It is that time of year again, when the hustle and bustle of preparing 2024 taxes is upon us! Here at Elite Accounting, Consulting & Tax, our professionals are eager to begin helping with tax preparation and filing needs. There are some important changes that have been introduced through Senate Bill 399 that everyone should be aware of. Whether it is filing status, requirements or new tax brackets, we are here to help keep you informed.
Under the new law, rules surrounding tax filing statuses have undergone considerable changes. This year, taxpayers must adhere to the same filing status used on their federal tax return when filing their state taxes. This means that if you’re married, you can no longer opt to file separately from your spouse unless you’re doing so for federal purposes as well.
Another critical change pertains to how capital losses, passive losses, and excess business losses are treated. No longer will these losses be allocated by spouse. They will now be treated uniformly, mirroring how they are handled federally. This streamlining could simplify the process for many couples but may also require careful planning to maximize tax benefits.
As you prepare your tax documents this year, take time to review your filing options. Consulting with the professionals at Elite accounting, consulting & Tax can provide personalized insights, ensuring you and your spouse make the most of the tax benefits available to you.