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I live and work down the block from the beach so it’s easy for me to become a “tax season hermit” although I get to see some beautiful sunrises I usually wake up in mid-October to the realization that it’s fall and foilage season has begun 🍂 🍁.  Here is the link to the  I💗NY Map to foilage in NYS; thanks to freiends in other places I am able to share some beautiful photos that were shared with me this week:

I am including this beautiful photo from out west??? not sure where it was taken …

Later in the day I received several other photos from around the town so I think Joanne now has incentive to get out and enjoy the area more …

Imagine this view from your deck, pour another cup of coffee and relax…

So nice to have a beautiful area to walk the dog…

It’s still beautiful on the beach at at sunrise even though we only have rocks, sand and waves …

I hope that this weekend will give everyone the opportunity to take a walk or hike and enjoy the fall colors AND then send them to me so I can enjoy and share… (I hear that Saturday will be beautiful, but we may have some rain on Sunday) ⛈️☀️

Weekly Take Away

This week I was reminded how important it is to have an advocate with you.  On Tuesday I accompanied a friend to the Long Island Jewish Medical Center Northwell Health Emergency department 🏥🩺😷, everyone was so nice but even though she walked in obviously in pain, once she was triaged I still had to request pain meds and other assistance.  I was told to go home and come back later as she would be there for hours as she needed an MRI in order to complete the diagnosis; probably several hours.  I stayed with her the entire day, asking for clarification and taking notes.  Without an advocate she might not have been seen as quickly nor given the pain medicine as quickly.

Just yesterday I spent the day in Manhattan working with the IRS Tax Advocate Team to help solve some tax cases.  They too were wonderful and in addition to advising me agreed to “work” the cases on behalf of my clients.

TAX ISSUES/TAX PLANNING

2024 IRS Will Be Setting Annual Inflation Tax Brackets

Exerpt from CBS NEWS: Money Watch: “Some taxpayers may get a break next year on their taxes thanks to the annual inflation adjustment of tax brackets set by the IRS.  The tax agency hasn’t yet announced the new brackets for 2024, but that is likely to come within the next days or weeks, according to Steve Grodnitzky of Bloomberg Tax, which has issued its own forecast for the new tax brackets as well as other policies that are adjusted for higher prices.

The IRS relies on a formula based on the consumer price index — which tracks a basket of goods and services typically bought by consumers — to adjust many tax policies each year, Grodnitzky noted. Last year, for instance, tax brackets were boosted by a historically large 7% due to the highest inflation in 40 years. Because inflation has eased this year, the annual boost is likely to be more moderate, with brackets rising about 5.4%.

etting higher thresholds can help avoid so-called “bracket creep,” or when workers are pushed into higher tax brackets due to the impact of cost-of-living adjustments to offset inflation, without a change in their standard of living. It can also help taxpayers shave some of what they owe to the IRS if more of their taxable income falls into a lower bracket as a result of the higher thresholds.

“For the income tax brackets, the dollar amounts have now increased, so for 2023, the lowest bracket for married filing jointly people is those making up to $22,000, but now it’s up to $23,200, so it basically changes how much you are going to be taxed,” Grodnitzky said.”

Projections for the 2024 Tax Brackets

This year’s report projects that several key deductions for taxpayers will see notable year-over-year increases, with the foreign earned income exclusion increasing from $120,000 to $126,500, and the annual exclusion for gifts increasing from $17,000 to $18,000, thereby allowing taxpayers to increase their gifts without tax implications.”

Bloomberg Tax & Accounting Annual Report of  2024 Projected Tax Bracket Income Ranges 

Married Filing Jointly and Surviving Spouses

• 10% – $0 to $23,200
  12% – Over $23,200 to $94,300
  22% – Over $94,300 to $201,050
  24% – Over $201,050 to $383,900
  32% – Over $383,900 to $487,450
  35% – Over $487,450 to $731,200
  37% – Over $731,200

Unmarried Individuals  (other than Surviving Spouses and Heads of Households)

• 10% – $0 to $11,600
  12% – Over $11,600 to $47,150
  22% – Over $47,150 to $100,525
  24% – Over $100,525 to $191,950
  32% – Over $191,950 to $243,725
  35% – Over $243,725 to $609,350
  37% – Over $609,350

Standard Deduction

• Married Filing Jointly/Surviving Spouses – $29,900
• Heads of Household – $21,900
• All Other Taxpayers – $14,600

Alternative Minimum Tax (AMT)

• Married Filing Jointly/Surviving Spouses – $133,300
• Unmarried Individuals (other than Surviving Spouses) – $85,700
• Married Filing Separately – $66,650
• Estates and Trusts – $29,900

ECONOMY

Commerce at the Forefront in Improving Nation’s Cybersecurity

Improving the nation’s cybersecurity is a priority for Secretary Raimondo and the Commerce Department. Commerce agencies are leading efforts to protect industry and government from current and future cyber threats. Efforts include promoting standards to help organizations manage and reduce cybersecurity risks; strengthening our cybersecurity by working with our trading partners and allies; and providing communications providers’ and equipment suppliers’ access to information about risks to key elements in their supply chain, including cyber risks. The Department of Commerce has one overarching goal: Improve America’s Economic Competitiveness. Key to that goal is maintaining America’s position as a global leader in cybersecurity. Learn more in the department’s 2022–2026 Strategic Plan.

US Budget Gap Soars to $1.7 Trillion; Largest Outside COVID Era

Last Friday the U.S. government posted:  a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.

Beige Book Published

The current Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.

US Economy Tops Trucking Industry’s List of Challenges

This article by FreightWaves hightlights the concerns of the trucking industry:  “The unsteady U.S. economy topped the list of trucking industry issues, the highest ranking since the Great Recession in 2008, according to the American Transportation Research Institute’s annual survey of top-of-mind concerns for carriers and commercial drivers.

Economic jitters replaced fuel prices at the top of the report revealed Saturday at the American Truck Associations Management Conference and Exhibition. Fuel prices, on the rise for much of the year except for a brief respite from March top June, fell to third. Truck parking availability finished second, its highest finish since first making the list in 2012.

Zero-emission vehicles appeared on the list for the first time, occupying the No. 10 position.”

GENERAL RESOURCES

• IRS resources for stimulus payments:
  • Use the Get My Payment tool to check on EIP payment status
  • Eligibility and general information about Economic Impact Payments
  • A list of frequently asked questions for stimulus payments
• IRS information about the Advance Child Tax Credit Payments
  • Portal to update information
  • A list of frequently asked questions on the advance Child Tax Credit Payments
• The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
• Our prior blog posts, videos and prior weekly newsletters
• Entrepreneur put together a listing of free tech resources for remote work
• The Consumer Financial Protection Bureau has warnings about COVID-related scams
• The New York Times has an online newsletter on K-12 and higher education
• The Wall Street Journal has a collection of articles on education
• The Louvre has digitized 482,000 artworks from its collection
• How to create a strong password

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started

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