John W Royston, EA & Associates

🏡 Unlock Hidden Savings! 🖥️ Don't Miss Out on the Overlooked Home Office Deduction!

✅ Who Qualifies:
• Self-employed, Independent Contractors, Gig Workers

❌ Not Eligible:
• W-2 Employees

📋 Requirements:
• Use a part of the home exclusively for business.
• Home is the principal place of business.

🏠 "Home" Includes:
• House, apartment, condo, etc.
• Structures like garage, studio, barn
• Excludes property used as a hotel.

💼 Qualified Expenses:
• Real estate taxes, Mortgage interest, Rent
• Utilities, Insurance, Depreciation
• Maintenance and repairs

📝 Claiming the Deduction:
• Regular Method or Simplified Option
• Daycare facilities may qualify.

To maximize your deductions, consult us 📞337-989-2300.

💰

📣 Important Tax Update for 2024! 📊💰

Estate and gift tax breaks are set to rise next year due to inflation. Here's what you need to know:

🏦 Lifetime Exemption Increase: The lifetime estate and gift tax exemption for 2024 will soar to $13,610,000. Act fast! Post-2025, it may revert to $5 million, adjusted for inflation, pending Congressional decisions.

🏡 Special Real Estate Valuation: In 2024, estate tax valuation of real estate gets a boost. Up to $1,390,000 of farm or business real estate can benefit from a discount valuation, allowing estates to value the realty at its current use. Conditions apply: The real estate must make up at least one-half of the estate, and property comprising 25% or more of the estate must be used in business or actively farmed by the decedent or their family for five or more years in the eight years before death.

💼 Business-related Benefits: More estate tax liability qualifies for an installment payment tax break. If closely held businesses make up over 35% of the estate, you may defer up to $740,000 in tax, with only 2% interest from the IRS.

💸 Annual Gift Tax Exclusion Increase: The annual gift tax exclusion rises to $18,000 per donee in 2024. You can gift up to $18,000 to each person without triggering gift tax, utilizing your lifetime estate and gift tax exemption. Annual gifts over the exclusion amount will trigger filing a gift tax return for 2024, but no gift tax will be due unless your total lifetime gifts exceed $13,610,000.

🎁 Post-2025 Estate Planning: Gifts made now won't trigger post-2025 estate tax bills. The higher lifetime exemption for gifts will be used to calculate post-2025 estate taxes, offering benefits for those making substantial gifts from 2018 through 2025.

J.W. Royston, EA & Associates, Inc.
📞 337-989-2300

Stay informed, plan wisely, and consult with us for personalized advice!

💡💼

🚨 Tax Season Scam Alert! 🚨

As tax season approaches, the IRS and Security Summit partners warn of emerging scams via email, text, and phone. Be vigilant against identity thieves using various tactics to trick taxpayers and tax professionals. 🕵️‍♂️🔒

Here are key points:

• Scammers pose as the IRS, tax agencies, or financial entities, aiming to steal sensitive information. 🎭💼

• Phishing and smishing are common, using fake emails or texts to lure victims with promises of refunds or threats of legal action. 🎣📲
• The IRS initiates most contact through regular mail, not email or text. Don't click on unexpected messages! 📬🚫

• Be cautious of messages from friends or family; verify their identity through a known contact method. 👥📱

• Signs of a scam include unexpected tax transcripts, unrequested Employer Identification Numbers, or notices from unknown tax preparation companies. 🚩📂

• Protect yourself by reporting scams to [email protected] and staying informed about potential threats. 🛡️💻

Stay safe and share to spread awareness! 🛡️💬

🚨 Beware of Charity Scammers This Holiday Season 🚨

'Tis the season of giving! 🌟 While our hearts are full of compassion, let's stay alert to avoid charity scams.

How to Spot Charity Scams:
1. 🕵️‍♂️ Research the Organization: Check their track record and transparency.
2. 📋 Check for Proper Registration: Verify their status on official websites.
3. 💼 Find Tax-Exempt Status: Use the Tax-Exempt Organization Search Tool for eligibility and details.

