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January 2024

Important Reminders and Dates


All Tax Organizers will be sent out by January 31, 2024

The admin team at HT2 is working hard to get the tax organizers up to date with all of the new tax laws. All organizers should be sent to our clients by the end of the month.


All 1099s and W2s are due January 31, 2024

Employers are required to file their copies of Form W-2, submitted to the Social Security Administration, by January 31, 2024. The January 31st deadline also applies to certain Forms 1099-MISC and 1099-NEC reporting non-employee compensation such as payments to independent contractors. 


THE STANDARD BUSINESS MILEAGE RATE WILL BE GOING UP SLIGHTLY IN 2024

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van pickup or panel truck we be 67 cents (up from 65.5 cents for 2023).

Read on to learn more!


PLANNING FOR NET INVESTMENT

INCOME TAXES

As The 3.8% net investment income tax (NIIT) is an additional tax that applied to some higher income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT.

Read on to learn more!

Timely Resources & Links

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