As tax professionals, we know that taxes are a year-round concern, not just a seasonal task. While many people only think about taxes during preparation season, our team at Wymer Brownlee is constantly monitoring changes and updates to ensure our clients are always informed and prepared.
We’ve seen little to no new tax policies in 2024. We do expect that to change in 2025 as there are more than 30 provisions of the 2017 Tax Cuts and Jobs Act that are scheduled to expire at the end of 2025 if no action is taken. Regardless, every election brings a potential for changes to tax laws, and we will continue to monitor all upcoming changes and help our clients understand the impact of those changes.
We continue to offer all tax clients our communication portal – Liscio. Liscio is an easy, quick and secure mobile app that allows our clients and staff to quickly communicate and exchange sensitive data. Liscio is also available as a desktop version. If you are not currently utilizing Liscio, please let us know if you would like an invitation. Please do not send documents or any sensitive information through email.
Some essential items to consider as you begin gathering information for your 2024 tax return. One item is our deadline to receive information by March 10 so that we can attempt to complete individual returns by the April 15 deadline. We’ve also outlined critical updates and deadlines on the following page. If you need help getting organized, please call our office to request your free tax organizer.
Tax season should always prompt a review of your complete financial situation. If you don’t currently work with a Wymer Brownlee wealth advisor for holistic financial planning, it would be our pleasure to make an introduction and help you create a roadmap to pursue your financial goals.
Important 2024 Tax Changes
New FinCen Beneficial Ownership Information Reporting – 12/26/24, the Fifth Circuit reversed the 12/23/24 ruling. The BOI report is voluntary at this point and is not required.
- Effective 1/1/24. Anti-money laundering initiative affecting 32 million registered businesses. It applies to Corps, LLC’s or any other entity created by the filing of a document with the Secretary of State. Established entities (already in business prior to 1/1/24) have until 1/1/25 to file the initial reporting. New companies, established after 1/1/24 will have 30 days to file. Any change in ownership or correction of reporting must be filed within 30 days.
Energy Credits
- Energy efficient home improvement credits continue through 2032. Please let us know if you’ve added any solar panels, heat pumps, insulation, windows, doors, central a/c, or other energy efficient improvements to your home in 2024. We will need copies of the invoices.
2025 Mileage Rates
- Self-employed and business – 70 cents/mile
- Charitable – 14 cents/mile
- Medical and Moving – 21 cents/mile
All tax information is due to us by March 10th, in order to attempt to complete individual returns by the April 15th deadline. Entity returns will be completed as quickly as possible after receipt of your information, but some will require an extension to allow for completion with the individual return. To request an extension to file your 2024 return, we must obtain signed authorization from you first.
Completed information may be mailed to our office, or sent through the Liscio app, or you may schedule an appointment to review it with a tax advisor in person.
Our office is open 8:30 a.m. to 5:30 p.m. Monday through Thursday beginning Jan. 13, but please call in advance so we can ensure a tax professional is available to meet with you. During tax season, our offices are closed to the public on Fridays so our team can prepare returns with minimal interruptions.
Erica Shaloy, Tax Director
Category: Tax and Accounting Team