Be Wary:
4. 📧 Unsolicited Contacts: Watch out for unexpected messages asking for donations.
5. 🔐 Secure Payments: Use reputable methods for online donations.
6. 🤔 Trust Your Instincts: If it feels off, question it.

Tips for Safe Giving:
7. 💻 Donate Directly: Use official websites for contributions.
8. 📑 Keep Records: Save receipts for tax purposes.
9. 🌐 Spread the Word: Share info on known scams with friends and family.

This holiday season let's give wisely and ensure our generosity reaches those in need. Share to spread awareness!

🎁✨ 🌟

Charming 3-Bedroom, 2-Bathroom Home in Ambassador Square, Central Lafayette

Discover the perfect blend of modern comfort and timeless appeal in this inviting 3-bedroom, 2-bathroom residence nestled within the established neighborhood of Ambassador Square in Central Lafayette. With a total area of 7,968 square feet, including a generous 1,332 square feet of living space, this home offers a cozy retreat for families and individuals alike.

Key Features:

Updated Kitchen: The heart of this home, the kitchen, received a stylish makeover just last year. It boasts contemporary features and granite countertops, creating a space where culinary enthusiasts can truly shine.

Serene Outdoors: The property is adorned with mature trees and boasts excellent drainage, providing a tranquil and low-maintenance outdoor space for relaxation and play. What's more, a 6-foot fence with a double gate was installed only a few years ago, enclosing the large backyard, and offering privacy and security for outdoor activities and gatherings.

Modern Master Bathroom: The master bathroom, renovated within the last year, is a modern sanctuary, offering both style and convenience.

Location Benefits: One of the standout features of this property is its strategic location. Not situated in the FEMA Special Flood Hazard Area, it is bounded by well-known streets, providing easy access to nearby amenities. To the north, Eraste Landry Rd; to the east, Ambassador Caffrey Pkwy; to the south, Ole Colony Rd; and to the west, Westgate Rd.

Neighborhood Highlights:

Ambassador Square is a vibrant and well-established neighborhood, primarily consisting of single-family homes with rambler and traditional styles. Some duplexes can also be found, but the majority are single-family residences. Driveways are common, and carports are not unusual.

Homes in this area typically offer a living area of 1,000 to 1,500 square feet. The neighborhood's construction began in the 1980s, giving it a sense of history and character.

Recreational opportunities abound with local parks and golf courses within a reasonable commute. For employment, you have various options within the immediate area, and the urban and industrial hub of the city of Lafayette is just a 10-minute drive away. Lafayette itself offers diverse job opportunities in energy exploration, healthcare, education, retail, and various other sectors.

This charming 3-bedroom home offers a wonderful blend of comfort, style, and convenience, all within the welcoming community of Ambassador Square. Don't miss the chance to make it your own!

Contact us for more information and to schedule a viewing.

**** No Owner Financing **** No Rent to Own **** No Lease to Own

Pricing:

$155,000

Contact:

Name - John Royston

Email - [email protected]

Phone - (337) 849-4485

📊 Exciting 2024 Retirement Updates! 🚀

401(k) and IRA Boost: 🌟 Max contributions up! 401(k)s, 403(b)s, and 457 plans hit $23,000, while IRAs cap at $7,000.

Catch-Up Craze: 🕰️ 50+ folks enjoy catch-up contributions, allowing a cool $30,500 max for specific plans.

Income Ranges Rise: 💸 More room for deductions and Roth IRA contributions with increased income ranges.

IRA Deduction Phases: 📉 Singles phase-out between $77,000-$87,000; married couples (filing jointly) between $123,000-$143,000.

Roth IRA Peaks: 🚀 Singles ($146,000-$161,000) and couples ($230,000-$240,000) see higher income phase-outs.

Saver's Credit Soars: 🌈 New limits! $76,500 for couples, $57,375 for heads of household, and $38,250 for singles.

SIMPLE Savings Surge: 💰 Now stash up to $16,000 in your SIMPLE retirement account!

SECURE 2.0 Tweaks: 🔄 Changes include limits on longevity annuity premiums, adjustments to deductible limits on charitable donations, and a one-time election deductible limit for IRA distributions.

