Alecia D Spence, CPA

02/14/2024

We would like to wish a very Happy Valentine's Day to YOU!!

We are so thankful for every one of our clients❤️❤️

02/09/2024

Be aware that many brokerage firms will not send out 1099's issued prior to late February or early March. This includes things such as:

- Gains or losses in brokerage accounts (1099-B)
- Dividend and interest payments (1099-DIV / 1099-INT)
- Distributions from pension or retirement plans (1099-R)
- Social security benefits received (SSA-1099)

We must have any of these forms that pertain to you before your tax return can be completed!

02/02/2024

Happy Groundhog Day!

Do not let tax season lurk behind you like Punxsutawney Phil's shadow.

In the next few weeks, you should begin receiving your tax documents either in the mail or virtually. Make sure when you receive them to put them together so you can be prepared for filing your taxes on time!

01/24/2024

According to educationdata.org, almost 19 million people were enrolled in college in 2023! If you or any of your dependents were one of these 19 million and you paid either tuition or student loan interest towards your college education in 2023, you will need to retrieve form 1098-T and/ or 1098-E.

Form 1098-T reports qualified tuition, fees and course materials you paid for in order to attend an eligible educational institution.

Form 1098-E reports any payments of student loan interest paid to an eligible educational institution.

You should receive the appropriate form in the mail in the coming weeks. If you have not received this form and believe you should have, you must visit your online educational account.

Be sure to reach out to your tax preparer with any further questions you might have on this topic!

01/23/2024

It’s the new year and there are a lot of deadlines coming quickly! January 31st is the deadline for businesses who must file information forms, such as W2s, and 1099s.

As of February 23, 2023 the IRS changed the regulations for electronically filing these information forms. If you have a business and you are required to file more than 10 forms, you are now required to file these electronically.

Make sure you reach out to a tax professional if you have any questions or need assistance filing!

01/19/2024

We hope you saw our previous HSA post on the 2023 contribution limits! We wanted to provide you with the 2024 max contribution limits! See these limits below.

Next tax season, you will have to retrieve Form 1099-SA that represents how much money you used on qualifying medical expenses from your HSA account. This will come from the website of your provider as they do not generally mail these out, so you WILL have to retrieve this yourself!

Please reach out to your tax preparer with any further questions you might have about this!

12/29/2023

Do you have a small business? Like Santa, you too can expense business mileage!

The mileage rate for 2023 is 65.5 cents per mile and that can add up! Be sure to talk to a tax professional regarding the rules for this.

Here is a helpful link that explains what is considered business mileage: https://www.taxslayer.com/blog/deducting-business-mileage-standard-rate-vs-actual-expense/

12/25/2023

Merry Christmas from your team at Alecia D Spence, CPA! 🌟

12/22/2023

12/15/2023

These are some of our favorite Christmas movies, comment below some of yours!! ⛄️❄️🎅🏼🎄