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IT'S ALWAYS TAX SEASON!

704-391-1533

Office Hours for 2024

Monday – Friday (Through Tax Season) – 9:30AM to 7:00PM
Saturday (Feb-March)  – 10:00AM to 2:00PM
Sunday – Closed

CURRENTLY NOT ACCEPTING
NEW CLIENTS

(Dec 1, 2023) At this time, Sunset Accounting is not accepting any new clients. Thank you for the business.

MILEAGE UPDATE (2024)

2024 till the end of the year:

  • .67 cents per mile for business miles
  • .21 cents per mile driven for medical or moving purposes
  • .14 cents per mile driven in service of charitable organizations

TAX DUE DATES

The due dates for federal C Corporations and Partnership returns have been changed as follows:

  • C Corporations (Form 1120)
    • Calendar year end – April 15
    • Fiscal year end – 15th day of the fourth month after the year end
  • Partnerships (Form 1065)
    • Calendar year end – March 15
    • Fiscal year end – 15th day of the third month after the year end
  • S Corporations (Form 2553)
    • Calendar year end – March 15
    • Fiscal year end – 15th day of the third month after the year end
  • W2, W3, 1099
    • Due date January 31st
  • Foreign Bank and Financial Accounts Report (FBAR): The filing due date will now be April 15 (was June 15)
  • Form 990 (Exempt Organizations): An extension will now be for an automatic 6-month extension.

SUNSET ACCOUNTING 

Sunset Accounting is a a small accounting firm that has opened a new office in the Charlotte, NC area, and continues to grow from our clients “Word of Mouth”. There is no client too small.

 

OUR EXPERIENCE

Twenty years experience in General Accounting, Full Charge Bookkeeping, Payroll, sales and use tax, financial analysis and financial solutions. Fifteen years experience preparing Individual taxes, S-Corporation and sole proprietorship. Seven years in partnerships and C-Corporation, Three years experience in trust and non profit tax returns. 10+ years experience in office management and CFO responsibilities.

OFFICE ADDRESS

1216 Sunset Road
Charlotte, NC 28216

New Information

The  IRS has announced adjustments to dozens of tax rules that will apply in 2024. These are changes that impact your taxes next year and will be reflected in the return you file in 2025.

The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household.

The 2024 standard deduction for tax returns due April 18, 2025, is $14,600 for single filers and those married filing separately, $29,200 for joint filers, and $21,900 for heads of household.

2024 Mileage Rate: Looking ahead to 2024, the standard mileage rate for self-employed individuals is estimated at 66-68 cents per mile for business-related travel. This updated rate reflects changes in economic factors and provides self-employed professionals with an accurate measure for deductible mileage expenses.

2024 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households

Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns | For Heads of Households

10%       $0 to $11,600                    $0 to $23,200                                                $0 to $16,550

12%       $11,600 – $47,150            $23,200 to $94,300                                       $16,550 to $63,100

22%       $47,150 to $100,525       $94,300 to $201,050                                     $63,100 to $100,500

24%       $100,525 to $191,950    $201,050 to $383,900                                   $100,500 to $191,950

32%       $191,950 to $243,725    $383,900 to $487,450                                  $191,950 to $243,700

35%       $243,725 to $609,350    $487,450 to $731,200                                  $243,700 to $609,350

37%       $609,350 or more           $731,200 or more                                         $609,350 or more

 

 Capital gains tax rates for 2024

The table shows U.S. capital gains tax rates for 2024 according to the IRS.

SINGLE FILERS

  • 0%         $0 to $47,025
  • 15%       $47,026 to $518,900
  • 20%       $518,901 or higher

MARRIED FILING JOINTLY

  • 0%         $0 to $94,050
  • 15%       $94,051 to $583,750
  • 20%       $583,751 or higher

 

HSA for 2024 increased by 7%  |  $4150 for single and $8300 for married filers

Educators credit stayed the same at a $ 300 deduction

Foreign exclusion $ 126,500

Annual Gift Exclusion $18,000 per persona with no limit as to how many people

401K 403B 457 and Thrift Savings limit for employees $ 23,000 plus $ 7,500 if over the age of 50

IRA’S  $ 7000 or $ 8000 if over the age of 50

SEP   $ 69,000 there are other requirements so please call if you need further information

Simple IRA or Simple 401K $ 16,000 plus $ 3,500 if over the age of 50

Required Minimum Distribution age is now 73.  If you turn 72 in 2023 then you need to take your first check by 4/1/2025 and the second by 12/31/2025.  If  you turned 72 in 2022 You should have taken your distribution already

 

REFUNDS:

Many different factors can affect the timing of a refund after the IRS receives a tax return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a 2023 federal tax refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer to process if IRS systems detect a possible error, the return is missing information or there is suspected identity theft or fraud.

Also, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund – not just the portion associated with the EITC or ACTC. The IRS expects most EITC and ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 27, 2024, if the taxpayer chose direct deposit and there are no other issues with the tax return.

Other credits available: Please refer to the IRS website

 

Understand energy related credits: 

Taxpayers who bought a vehicle in 2023 should review the changes under the Inflation Reduction Act of 2022 to see if they qualify for the credits for new electric vehicles purchased in 2022 or before or the new clean vehicles purchased in 2023 or after. To claim either credit, taxpayers will need to provide the vehicle’s VIN and file Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, with their tax return.

If taxpayers made energy improvements to their home, tax credits are available for a portion of qualifying expenses. The Inflation Reduction Act of 2022 expanded the credit amounts and types of qualifying expenses. To claim the credit, taxpayers need to file Form 5695, Residential Energy Credits, Part II, with their tax return.

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