💻💼

🚨 IRS ALERT! 🚨

If you missed out on Economic Impact Payments (stimulus checks) in 2020 or 2021, you could be eligible for the Recovery Rebate Credit! 💵 File your tax return before the deadlines: May 17, 2024, for 2020, and April 15, 2025, for 2021. ⏰

Who's eligible? 🤔 Must be a U.S. citizen/resident, not a dependent, and have a valid Social Security number. Even those with little/no income can claim!

📅 Filing Deadlines:
• 2020 RRC: May 17, 2024
• 2021 RRC: April 15, 2025

💡 Get free tax help via VITA and TCE programs. No penalty for filing late! 💰 Check your IRS Online Account for Economic Impact Payments.

👉 Remember, claiming the credit doesn't affect federal benefits or immigration status. Spread the word and get what you're entitled to!

📑💰

🚀 Unlock Tax Savings with WOTC 🚀

Employers can save on taxes by claiming the Work Opportunity Tax Credit (WOTC):

✅ Eligibility Check:
Before hiring, review WOTC eligibility for potential tax benefits.

✅ Pre-screening and Certification:
Submit IRS Form 8850 to your state agency within 28 days of hiring from specified groups.

✅ Claiming the Credit:
Calculate on Form 5884, claim on Form 3800 for federal income tax returns.

✅ Special Rule for Tax-Exempt Orgs:
Tax-exempt? Claim the credit for hiring qualified veterans on Form 5884-C against payroll taxes.

✅ Credit Limitations:
For businesses, capped at income tax liability. For tax-exempts, limited to employer Social Security tax.

Unlock savings, stay informed! 🌐💼 📊💰

🌟 Tax Benefits for Higher Education 🌟

Navigate higher education expenses with savvy insights into tax credits, deductions, and savings plans! 💰🎓

Tax Credits: American Opportunity & Lifetime Learning

✨ The AOTC and Lifetime Learning Credit are designed to ease the burden of education costs.
✨ To qualify, ensure payment of qualified expenses, enrollment at an eligible institution, and possess a valid SSN or ITIN.
✨ Remember, you can choose between the AOTC and Lifetime Learning Credit, but claiming both for the same student in the same year is not allowed.

Deductions: Tuition, Fees, and Student Loan Interest

🎓 For the tuition and fees deduction, you can amend prior-year returns using Form 1040-X.
🎓 The student loan interest deduction is available if your MAGI is below $80,000 ($160,000 joint).
🎓 To qualify for these deductions, ensure your student loans and education expenses meet the defined criteria.

Business Deduction for Work-Related Education

💼 Employees and self-employed individuals can benefit from deducting work-related education expenses.
💼 Claim these deductions on Schedule A (Form 1040) or Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040).
💼 To qualify, the education must be required by your employer, contribute to skill maintenance, and not be aimed at meeting minimum job requirements.

Savings Plans: 529 Plans and Coverdell ESA

🏦 Under TCJA, 529 plans now allow rollovers and a $10,000 annual distribution for K-12 expenses.
🏦 Coverdell ESA covers both higher education and elementary/secondary expenses.

Scholarships, Fellowships, and Exclusions

🎓 Tax-free scholarships and fellowships depend on being a degree candidate, using funds for qualified education expenses, and adhering to expense requirements.
🎓 Certain expenses, such as room and board, travel, etc., don’t qualify as tax-free.
🎓 Educational assistance benefits from employers (up to $5,250) are excluded from income.

Expenses That Don’t Qualify for Scholarships/Fellowships

❌ Non-qualified education expenses include room and board, travel, research, clerical help, and non-mandatory equipment costs.

Educator Expense Deduction

🍎 Educators can deduct up to $300 ($600 for joint filers) for unreimbursed business expenses.
🍎 This deduction is available for eligible educators in K-12 schools, covering expenses like books, supplies, equipment, and professional development.

