Welcome to “Maximize & Minimize”
Happy New Year, and welcome to my first blog post! I’m thrilled to introduce you to "Maximize & Minimize"—a space where I share insights to help you maximize your returns and minimize your tax burdens.
The topics here are designed primarily for my existing clients, but I hope anyone stopping by will find useful tips and strategies.
Tax Organizer and Engagement Letter
On January 2, 2025, I mailed and/or uploaded your tax organizer and engagement letter for your 2024 tax returns to your client portal. Please take a moment to review these documents, complete the Tax Organizer, and sign and return the Engagement Acceptance Form at your earliest convenience.
If you didn’t receive the package or need assistance accessing your portal, feel free to reach out—I’m here to help!
Important Deadline Reminder: Q4 Estimated Tax Payments
A quick reminder: your 4th quarter estimated tax payments are due tomorrow, January 15, 2025.
You can pay your Federal and state estimated taxes online or ensure your check is postmarked on or before the due date.
For Virginia residents: If you’re an Individual or Fiduciary filer and meet specific criteria, the state requires electronic payments. Details are available here.
Update on Beneficial Ownership Information (BOI) Reports
If you own a business or LLC, you may have received communication from me regarding the Beneficial Ownership Information (BOI) reporting requirement. The initial filing deadline for businesses formed before January 1, 2024, was set for January 1, 2025. However, due to ongoing litigation at the end of 2024, the filing requirements are currently suspended.
This situation remains fluid, and the filing requirement could be reinstated at any time. Stay informed by checking updates on the FinCEN website.
Looking Ahead
Future posts will cover topics like:
Obtaining an Identity Protection PIN for added tax security.
Maximizing the usefulness of your tax organizer.
A lighthearted rant about my aversion to staples when scanning documents!
Thank you for stopping by. I hope you’ll return regularly for updates and insights to make your tax journey smoother.