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  • Writer's pictureLaura Walker

Walker Tax & Bookkeeping February Newsletter

As we step into another vibrant month, we're here to bring you the latest insights and updates to ensure your tax matters are as smooth and beneficial as possible. This February, we delve into three crucial topics that could significantly impact your financial landscape.

1. Anticipated Tax Legislation: The Tax Relief for American Families and Workers Act of 2024

Exciting developments are on the horizon with the Tax Relief for American Families and Workers Act of 2024 currently under Senate review. This promising legislation is poised to bring welcome changes, especially for families. One of the standout modifications involves the Child Tax Credit, which is set to increase from its current $2,000 per child benchmark to adjust for inflation for the tax years 2024 and 2025. This adjustment could provide substantial financial relief and support to many American families, reflecting our commitment to keeping you informed and prepared for potential benefits.

2. The Importance of Updating Your W-4 Form

Now is the opportune moment to revisit your W-4 form with your HR department. With the tax landscape continually evolving, ensuring your withholdings accurately reflect your current financial situation is paramount. This proactive step can prevent surprises during tax season and helps ensure you're not over or underpaying your taxes throughout the year.

The W-4 form underwent significant changes in 2020, making it more comprehensive. Its design aims to enhance the accuracy of withholdings in alignment with individual tax obligations. Understanding the intricacies of this form can be complex, but it's crucial for optimizing your tax outcomes. For a detailed guide and access to the form, visit the IRS W-4 Form page.

3. Let's Get Your Tax Return Rolling!

Our team at Walker Tax & Bookkeeping is in full swing, having prepared over 50 returns this week alone! Janice, Trish, and Laura are dedicated to ensuring your tax return is handled with the utmost precision and care. Submitting your engagement letter early gives us ample time to meticulously prepare your return, ensuring accuracy and maximizing your potential benefits.

If you haven't submitted your documents yet, now is the time. Let us take the burden off your shoulders and ensure a smooth, stress-free tax season. Submit your engagement letter here.

Got a business: Folks with an S-Corp, Partnership or Corporation should start HERE

Thank You for Your Trust

Your continued trust in Walker Tax & Bookkeeping for your tax and accounting needs means the world to us. We're committed to providing you with the highest level of service and ensuring your financial well-being is always our top priority.

Warm regards,

Laura and the Walker Tax & Bookkeeping Team

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