For personalized guidance and detailed information, feel free to contact J.W. Royston, EA, and Associates, Inc. 🏢 We're here to help unravel the complexities! 📞💼

💡📚

🚗💰 Considering a clean vehicle tax credit? Whether you're looking at a new EV in 2023 or earlier, or purchased one in 2022, here's what you need to know:
✅ For 2023 and After:
• Potential credit up to $7,500 for new plug-in EVs or fuel cell vehicles.
• Criteria include personal use, U.S. primary usage, and income limits.
• Credit varies based on delivery date and critical mineral/battery requirements.
🌐 Qualified Vehicles:
• Battery capacity over 7 kWh.
• GVWR under 14,000 pounds.
• Made by a qualified manufacturer.
💡 For 2022 and Earlier:
• Up to $7,500 credit for qualified new plug-in EVs.
• Formula: $2,917 base + $417 for each kWh over 5 kWh.
• Nonrefundable, applies to owed taxes.
📝 Who Qualifies:
• Individuals and businesses.
• Vehicle must be for personal use, with specific charging and weight criteria.
• Final assembly in North America required for certain vehicles after August 16, 2022.
📅 Important Dates:
• Check contract and delivery dates for eligibility.
• Missed the deadline? Explore amended returns.
🧾 How to Claim:
• File Form 8936 with your tax return.
🌿💵 Go green and save green! Check your eligibility for the new clean vehicle credit and contribute to a sustainable future.
🚀🔌

🏡 Tax Benefits for Adoption 🌈
Discover the joy of adopting a child while enjoying tax benefits! 🌟 The adoption tax credit and income exclusion can make your adoption journey easier. 💖
💰 The credit is up to $14,890 per child. 📋 Qualified expenses include adoption fees, court costs, and more. 💼 Employer-provided adoption assistance is also excluded from income.
📈 Be aware of income and dollar limitations based on your modified adjusted gross income (MAGI). The credit and exclusion have separate dollar limits.
📆 Timing matters! Claim expenses based on when they are paid and the type of adoption (domestic or foreign).
🌟 Special needs adoptions may qualify for the maximum credit in the year of finalization.
💑 Filing status can impact your eligibility for the credit or exclusion.
📝 Use Form 8839 to claim these benefits. No need to attach documentation when e-filing.

💰🔍 Financial Insights: Navigating the Tax Implications of Life Insurance Policy Loans 📊💼

Taking out a loan against your life insurance policy typically does not result in taxable income, as long as your policy remains in force and the loan amount doesn't exceed the premiums you've paid. However, there are important considerations:
1. If you surrender your policy or it lapses, and the amount you owe on the loan exceeds what you've paid in premiums, you may need to pay income tax on the investment gains.
2. Repaying the loan from your life insurance cash value is not mandatory, but any outstanding debt will be deducted from the death benefit.
3. A taxable amount is based on the gains realized, which is the cash value of your policy minus the total premiums paid. If you have an outstanding loan, you could owe tax on the investment gains.
4. Failing to repay the loan before the insured person's death can reduce the death benefit paid to beneficiaries.
5. Interest is added to the loan, and if it increases the loan value beyond the cash value, your policy may lapse, and you could owe income taxes on investment gains.

"In conclusion, understanding the tax implications of life insurance policy loans is essential for informed financial decision-making. If you have questions or need personalized guidance on this or any other financial matter, a team from John Royston E.A. and Associates, Inc. is here to assist you. Our team of experienced financial advisors can provide expert advice tailored to your unique situation, helping you make the best choices to achieve your financial goals."

As announced in September, has begun contacting about 1,600 new high-income taxpayers that owe hundreds of millions of dollars in taxes. The IRS has now collected $122M in 100 of these already assigned 1,600 cases.

See: https://ow.ly/bcV150PZKPu

🚨 Beware of False ERTCs! 🚨

Congress introduced Employee Retention Tax Credits (ERTCs) during the pandemic to aid businesses from March 13, 2020, to Sept. 30, 2021. But, the rules are complex, and promoters are exploiting the confusion.

Watch out for misleading claims about ERTCs! Be cautious of those misrepresenting qualifications or promising quick fixes. Stay informed and don't fall for high fees. The IRS is cracking down on false claims, so beware.

