Lookout Outlook – January 2024 Bookkeeping Newsletter

January 9, 2024

We wish you a Happy New Year!

Please consider forwarding this information to a friend if you think they would find it useful. We appreciate you!

New Year, New Tax Changes!

I hope you enjoyed your time off for the holidays this year because we’re about to dive head-first into tax talk. Was your New Year’s Resolution to be more educated when it comes to taxes? Start with these IRS inflation adjustments:

TAX BRACKETS:

While tax rates have remained the same, the IRS has increased the income brackets for each tax rate for the 2023 tax year.

STANDARD DEDUCTION:

The IRS has adjusted the standard deduction for each filing status due to inflation.

401(k) CONTRIBUTION LIMIT:

The individual 401(k) annual contribution limit has increased to $22,500 ($30,000 for ages 50 and older).

IRA CONTRIBUTION LIMIT:

The IRA annual contribution limit has increased to $6,500 ($7,500 for ages 50 and older).

Be sure to follow @lktbook on Instagram (www.instagram.com/lktbook) throughout tax season for more updates! I’ll be sure to share relevant information and tips from trusted advisors, too!

Important Dates

JANUARY 15, 2024

For Lookout Bookkeeping clients – this is the date I must have all W-9 forms from you for your contractors to issue 1099s. I will be in touch through the client portal, if you need to be submitting information to me.

JANUARY 16, 2024

Make the final installment of your 2023 quarterly estimated tax payments for Q4

JANUARY 31, 2024

Employers must provide their employees with Form W-2 and file Form W-3 with Copy A.
Forms 1098, W-2G and 1099 for certain payments due (including Form 1099-NEC).

Client’s Corner

Please be sure to use the client portal for all your communications: https://clients.lktbook.com/client-login
Please be sure to review all your service providers who will need a 1099 – I will be in touch with you through the client portal to wrap this work up! I need W-9 forms by 1/20/2024 to get these completed on time.

Wrapping things up!

My goal this tax season is to save you time and money!

Need some information on 1099s? Like who needs one & why do I have to send them? Check out these resources:

Podcast on Keep What You Earn: https://bit.ly/KWYE-W9
W-9 form: https://www.irs.gov/pub/irs-pdf/fw9.pdf
When does my business need to issue a 1099-NEC?: https://bit.ly/LKT1099_2024
IRS Publication on W-9: https://www.irs.gov/pub/irs-pdf/iw9.pdf?ver=2023122913

Have questions? Let us know!

Know a friend who could use our help?

We would love to support them!

The biggest compliment is that you trust us with your bookkeeping.

The second biggest compliment is when you send your friends our way!

Refer a business owner who signs up for monthly services and receive a $100 cash referral gift. You can send this intake link to your friends: bit.ly/LKTLead

Your support of our small business makes all of this possible, thank you!

Looking for a DIY solution?

Look no further than our Small Business Bookkeeping Tracker! For the start-up side gig who just has a few transactions a month, this tracker will be your BFF for tax filing. You can enter your transactions each month and this tracker will produce monthly and annual reports. The best solution for any business until you need to partner with a bookkeeper to provide done for you services.