Taxes Made Easy

Did You Know?

• The business mileage rate for 2023 went up 0.655 for the entire year.
• The business mileage rate for 2022 went up mid-year: Jan-June $0.585 & July-Dec $0.625/mile. Be sure you're logging your miles on paper or an app. We will need your miles for each half of the year. The IRS is hiring a lot of new agents, so being prepared in case of an audit is more important than ever!
• Some of you may be familiar with the 1099-K from third party payment centers for large amounts paid to businesses. The latest tax law requires the third party payment center (Venmo, CashApp, eBay, etc.) to send a 1099-K if the total amount received within the year is over $600. Some of this will not be taxable, but the IRS will receive a copy of these 1099-Ks, so you must report it. If you do receive one, bring it in! This includes any crowdfunding money you've received either for yourself or on behalf of someone else. The IRS has delayed this new law for another year. Even so, if you receive a 1099-K, you still must report it.
• Cryptocurrency. Digital Assets. Bitcoin. The IRS calls them all “virtual currency.” If you sold, traded or received any virtual currency in 2023, we need to know. The IRS is cracking down on those not reporting these transactions, so bring in any and all information you have regarding virtual currency. Here's an article that explains a little bit about virtual currency: https://coinledger.io/blog/how-to-report-cryptocurrency-on-taxes.
  
• The Energy Credit has been expanded for 2023. The lifetime limitation is now gone; it's now an annual limitation. For details: https://www.energystar.gov/about/federal_tax_credits. Contact us for more details.
• If you took out money from an IRA in 2020 because of COVID and filed a 8915-F (avoiding the 10% early withdrawal penalty), 2022 was the third (and final) year to: 1) repay the money, 2) take the withdrawal as a loan or, 3) pay the regular taxes on the final third of the money. If you originally planned to repay the money, but didn't, we may need to amend the 2020 and 2021 returns. As always, if you have questions, please contact us.
• RMDs are required! Keep in mind, the minimum age went up recently from 70 ½ to 72. If you forgot last year, let us know ASAP! We may be able to mitigate any penalties, but we need to do so sooner rather than later!
• The City of Columbus, OH created a new portal for online tax accounts, called CRISP, Columbus Revenue Information Service Portal. They mailed out notices to Columbus residents. It is legit, but you are NOT required to create an account. As always, you can call us with questions. Click here for the link to CRISP.
• For those who have still not filed your 2020 returns, you have until May 15, 2024 to file 2020 for a refund from the IRS. This includes any stimulus payments you're eligible for, but haven't received. The first payment of $1200 was sent out from Mar through around June of 2020. The second stimulus payment of $600 went out from the end of Dec 2020 through around the end of Feb 2021. Most of you received the third stimulus payment of $1400 per person in March or April 2021. We need to know if you've received them and how much.
• Some of you may have received a 1099-G for Unemployment, but never filed for unemployment. The state and the IRS are both investigating. This continues to be a nationwide ID Theft problem. Here's the link to the state page to file the complaint: https://jfs.ohio.gov/job-services-and-unemployment/unemployment/report-identity-theft-fraud. Do NOT include this in your income if you did not file or receive the money.