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TAX UPDATES
For weekly tax tips follow our Facebook/Instagram page @JMB Tax & Accounting
Business Mileage rates: Tax Year 2023 $.67 Tax Year 2024 $.70
For tax year 2024, the IRS has established a $5,000 reporting threshold for form 1099-K. This is part of a phased approach to eventually implement the $600 threshold. Payment settlement entities (PSEs) must report transactions when:
1. The gross amount of reportable payments exceeds $5,000 for the calendar year
2. This applies regardless of the number of transactions
3. Forms must be provided to recipients by Jan 31
Personal exemption suspension-2018-2025
Qualified business income 20% deduction- 2018-2025
2025 Standard deduction increases to:
30,000– Married filing joint | 15,000-Single | 22,500– head of household
Qualifying relative income limit $5,200
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.
IRS Witholding Calculator
Helps you identify your tax withholding to make sure you have the right amount withheld from your paycheck.
Where’s my refund?
Start checking on the status of your return within 24 hours after we have received your e-filed return.
Client Engagement Letter
I am pleased to be able to serve you in preparing your federal and requested state income tax returns.
2025 Client Letter
I would like to take this opportunity to thank you for your dedication, support, and loyalty throughout the years.
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.