Justin D. Restmeyer CPA

Thank you to all the fallen heroes who courageously served our country. Your sacrifice will never be forgotten. 🇺🇸 Today, we honor and remember you.

🎉With Tax season finally complete, I want to extend a heartfelt THANK YOU to all my clients! I am so grateful for the opportunity to help guide you through the complexities of the tax preparation.
📚As we move forward, let’s continue to stay informed and proactive about our financial well-being. Remember, tax planning isn’t just a once-a-year event - it’s a year-round commitment to financial health and security. If you’re in need of tax projections or planning services, be sure to reach out this summer.
💡Whether you’re a business owner, or a freelancer, I am here to provide reliable guidance and support. I offer a variety of services tailored to meet the needs of businesses of all sizes, ensuring that no matter your scale, you receive the assistance necessary to thrive.
🌟Please help spread the word and support my mission by leaving a review on Google! Your feedback is invaluable and helps others discover the quality service I strive to provide.
https://g.page/r/CalefXC7p5w3EAg/review
Regards,
Justin

🚨📞 Update Alert! New Contact Number! ☎️

Dear valued clients,

I am excited to share that I have a new contact number! You can now reach me at 631-970-4929 for both phone calls and text messages. Please update your contacts accordingly and use this number for any communication.

🚨 Important Note: Messages to my previous number, 631-764-0063, may experience delays, so be sure to switch to the new one for a seamless connection.

I appreciate your understanding as I make this transition. Looking forward to a fantastic tax season working with all of you!

And remember, just like a great cup of coffee, my services are here to perk up your financial experience! ☕💼

Regards,
Justin

𝙳𝚒𝚍 𝚢𝚘𝚞 𝚖𝚊𝚔𝚎 𝚊𝚗 𝚎𝚌𝚘-𝚏𝚛𝚒𝚎𝚗𝚍𝚕𝚢 𝚕𝚎𝚊𝚙 𝚒𝚗 𝟸𝟶𝟸𝟹 𝚊𝚗𝚍 𝚜𝚠𝚒𝚝𝚌𝚑 𝚝𝚘 𝚊𝚗 𝚎𝚕𝚎𝚌𝚝𝚛𝚒𝚌 𝚟𝚎𝚑𝚒𝚌𝚕𝚎? ⚡️🔋🚗𝙸𝚏 𝚜𝚘, 𝚢𝚘𝚞 𝚖𝚊𝚢 𝚋𝚎 𝚎𝚕𝚒𝚐𝚒𝚋𝚕𝚎 𝚏𝚘𝚛 𝚊 𝚝𝚊𝚡 𝚌𝚛𝚎𝚍𝚒𝚝.

The Inflation Reduction Act of 2022 has ushered in significant changes to the rules governing vehicle purchase credits, spanning the period from 2023 to 2032. Individuals investing in new electric vehicles stand to benefit from a potentially substantial tax credit, reaching up to $7,500, while purchasers of used electric cars may qualify for tax breaks of up to $4,000. To be eligible for this credit, the vehicle must be acquired for personal use, excluding any intention for resale, and should primarily be utilized within the United States. Business and tax exempt organizations may also qualify for a commercial clean vehicle credit.

Navigating the intricacies of this complex tax credit demands careful consideration and expertise. It is highly advisable to seek the assistance and guidance of a CPA or a seasoned tax preparer this year, especially when dealing with such a complex financial landscape. Their proficiency in tax regulations and nuanced understanding of the Inflation Reduction Act of 2022 can prove invaluable in ensuring that you optimize the benefits available to you while avoiding any potential pitfalls.

📍For personalized advice on your tax situation, always consult with your trusted tax professional. The information provided here is general and may not apply to your specific circumstances.

📲Be sure to contact me with any tax related or EV credit questions you may have.
📱631-970-4929
📧[email protected]

# #

Tax Tip Tuesday: Get Ready for the 2024 Tax Season! 📆💰

Dear clients,

Exciting news! The IRS has officially announced that the 2024 tax season will kick off on January 29th. Planning to file your taxes electronically? The IRS anticipates issuing most refunds within 21 days. Please note that paper returns typically take a bit longer.

