We can assist you to address your late filing needs including answering all your questions regarding late filings, penalties, and options to pay via an installment or offer in compromise. The best option is for you to call us and schedule a consultation.
April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.
Major changes are headed and more to come with a new president elect for 2024. Below are some of the changes we suspect will be modified in 2024:
- Income tax bracket adjustments
- Changes to the standard deduction
- Retirement contribution limit updates
- Gift tax exclusion modifications
- Phase-out levels for IRA deductions, Roth IRAs, and the Saver’s Credit