With the turn of the new year, it is time to look forward to the annual filing of the tax returns. Acc-U-Rite Tax is once again ready to assist you in the preparation of your 2024 Income Tax Return. To request a specific preparer, PLEASE call ahead to ensure that they are available when you come in. Please be aware that Cassandra will be unavailable from April 5th through the end of the tax season this year. Please plan accordingly.
We continue to offer three options for tax preparation. We offer 'live' in-person tax preparation as it has been done in our office since inception back in 1958. We also offer 'Drop Off' tax preparation where you can drop off your packet of paperwork and we will prepare it as time is available between the live clients. This usually takes a few days or a week or two depending on when during the tax season you are dropping off the paperwork. The third option is to use our secure portal to upload and download your tax documents. This third option has been available for only a couple of years now, but it is a growing option. We only create portal access for existing clients and only open access to those clients that specifically contact our office to request this option. For those of you who have utilized the portal in the last couple of years, your portal login username and password are the same as last year. Please call the office for a portal setup or login help should you need it.
The physical postcard is printed and will be mailed out around the third week of January, but everything on this page is essentially what is on the postcard, but in an expanded format and some additional details as there are no space limitations here.
TAX LAW CHANGES from the past four years have provisions that went into effect for the 2024 tax year.
As always, bring in your normal tax documents and any new items that may apply for this year.
RESIDENTIAL ENERGY CREDITS: The Inflation Reduction Act of 2022 updated and substantially increased
tax credits for improvements to your principal residence. In SOME select cases (BUT NOT ALL!) your
second home may also qualify. Please bring in the Manufacturer Certificate, Energy Efficiency Rating,
the Billing and Payment information, and the Installation Date for any newly installed clean energy items
for 2024. This is an ANNUAL tax credit through 2032, so talk with your preparer about how to maximize
this tax credit. More details are on the website.
ELECTRIC VEHICLE TAX CREDIT: There is a tax credit that you may qualify for if you purchased a new or
used Electric Vehicle in 2024 AND meet the multiple requirements. Please be sure to talk with your tax
professional if you purchased either a new or used Electric Vehicle or plan to do so in 2025.
529 PLAN TO ROTH IRA: If you have a 529 plan that has been open for 15 years or longer, talk with your
tax professional regarding your new option to convert a portion of the 529 into a Roth IRA for the
dependent.
DEPENDENTS: Remember to bring in documentation that shows your name, address, and your child’s
name that can be kept with your tax records. Please refer to the Qualifying Child Worksheet, available
on our website or in our office, for the list of additional paperwork needed to claim certain tax credits.
MARKETPLACE HEALTHCARE: If you had health insurance through the Federal Government Marketplace
(also referred to as ‘Obamacare’) for any part of the year, you will receive Form 1095-A. Your tax return
will be rejected by the IRS without Form 1095-A. Forms 1095-B and 1095-C are sent by your employer
but not required to prepare your return. Please bring them along anyway.
NATIONWIDE ELECTRONIC FILING START DATE: The IRS will open E-Filing on January 27th, 2025. This is
the first date that the IRS and State of Wisconsin will accept electronically filed returns. However, your
tax return can be prepared with Acc-U-Rite at any time prior to January 27th and will be automatically
processed on January 27th, provided all your tax forms are available.
NOTE: While your tax return will be transmitted to the IRS on the E-Filing start date, per Federal Law,
ANY return containing the Earned Income Tax or Additional Child Tax Credits will have refunds delayed
by the IRS until February 15th or later.
Thank you for trusting Acc-U-Rite Tax & Financial Services for your tax preparation. We look forward to seeing you!
