January 2025

Dear Friends,

HAPPY NEW YEAR! It’s hard to believe that 2024 is behind us. We hope it was a good year for you and that 2025 will be even better. Meanwhile, it’s TAX TIME! Please start gathering your information. Once again, there were no significant tax changes affecting your tax return for 2024. However, we would like to make you aware of some items that could affect your 2024 taxes.

There are no significant tax changes affecting your tax return for 2023 unless Congress makes them retroactive for 2023. However, we would like to make you aware of some items that could affect your 2023 taxes.

• Energy Efficient Home Improvement Credit increase in 2023 is still available for 2024. Please provide the invoices to see if you are eligible for the expanded credit.
• Tax Brackets have been adjusted for inflation. No significant changes for taxpayers this year.
• Standard Deduction increased to $14,600 for singles, $21,900 for head of household, and $29,200 for married filing joint filers.
• 529 Plans are now eligible for a rollover to a ROTH IRA with some exceptions.
• Direct Deposit is the best and fastest way to get your refund. Please provide our office with the routing number and account number.
• Identity Protection PIN is required and is sent out by the IRS every year for victims of identity theft. If you are a victim, please provide our office with your 2024 PIN.
  

If you would like a 2024 TAX ORGANIZER, contact our office and we will send one to you. Please sign the enclosed engagement letter and complete the questionnaire. This helps us prepare a complete and accurate return. Start gathering all your information. When you have it, you can drop it off, mail, email, or upload it to our portal. Please give us your ORIGINALS OF ALL DOCUMENTS. No staples please.

Remember that we offer a full range of professional services and can help you with financial, estate and retirement planning, as well as health, life, disability, and long-term care insurance. Please visit www.mascherinofinancial.com for more information. In addition, our expansive list of business clients allows us to recommend a wide array of professionals in construction, service, retail, and wholesale trades. Please feel free to contact us if we can help.

I again want to THANK YOU for putting your faith in me and the gang: Kim, Stacey, Maryellen, Julie, Phil, and Anthony Jr. It really means a lot. As always, if you have any questions, do not hesitate to give us a call or visit our website at www.ajmascherinocpa.com.

Sincerely,
ANTHONY J. MASCHERINO