In audits, the IRS will scrutinize your business's COVID impact and more. Stay vigilant to avoid scams. 💼💰🔍

"🚜🌾 Important IRS News: Extended Tax Relief for Farmers and Ranchers Impacted by Drought-Related Livestock Sales 🐄🌧️"

The IRS has provided a reminder regarding an extended period for eligible farmers and ranchers who were compelled to sell livestock due to drought. They can defer tax on any gains from these forced sales by replacing the livestock within an extended timeframe.
Key points from the announcement:
• Eligible farmers and ranchers can defer taxes on gains from forced livestock sales due to drought.
• The relief applies to capital gains from sales of livestock held for draft, dairy, or breeding purposes, but not for livestock raised for slaughter, sporting purposes, or poultry.
• The replacement period is extended to four years instead of the usual two, and further extensions may be possible if the drought continues.
• Eligible farmers and ranchers have until the end of their first tax year after the first drought-free year to replace the sold livestock.
• This extension is available to those in regions suffering from exceptional, extreme, or severe drought conditions between September 1, 2022, and August 31, 2023.
• The extension impacts drought sales that occurred in 2019 and may also affect earlier drought-related extensions in certain areas.
• More information on this and other farm-related tax issues can be found in Publication 225, Farmer's Tax Guide, on IRS.gov.

Fall is here, and with it, the return of student loan payments. But there are some helpful tax breaks to ease the burden. 🔍💰
1. Deduction for student loan interest: You can claim up to $2,500 of interest paid each year as a deduction on your tax return, even if you don't itemize.
2. Income limits: The deduction starts phasing out at $75,000 for single filers and $155,000 for joint filers, ending at $90,000 and $185,000, respectively.
3. Parent-child scenario: Parents who help repay their child's student loans can't claim the deduction, but the child can if they meet income limits and aren't claimed as a dependent.
4. Tax-free forgiveness: Most student loan debt forgiven between 2021 and 2025 is tax-free, thanks to a relief provision. Be aware of state-specific rules.
5. 529 accounts: You can use up to $10,000 from a 529 account to pay off college debt, but this is a lifetime limit, and excess withdrawals can incur taxes and penalties.
6. Employer assistance: Some employers offer educational assistance programs, helping you pay down up to $5,250 of college loans annually, with tax benefits.
Stay informed and make the most of these options to manage your student loan payments this fall! 💸🍂

📢 Today is the Tax Deadline! 📅

Don't let time slip away – it's your last chance to file your taxes and make sure everything is in order. Whether you're an early bird or a last-minute filer, here are some key points to remember on this crucial day:

1️⃣ File Your Return: Ensure you've submitted your tax return by the deadline. If you're unable to do so, request an extension, but remember that an extension only gives you more time to file, not more time to pay any taxes owed.

2️⃣ Double-Check Everything: Review your forms and documents to avoid any errors. Mistakes can cause delays in processing and may result in penalties.

3️⃣ Pay What You Owe: If you owe taxes, make your payment by the deadline. The IRS accepts various payment methods, including online payments, direct debit, checks, and more. Paying on time can save you from late payment penalties and interest.

4️⃣ Seek Professional Help: If you're unsure about your tax situation or need assistance, consider consulting a tax professional. They can help you navigate complex tax issues and ensure you're taking advantage of all available deductions and credits.

Remember, missing the tax deadline can result in penalties and interest on any taxes owed, so it's essential to take action today. If you've already filed and paid, kudos to you! If not, get those last-minute details in order and ensure you're in compliance with the IRS.

🌼 Prioritizing Mental Health: A Message from J.W. Royston, EA & Associates, Inc.🌼

At J.W. Royston, EA & Associates, Inc., we understand that the pursuit of financial success should never come at the cost of mental well-being. Our team's health and happiness are essential to us, and we're committed to fostering a supportive, nurturing environment for all.

In today's fast-paced world, the demands of the accounting industry can be intense. Long hours, tight deadlines, and complex financial matters are all part of the job. But we also recognize that these pressures can take a toll on your mental health. That's why we believe in open conversations and support when it comes to the well-being of our team.