To ensure a smoother process, consider filing early. Although the 21-day turnaround time is generally reliable, it’s important to be aware that the IRS may conduct reviews, leading to additional delays.

Stay in the loop by tracking your return status on Where’s my Refund? (https://www.irs.gov/refunds)This service becomes available 24 hours after electronically filing.

📌Key Dates to Remember:

January 16: Due date for 2023 fourth quarter estimated tax payments
January 29: Filing season start date for individual tax returns
January 31: W-2 and 1099’s are due to be sent out.
March 15 Partnership and S-corp returns are due
April 15: Due date for filing tax returns or requesting an extension (for most of the nation)
April 17: Due date for Maine and Massachusetts residents (Due to Patriots day)
October 15: Due date for extension filers
📍To kick off your tax preparation promptly, schedule an appointment with me today! You can easily book your appointment using the Book Now feature at the top of my IG page or website justinrestmeyercpa.com.

Here’s to a successful and stress-free tax season!
Regards,
Justin

🚨 Business Owners Alert! 🚨Come 2024, big changes are rolling in. Starting January 1, it’s crucial for companies to report ownership details to FinCEN. This applies to Domestic (DRC) and Foreign (FRC) reporting companies, including LLCs, C Corporations, and more. While there are 23 exemptions, compliance is key. Existing businesses have until January 1, 2025, but if you’re launching in 2024, you’ve got 30 days to report.  
⚠️Don’t risk it! Non-compliance may result in fines up to $500 per day. Ensure your Beneficial Ownership Information (BOI) is accurate to avoid trouble. As we step into the New Year, questions about your BOI reporting? Feel free to reach out! 📲

📍For personalized advice on your tax situation, always consult with your trusted tax professional. The information provided here is general and may not apply to your specific circumstances. 
 
 
  
  
   
  
  
  
  
  
  
  
  
  

🌟 Wishing everyone a Merry Christmas! 🎄 May the magic of the season fill your hearts with joy, the warmth of loved ones surround you, and the spirit of peace be with you. Sending blessings for a festive and harmonious celebration. 🎅✨

🎄☃️𝙳𝚎𝚌𝚎𝚖𝚋𝚎𝚛 𝙳𝚎𝚌𝚘𝚍𝚎𝚍 : Get your business ready for January success.

📍As a small business owner, proactive preparation for the upcoming year is crucial. Ensuring smooth operations begins with the early preparation of tax documents. Take the time to complete and reconcile your year-end bookkeeping, avoiding the common mistake of neglecting this vital step. While some businesses turn to CPA firms for a year-end cleanup, maintaining regular bookkeeping throughout the year can often be a more cost-effective and efficient approach.
📍Another pitfall to avoid is the co-mingling of personal and business expenses, a misstep that can lead to significant complications. Establishing a clear separation between the two is essential for maintaining financial clarity.
Remaining vigilant about tax deadlines is very important. For instance, if your business involves employees, W-2 forms must be mailed by January 31st. Employees earning hourly wages or salaries, for whom you withhold and remit payroll taxes, fall under this category. On the other hand, independent contractors, exempt from payroll taxes, should receive a 1099 form. If your small business utilizes a payroll service provider, the processing of W-2s would be handled and mailed through the payroll service. Given that many small businesses employ a mix of W-2 employees and independent contractors, it’s crucial to manage this effectively. To facilitate timely document preparation, send out W-9 forms to independent contractors before January, ensuring you have the necessary information for 1099 preparation. This proactive approach helps you avoid penalties.
📍Don’t forget key tax return deadlines: Partnerships and S corporations must file by March 15, while corporations (including sole proprietors filing as individuals) have until April 15, 2024.
📍If the prospect of navigating tax season feels overwhelming, don’t hesitate to reach out. I’m here to support small business owners like you, offering guidance and assistance to set you up for success in the upcoming tax season.
📍For personalized advice on your taxes,always consult with your trusted tax professional.

