JCW Tax & Accounting, LLC

04/23/2025

Tax Tip: Check Your Withholding Now

The IRS is encouraging taxpayers to review their withholdings early in the year to avoid surprises next tax season. If your 2024 results weren’t what you hoped for, don’t assume things will correct themselves.

For our plan package clients, we’ll be reaching out in the coming days with more details on how we’ll help you adjust and better position things for next year.

In the meantime, here’s the full IRS release for reference:

IRS Tax Tip 2025-28, April 22, 2025 — Proper tax withholding now is key to avoiding surprises when taxpayers file next year. Making any needed adjustments early means taxpayers won’t have to make a big change later in the year to catch up.

02/04/2025

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11/01/2024

The IRS is encouraging taxpayers to sign up for an IP PIN to add a layer of security and protection against tax-related identity theft. https://www.irs.gov/newsroom/irs-encourages-all-taxpayers-to-sign-up-for-an-ip-pin-for-the-2025-tax-season We agree, but if you do this be sure to provide this information so it doesn't delay processing of your files.

IR-2024-278, Oct. 23, 2024 — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN).

10/23/2024

Are you curious about the tax inflation adjustments are going to look for 2025? The IRS has released those changes. Note, that these are for tax returns filed in 2026.

07/01/2024

IRS Tax Tip - Energy efficient home improvements could help people reduce energy bills and taxes.

Tax Tip 2024-62, July 1, 2024 — Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.

06/12/2024

Recently the IRS published some tax tips and information related to common summer activities including Marriage, Summer Camps, Business Travel, Part-Time Work, and Home Improvements. Take a look if you think any of these items apply to your situation and feel free to reach out to us if you have questions.

Tax Tip 2024-53, May 29, 2024 — While summer is a time for fun, it’s never the wrong time to be thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season.

11/21/2023

The IRS has again delayed the new reporting threshold for 1099K for the year 2023. This doesn't mean payments received through those third parties aren't taxable events but you might not receive a form for those 2023 payments.

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organi...

11/13/2023

Last week the IRS provided the tax inflation adjustments for tax year 2024. These figures will be used in our planning sessions next year and during the tax filings in early 2025.

IR-2023-208, Nov. 9, 2023 — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.

11/03/2023

The IRS has announced the cost-of-living adjustments for 2024 contributions to retirement plans. The 2024 401(k) amount is increasing to $23,000 (up from $22,500) and the IRA limit is increasing to $7,000 (up from $6,500).

Link IR-2023-203

IR-2023-203, Nov. 1, 2023 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

07/19/2023

We have had a handful of conversations with newlyweds recently. It is timely that the IRS put out a recent Tax Tips article about this topic. These tips should also be considered for those that will be getting divorced this year.

Tax Tip 2023-91, July 19, 2023 — Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot.

05/08/2023

Thank you to all of our clients for your business this tax season! We are excited to report that with your help and a few minor adjustments, the entire season was much smoother this year. Many of our extensions have already been completed and we have moved on to forward-thinking conversations with those that selected the plan packages. Thanks again and have a great 2023 until we talk again!

02/14/2023

KC will be wearing her heart glasses while reviewing your documents and organizers today. She especially loves the files that are complete so she can move them to the prep stage of the workflow and we can complete your returns as speedy as possible. Happy Valentine's Day from the JCW team!