Kittrell & Klaskin, LLC

Year end planning sessions with clients and preparation for the upcoming tax season have caused us to be silent on the socials recently.

We interrupt that silence to share this feedback from a valued client. "Confidence and Empowerment" = Music to our ears!

Your confidence and trust in our team inspire us every day. Thank you for letting us be a part of your business journey.

Happy Thanksgiving from all of us at Kittrell & Klaskin!

As we gather to celebrate this season of gratitude, we're reminded of the incredible clients and community we serve. Your trust and support are the core of our success, and for that, we are immensely thankful.

May your Thanksgiving be filled with warmth, joy, and the cherished company of loved ones.

Warm wishes,
The Kittrell & Klaskin Team

Navigating the Corporate Transparency Act: Updates and Insights for Small Businesses

🔍 New year, new rules: the Corporate Transparency Act is coming into effect soon.

Here’s the Scoop:

For Established Businesses: You’ll need to start reporting by January 1, 2025.

For New Startups: If your business is established after December 31, 2023, you must file within 30 days.

The Current Debate: There's ongoing advocacy for a delay, to give businesses like yours more time to adjust.

Stay Up to Date:

We’re keeping an eye on these discussions because we know it matters to you. And if you’re feeling overwhelmed by these new steps, we’re here to help.

Need a Hand?

Reach out for assistance with your reporting needs and any questions you may have.

Today at Kittrell & Klaskin, LLC, we stand united in deep gratitude for our veterans.

As a Veteran Owned Business, we know the sacrifice and dedication it takes to serve our country.

We proudly celebrate the bravery and commitment of those who have worn the uniform of the United States Armed Forces.

Today, we honor the legacy and valor of the Marines, who have defended our freedom since 1775.

Their unwavering courage and commitment to excellence inspire us all.

🚀 2024 IRS Contribution Limit Increases Announced! 🚀

🔵 401(k), 403(b), 457, and TSP Contributions:

Regular limit: up to $23,000 (from $22,500)
50+ catch-up: additional $7,500 (totaling $30,500)

🔵 IRA Contributions:

Regular limit: up to $7,000 (from $6,500)
50+ catch-up: remains $1,000 (totaling $8,000)

🔵 SIMPLE Retirement Accounts:

Limit increase: up to $16,000 (from $15,500)

🔵 Income Phase-Out Ranges:

IRA Deductible Contributions:

Single: $77,000-$87,000
Married filing jointly: $123,000-$143,000
Married to a covered spouse: $230,000-$240,000

Roth IRA Contributions:

Single: $146,000-$161,000
Married filing jointly: $230,000-$240,000

🔵 Saver's Credit Income Limits:

Married filing jointly: up to $76,500
Head of household: up to $57,375
Single/Married filing separately: up to $38,250

🔵 Charitable and Annuity Contribution Adjustments:

QLACs: limitation remains at $200,000
Charitable distributions: increased to $105,000
Split-interest entity distributions: increased to $53,000

Stay ahead in your retirement planning. For personalized tax guidance, contact Kittrell & Klaskin, LLC – your partner in navigating the latest tax changes.

🌟 Tax Assistance Available! 🌟

Are you aware of the free tax help provided by the IRS through the VITA and TCE programs? These programs offer support to rural taxpayers, limited English speakers, senior citizens, and those who generally need assistance in preparing their taxes.

🔹 VITA (Volunteer Income Tax Assistance) helps people who make $60,000 or less, persons with disabilities, and limited English-speaking taxpayers.

🔹 TCE (Tax Counseling for the Elderly) focuses on taxpayers who are 60 years of age and older.

Volunteers from these programs provide free basic income tax return preparation with electronic filing to qualified individuals.

👉 No experience? No problem! The IRS provides free specialized training to volunteers, so you can learn as you help.

📍 Positions available include tax preparers, client greeters, interpreters, quality reviewers, and more. This can be a great way to give back to the community and can be a learning experience for anyone interested in understanding the tax process better.

🕒 With flexible hours and virtual options, volunteering can fit into just about any schedule.

Interested in making a difference this tax season or know someone who might be? Visit the IRS Tax Volunteers page for more information and to volunteer. If you're looking for more personalized tax services, Kittrell & Klaskin, LLC is here to support our community with expert tax planning and preparation. Contact us to see how we can assist you!

https://www.benefits.gov/benefit/1543; https://www.irs.gov/individuals/irs-tax-volunteers

Volunteer Income Tax Assistance (VITA) | Benefits.gov VITA offers free tax help to eligible individuals who need assistance preparing tax returns. Determine your eligibility for this benefit

2024 Kansas Sales and Use Tax Rate Changes

Effective January 1, 2024 - Here's What You Need to Know!

Increase Alert: 📈
Cherryvale: Up to 9.25%
Clearwater & Park City: Now at 8.5%

Decrease Alert: 📉
Blue Rapids & Waterville: Down to 8.5%
Coffeyville: Reduced to 9%

New Special Districts: 🆕
El Dorado Plaza, Garden City Plaza II, Renner 87, McPherson Candlewood Suites, 24/7 Travel Store, Mission Gateway 2022

Need to navigate these changes? We're here to help!

Contact Kittrell & Klaskin, LLC at 316.352.7112, [email protected], or www.kittrellklaskin.com

Did you know your Social Security benefits are calculated based on your 35 highest-earning years?

It’s never too early to plan for retirement.

Accurate books today mean peace of mind tomorrow.

Dive into your financials now, and rest easy when it matters most.

Here's to clarity and confidence in every decision.

We are excited to partner with the professionals at Utopia Modern Salon Suites!