💡 Here are some ways we're working to support you and prioritize mental health:

1️⃣ Work-Life Balance: We encourage a healthy work-life balance and know that sometimes, it's okay to step away from the numbers and take a breather.

2️⃣ Stress Management: We're here to offer tips and strategies for managing stress, whether it's work-related or personal.

3️⃣ Supportive Environment: We're fostering a culture of understanding and empathy. It's okay to talk about mental health; we're here to listen and support one another.

Remember, it's okay to reach out and talk about what you're going through. Our team is more than just colleagues; we're a community that cares about each other's well-being.

Your mental health matters, and we're here to help you prioritize it. We're all in this together. 💪

📊 Financial Tip of the Day 📊

Did you know that keeping your business and personal finances separate can save you time and money? 🤑 Mixing them up can lead to confusion and potential tax headaches down the road. 💼

At J.W. Royston, EA & Associates, Inc., we're here to help you navigate the complexities of managing your finances, so you can focus on what you do best—growing your business! 📈

Got questions about business finances? Drop them in the comments below, and our expert team will be happy to provide answers! 💬

📣 Tax Deadline Alert: October 15th! 🗓️

The October 15th tax deadline is quickly approaching, so mark your calendars and get those tax returns in order. ⏳ Don't wait until the last minute! 🚫

📌 October 15th is the final deadline for filing your 2022 tax returns if you requested an extension earlier this year. Whether you're an individual or a business owner, now is the time to review your financial records and make sure everything is in order. 💼💰

💡 Need help or have questions about your taxes? Our expert team is here to assist you every step of the way. Don't hesitate to reach out! 📞[337-989-2300]

Remember, filing on time can save you from penalties and ensure you get the refunds you deserve. Let's make this tax season stress-free! 💪

🌟💡 It's Never Too Late to Begin Your Financial Journey! 💰🚀

"Remember, financial wisdom isn't about how early you start; it's about the choices you make today and the commitment to a better financial future. Don't dwell on what you didn't know in your 20s; focus on what you can do now to secure a brighter financial path ahead. Small steps today can lead to significant financial achievements tomorrow. Let's embark on this journey together!"

"🔍 Tax Tip Tuesday! 📊

Tax season may be months away, but it's never too early to start planning for it. One smart strategy to consider is tax-efficient investing. By optimizing your investment portfolio for tax benefits, you can potentially reduce your tax liability and maximize your returns. 💰

Here are a few tax-efficient investment tips to get you started:
1️⃣ Explore tax-advantaged accounts like IRAs and 401(k)s.
2️⃣ Consider tax-efficient funds that generate minimal capital gains.
3️⃣ Understand the tax implications of buying and selling investments.

Remember, proper tax planning can make a significant difference in your financial future. Stay tuned for more tax insights in the coming weeks! "

📊 Tax Planning Tip: Pay Less, Keep More! 💰

Tax planning isn't just about meeting deadlines; it's about smart strategies that maximize your wealth. 💡 Here's a quick strategy to consider:

📈 Diversify Your Investments: Optimize your portfolio to reduce tax liabilities. Place tax-efficient investments in taxable accounts and tax-inefficient ones in tax-advantaged ones. Balance risk and reward while keeping more of your hard-earned money. 💼✨

Remember, a well-thought-out tax plan can make a significant difference in your financial future. Consult a tax pro for personalized advice. 🤝 "

Wishing everyone a fantastic Labor Day weekend! 🎉

As we celebrate this long weekend, let's take a moment to acknowledge and appreciate the hard work and dedication of all the incredible individuals who contribute to our company's success. Your efforts make a difference every day!

🙌 Whether you're taking a well-deserved break or spending quality time with loved ones, we hope you have a wonderful and restful Labor Day weekend.

🌞 Enjoy the extra day off, soak up the sunshine, and recharge for the days ahead. You've earned it!

Thank you for being a valuable part of our John W Royston, EA & Associates family. Stay safe and have a fantastic Labor Day!