New for the 2024/2025 Tax Year
We've received a number of questions about the expiration of the Tax Cuts & Jobs Act of 2018 (TCJA). It is currently set to expire on December 31, 2025, and before that date, the Act will either be extended, made permanent, replaced with a new Tax Code, or just allowed to expire, depending on what Congress does. Based on available information, it is likely the TCJA will either be replaced with similar legislation or extended. We will know more at the end of 2025.
As always, you can send us COPIES of your information, via US Mail (we strongly recommend Priority Mail), FedEx, UPS, or E-mail. Please do not send ANY original documents through the mail. If you have the ability to scan your documents, call or email us first and we will coordinate with you to use our secure portal.
For those who are unable to come to our office and require someone to pick up your tax documents, this can be done by calling the office and requesting the pickup. You are free to drop off your information. There is a mail slot in the door for after-hours drop off.
We are in a two-story office building, 2/10 mile west of the Grayson Highway/Highway 20 intersection, and 4 miles east of Lawrenceville Highway.
Tax Time Income Tax Services, Inc.
2090 Sugarloaf Parkway, Suite 145
Lawrenceville, GA 30045
Important Note on Cyber-Security
Tax Time Income Tax Services, Inc. takes the security of your personal, private information very seriously. We have always met the highest level of information security set by the IRS to protect your data. For the tax year beginning 2024, the US Treasury Department, FDIC, and Homeland Security have implemented a comprehensive new set of security measures. These measures help us provide additional layers of security for your private information.
Our rates will remain competitive, but there will be an increase in fees to help us accommodate these new requirements.
The changes to the tax code for 2024 include:
- Standard mileage rates for 2024:
- Business: $0.67 (will increase to $0.70 for 2025)
- Medical & Moving: $.22
- Charitable: $.14
- Maximum wages subject to Social Security tax are $168,600 for 2024. That figure will increase to $176,100 for the 2025 tax year.
- Annual Gift Tax exclusion for 2024 is $18,000 per person. This increases to $19,000 for the 2025 tax year.
- Health Savings Account (Individual) limit is $4,150 ($5,150 over age 55) for 2024. This increases to $4,300 ($5,300 over age 55) for the 2025 tax year.
- Health Savings Account (Family) limit is $8,300 ($9,300 over age 55) for 2024, increasing to $8,550 ($9,550 over age 55) for the 2025 tax year.
- Business meal deduction is 50% deductible. Be sure to keep your receipts!
- If you purchased a "clean vehicle" (electric/EV) or made energy improvements to your home, you could qualify for tax breaks.
Tax Time Income Tax Services, Inc. can help you arrange a direct debit for any taxes owed to eliminate the need to send a check to the IRS.
Additional Information
It is very important that you assemble all necessary documentation for your tax return. The Deduction Checklist on the Forms page can help you identify everything we'll need to complete your return.
In general, please bring any document that you receive marked "Tax Information" however, if you're not sure about any document, it's better to bring it with you than to have to make another trip!
