Accounting Solutions

📢 Attention Small Business Owners! 📢

Hosted by Sarah Simpson, CPA from Accounting Solutions, this session will dive into everything you need to know about 2024 tax filing requirements. Whether you’re new to business or a seasoned entrepreneur, Sarah will provide valuable insights to help you manage your taxes with confidence!

💻 For more information, visit https://athenslaunchbox.com/

💼Don’t miss this chance to get expert advice and make tax season a breeze! 🌟

Our CPA, Sarah, will be speaking at this networking event Thursday, the 20th. Stop by and hear about tax planning ideas and best practices to track your business revenues and expenses during the year!

Networking time! 🤝

July C3 Networking event is scheduled and ready for your RSVP!

Don’t miss out as we will have Sarah Christopher from Accounting Solutions as our featured speaker.

Bring those business cards and get ready to connect!

RSVP Here: https://facebook.com/events/s/c3-networking-july/3440400732880213/?mibextid=RQdjqZ

We have a new location! Right down the road from our last office. 103 Spenryn Drive Madison, AL 35758

Meetings by appointment only.

Starting in 2022 and continuing through 2025, Alabama homeowners may be eligible to receive a tax credit for storm shelter installation. The tax credit will be 50% of the cost of installation up to $3,000.

The storm shelter must:
• Be designed to withstand a EF5 tornado.
• Be attached to or on the same lot as the taxpayer’s primary residence. There must not be another qualified storm shelter on the taxpayer’s primary residence.
• Meet or exceeds the most recent FEMA minimum criteria for the design, construction, and operation of residential safe rooms.
• Be built on the site of the taxpayer's primary residence or is manufactured offsite and installed on the site of the taxpayer's primary residence.

For more information: https://casetext.com/statute/code-of-alabama/title-40-revenue-and-taxation/section-40-new-definitions-tax-credit-for-storm-shelters

A tax deductible donation is a contribution of money or goods to a tax-exempt organization, defined by section 501(c)(3). As a general rule, donations to benefit a specific individual or group are not tax deductible. When you are donating, ask if the organization is a 501(c)(3) charitable organization.

Reminder for 2021: Even if a taxpayer takes the standard deduction, they are allowed an “above the line” deduction of $300 (MJF) or $150 (single, MFS, HOH) for charitable donations. This means you can take the standard deduction AND still receive benefit for your donation. Also, you may itemize on your state tax return due to lower standard deductions. Keep track of any monetary donations or goods donated. With donations to food banks and Angel Tree this time of year, remember to keep your receipts!
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As always, if you have any questions, let me know in the comments! 👇

DISCLAIMER: This post does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, not intended to provide and should not be relied on for, tax, legal or accounting advice. You should consult your own advisors before engaging in any transaction.