Manjit Singh's ClientLine Online Newsletter

Manjit Singh CPA P.C.

CERTIFIED PUBLIC ACCOUNTANTS

Tax planners not just tax preparers®

2841 Hartland Road, Suite 307

Falls Church, VA 22043

Phone: 703-280-5656

Fax: 703-280-5666

703-207-4502

Email: msingh@mscpa.us

Email: manny@manjitsinghcpa.com

Website: www.mscpa.us

March 2024

There's Still Time

Time to shore up your retirement security. For example, if you haven’t made a maximum contribution to an IRA for 2023, you have until the 2023 filing date for your personal tax return — April 15, 2024 — to max out your account. For the 2023 tax year, you can contribute up to $6,500 ($7,500 if you’re age 50 or older).

Where To Put Your Emergency Fund

According to Bankrate.com, regular savings account rates only increased an average of less than .15% to hover around .5% in 2023. The costs of possible emergencies for which you have those funds are increasing far more. Some alternative options that may pay more for liquid savings are:

Home Sweet Home Renovations

It’s spring, and for many homeowners, thoughts are turning to home renovations. If this describes you, be aware that some qualified home improvements are eligible for tax deductions.

Diversity in Entrepreneurship

According to the U.S. Census Bureau, small businesses are owned by a diverse group of individuals.

March 2024 Client Profile

Marlene owns rental property inherited from her father. She’s looking for money to expand her veterinary clinic and diversify her investments. One option is a home equity loan.

The Lowdown on Excise Tax

Generally, federal excise tax is imposed on the sale of specific goods, services, or certain uses. Some examples include fuel, airline tickets, heavy trucks and highway tractors, tires, tobacco, alcohol, indoor tanning services, and other goods and services. The tax may be imposed at the time of import, sale by the manufacturer, sale by the retailer, or use by the manufacturer or consumer.

March 2024 Q & A

Let's talk about how long you should retain your old tax returns and records.

Heirs or Beneficiaries?

The terms heirs and beneficiaries are interchangeable, right? Not necessarily when it comes to distributing your property after death. So, knowing the difference between the two is essential in estate planning.

Auto-Enrollment is Coming

On average, 401(k) plans with an automatic enrollment feature have a 20% higher participation rate than plans without, according to Bankrate.com.

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