𝚅𝚎𝚗𝚖𝚘 𝚅𝚒𝚋𝚎𝚜: 𝙳𝚎𝚖𝚢𝚜𝚝𝚒𝚏𝚢𝚒𝚗𝚐 𝚝𝚑𝚎 𝚛𝚞𝚕𝚎𝚜 𝚊𝚗𝚍 𝚔𝚎𝚎𝚙𝚒𝚗𝚐 𝚢𝚘𝚞 𝚒𝚗 𝚝𝚑𝚎 𝚔𝚗𝚘𝚠!💸🔍

Venmo, a fantastic tool for organizing group expenses, has been a lifesaver for team/class moms collecting funds for events, families coordinating vacations, or friends paying for an occasional dinner. Concerns arise with the recent IRS announcement that transactions over $600 will trigger a 1099. Here’s the scoop: you’re probably in the clear. The IRS has once again suspended 1099-K reporting.

Why the confusion over the “$600 rule”? The American Rescue Act initially mandated a 1099-K for transactions over $600 through third-party payment networks. Previously, this only applied if you had transactions totaling $20,000 or more than 200 transactions. Last year’s delay continues into this year, treating it as a transition period, and enforcement of new thresholds is postponed until 2024.

What does this mean for you? The new “$600 rule” won’t be enforced this year. Instead, it’s a transition period, and new thresholds will be effective in 2024. Third-party sellers are not required to issue1099-Ks for the $600 threshold. The $20,000 or 200 transactions threshold still applies, and accounts meeting these criteria will receive 1099-Ks.

Looking ahead, the IRS plans to adjust the threshold from $600 to $5,000 for the tax year 2024. Remember, irrespective of 1099’s, the IRS requires reporting of all taxable income. Stay informed!

📍 For personalized advice on your tax situation, always consult with your trusted tax professional. Information provided here is general and may not apply to your specific circumstances.

“𝚃𝚊𝚡 𝚃𝚒𝚙 𝚃𝚑𝚞𝚛𝚜𝚍𝚊𝚢": Maximize your small business gains with expert CPA insights! 💼💰

As a small business owner, did you know you can deduct a portion of your home office expenses?
🗝Here’s what you need to know:

📌You must exclusively and regularly use part of your home or separate structure on your property as a primary place of business.
📌Home office deduction is available to both homeowners and renters
📌There are certain expenses you can deduct. For example, mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.

📎There are specific requirements to claim home expenses as a deduction. 📱📧Contact me to ensure you are taking full advantage of this tax saving opportunity. 💰

📍For personalized advice on your specific tax situation, always consult with your trusted tax professional. Information provided here is general and may not apply to your specific tax circumstances.

𝙿𝚛𝚎𝚙𝚊𝚛𝚎 𝚏𝚘𝚛 𝚏𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝚜𝚞𝚌𝚌𝚎𝚜𝚜 𝚒𝚗 𝚝𝚑𝚎 𝚗𝚎𝚠 𝚢𝚎𝚊𝚛!✨

As the year winds down, and inflation continues to rise, it’s the perfect time for an end-of-the year cleanup for your business finances. I can work with your business to help streamline your records, identify potential savings, and set you up for a financially thriving year ahead. Who is ready to get started and crush 2024? 🎉

📱Contact me for a personalized consultation.

𝙷𝚎𝚛𝚎 𝚒𝚜 𝚝𝚑𝚎 𝚚𝚞𝚎𝚜𝚝𝚒𝚘𝚗 𝚘𝚏 𝚝𝚑𝚎 𝚠𝚎𝚎𝚔...

📍Q: I’m a small business owner, and I’m not sure which tax forms I should be using?

