TAX UPDATES

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Business Mileage rates: Tax Year 2023 $.65 Tax Year 2024 $.67

IRS will treat tax year 2023 as a transition year for 1099-K reporting, if you receive more than $20,000 and have more than 200 transactions from payee. You will receive a 1099-k. The IRS has delayed the $600 threshold until tax year 2024.

Personal exemption suspension-2018-2025

Qualified business income 20% deduction- 2018-2025

2024 Standard deduction increases to:

29,200– Married filing joint | 14,600-Single | 21,900– head of household

2024 Annual gift tax exclusion 18,000

Virtual Currency- a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than representation of the U.S. dollar or a foreign currency.

Cryptocurrency- a type of virtual currency that utilizes cryptography to secure transactions that are digitally recorded on a distributed ledger, such as blockchain. Units of cryptocurrency are generally referred to as coins or tokens.

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IRS Witholding Calculator

Helps you identify your tax withholding to make sure you have the right amount  withheld from your paycheck.

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Where’s my refund?

Start checking on the status of your return within 24 hours after we have received your e-filed return.

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Client Engagement Letter

I am pleased to be able to serve you in preparing your federal and requested state income tax returns.

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2024 Client Letter

I would like to take this opportunity to thank you for your dedication, support, and loyalty throughout the years.

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CONTACT ME

with any questions you may have.

 

CALL ME:

205-502-7677

ADDRESS:

3100 Lorna Rd
Birmingham, AL 35216

    Our Mission

    JMB Tax and Accounting, LLC is an American accounting firm that is passionate about assisting individuals and small businesses with tax preparation. We also provide consulting services to structure entities and solve tax controversy. Our goal is to save you valuable time and alleviate any stress while accomplishing your accounting goals. We appreciate your business and loyalty.

     

    -John Brown, E.A.