcus Hernandez
President, Hernandez Accounting Solutions Inc.