A:
📌If you formed an LLC, and the LLC has more than one member but you did not make an election to be treated as an S Corporation, then you would be treated as a partnership and file form 1065.
🗓️Form 1065 is due March 15th.

📌If you formed an LLC or corporation and filed an S Election, then you will be treated as an S Corporation and you would file form 1120S.
🗓️This tax return is also due March 15th.

📌If you formed a corporation, but did not make an S Election, then you will be treated as a C Corporation and file form 1120.
🗓️C Corporations with a tax year ending 12/31 is due April 15th.

📌All other businesses (LLCs with only one member or sole proprietorships) will file schedule C with their personal tax return and report their income or loss on Schedule C.

Have a question? Comment your questions below.

📍For personalized advice on your tax situation, always consult with your trusted tax professional. Information provided here is general and may not apply to your specific circumstances

Are you prepared for the end of the month?? Because somehow it’s already here.

- Review your Quickbooks, Xero or whichever method you prefer to use, and reconcile all your bank accounts.

- Set aside a portion of your finances for taxes.

- Review your profit and loss statement from previous months to see how your business is performing.

Still unsure if you caught everything? Give me a call today, and we’ll get it straightened out!

🍁 As we gather with loved ones, I want to express my heartfelt gratitude to my valued clients. Thank you for entrusting me with your tax preparation and financial journey. Wishing you and your families a Thanksgiving filled with warmth, joy, and moments to cherish.

Happy Thanksgiving from my family to yours! 🦃🍽🍁🥧
Justin

🇺🇸 Today, we salute the brave heroes who have served our nation. 🎗️ Happy Veterans Day! Your dedication and sacrifice inspire us. Thank you for your service. 🙏🇺🇸

🌟 Holiday Finance Tips 🌟

The holiday season is a joyful time, but it can also put a strain on your finances. Here are some tips to help you stay on top of your money during this festive season:

1. Set a Budget 🎁: Determine how much you can comfortably spend on gifts, decorations, and festivities. Stick to your budget to avoid overspending.
2. Gift Planning 🎄: Make a list of the people you want to buy gifts for and plan your purchases in advance. Look out for sales and discounts.
3. Track Expenses 📊: Use budgeting apps or spreadsheets to keep an eye on your spending. This will help you avoid surprises when the credit card bill arrives.
4. Cash is King 💵: Consider using cash for your holiday purchases. It's a tangible way to stay within your budget and avoid accumulating credit card debt.
5. DIY Gifts 🎨: Get creative with homemade gifts or experiences. Thoughtful gestures often mean more than expensive presents.
6. Potluck Parties 🍽️: If you're hosting a holiday gathering, make it a potluck where everyone brings a dish. It's fun and cost-effective.
7. Emergency Fund 💰: If possible, set aside a small amount in your emergency fund to cover unexpected holiday expenses.
8. Review Year-End Finances 📅: Consider speaking to a financial advisor or a CPA to optimize your year-end finances and tax planning.
9. Be Mindful of Charitable Donations 🎗️: If you're making donations, keep track of them for potential tax deductions.
10. Plan for Next Year 📆: Start thinking about your financial goals and resolutions for the upcoming year.

Remember, the holidays are about spending time with loved ones, not about breaking the bank. If you need more personalized financial advice, Justin D. Restmeyer CPA is here to help. Wishing you a joyful and financially responsible holiday season! 🎉💰🎅

As the leaves change color, let's change the way you handle your finances. 🍁💼

📚 Discover the peace of mind that comes with expert bookkeeping for small businesses.
🌟 Focus on growing your business while I handle the numbers.
💡 With me, every season can be a season of financial success!

Ready to turn a new leaf? Contact me today! 🍂💰

🇺🇸 Today, we pause to honor the memory of the lives lost and the resilience of our nation. 🗽

We stand with our fellow Americans in remembrance of this solemn day. 🕯️ Let us never forget the unity, strength, and compassion that emerged in the face of tragedy.

🙏 Join us in a moment of reflection and solidarity. Together, we remember. 🇺🇸