"🎉 Big news! 🎉 We are absolutely thrilled to introduce our brand new accounting package, designed exclusively for beauty professionals like you! 💼💅 With our range of customizable packages, you can now access the expertise of our experienced CPA to help you set up your business finances, maximize your income, and take advantage of valuable tax benefits. Whether you require assistance with simple bookkeeping or comprehensive bookkeeping and tax filing, we've got you covered. Let us handle the financial side of things, allowing you to focus on what you do best - making your clients look and feel absolutely fabulous! Stay tuned for more exciting details coming your way soon... 💫

Fall is in the air, and before we know it, tax season will be too!

Let's get ahead of the game.

Diving deep into your financials might feel like deciphering a foreign language.

But with the right guidance, it can become as easy as reading your favorite book.

Let's translate those numbers into stories of success.

Ready to start a new chapter in your business journey? Let's chat!

Ever felt lost in a sea of paperwork?

Remember, it's not just about filing your taxes; it's about understanding where your money is going each month.

Proper bookkeeping is like a GPS for your business, directing you toward financial health. Get your financial GPS updated.

Need a hand? Let's connect!

Employee Retention Credit processing Update:

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros | Internal Revenue Service IR-2023-169, Sept. 14, 2023 — Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest sm...

Business growth isn't just about increased sales, but understanding your numbers. A clear financial picture can steer you toward your goals faster than you think. Dive deep into your analytics, understand your cash flow, and watch your business thrive! Need help demystifying your numbers? Reach out!

Monday Financial Tidbit 📈:

Did you know?

Regularly reviewing your Profit & Loss, Balance Sheet, and Cash Flow Statement each month can help you spot financial trends and anomalies early.

This enables proactive decision-making, helping businesses steer clear of potential pitfalls.

Make it a habit!

A Business Owner's Monthly Checklist: Ensuring Accurate Financial Records for Smart Decision Making 📊

Every business owner wants to make informed decisions. But for that, you need accurate and insightful financial data at your fingertips. Here's what to review monthly:

Profit and Loss (P&L) Statement:
Check it monthly, displaying at least the last three months for comparative insight.
Spotting outliers becomes easier when you observe month-on-month variations.

Balance Sheet:
Just like the P&L, maintain a three-month perspective.
Though it might seem technical, it's crucial to grasp the book value of your business and to spot potential discrepancies.

Cash Flow Statement:
Essential especially if you're on an accrual accounting basis. While this method provides a comprehensive view of business health by matching revenues with relevant expenses, a cash flow statement offers a transparent view of performance from a cash flow generation perspective.

Bonus Tip: Having a seasoned accountant review these statements with you monthly can be invaluable. They can pinpoint areas of focus, provide clarity, and answer pressing questions, ensuring you're always equipped to steer your business effectively.

Stay informed, stay ahead, and drive your business with confidence!

**Beware of Unsolicited Calls!** 📞

Lately, many companies have been cold calling businesses, promising significant Employee Retention Credit (ERC) returns. While maximizing tax deductions is vital, it's equally crucial to be informed and cautious.

The IRS recently updated its FAQ on the ERC, highlighting a few vital points:
- Not every business is eligible for ERC.** Be wary of claims that suggest otherwise.
- ERC's eligibility is based on very specific requirements such as significant declines in gross receipts or mandated
suspensions of operations due to COVID-19.
- Many taxpayers, including retirees, employees, and household employers, **are not eligible** for the ERC.
- A mere recommendation from a government authority doesn't qualify a business for the ERC; there must be an official order.
- Supply chain disruptions alone do not qualify businesses for the ERC.

The key takeaway: Approach ERC claims with a discerning eye. We always advocate for maximizing tax benefits, but it's essential to do so with accuracy and adherence to regulations. Dive deeper into the details and always make informed decisions.

Frequently asked questions about the Employee Retention Credit | Internal Revenue Service These FAQs provide general information about eligibility, claiming the credit, scams and more guidance about the Employee Retention Credit.

Having peace of mind knowing your business's financial records are in order is priceless. At Kittrell & Klaskin, LLC, we provide not just services, but also confidence in your numbers.

Kittrell & Klaskin, LLC Helping small business owners use their financials to make great decisions

Meet the faces behind Kittrell & Klaskin!

From left to right: Harrison Seligman, Lisa Klaskin, and Ryan Kittrell.

We're a small but mighty team committed to providing top-notch accounting services to our clients.

This July, we celebrated our 2-year anniversary, and we're feeling incredibly grateful for the trust and support we've received from our clients and community.

Each day, we strive to bring clarity, confidence, and peace of mind to your business finances, and we're excited about the many more years to come!

Here's to ensuring your numbers add up and helping your business grow. 📈

Hello to our fantastic community! 🙋‍♀️

We've been fully immersed in providing the best accounting services to our clients, and we realize we haven't been as active on social media as we'd like.

But that's changing! We're excited to start sharing regular insights on business finances, tax updates, and even some behind the scenes glimpses into the work we do at Kittrell & Klaskin. Our goal is to help you navigate the financial aspect of your business journey with confidence and ease.

We believe in the power of conversation and community, so please, don't hesitate to reach out with questions or just to say hello. We're looking forward to building this space into a resource for all things accounting. Stay tuned! 😊

https://kittrellklaskincpa.com/the-importance-of-mileage-logs-for-business-tax-deductions/

The Importance of Mileage Logs for Business Tax Deductions If you own a business and use your personal vehicle for business purposes, you may be able to deduct the cost of those miles on your taxes. However, in order to claim this deduction, you need to k…

“the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees.”

IRS ends unannounced revenue officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts | Internal Revenue Service IR-2023-133, July 24, 2023 — As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and ...

Ryan spent yesterday at the Wichita State University Kansas Small Business Development Center Marketing Meetup. He learned a lot and also got to connect with passionate and engaged small business owners. Fantastic event. Thanks SBDC!