Stacy Seiden

Hours of Operation: Mon - Fri 8:00am - 8:00pm

SSK ACCOUNTING SERVICES, LLC

2023 Federal Income Tax Brackets

Tax Rate         Single                         Married                       Head of Household              Married Filing Sep

10%             $0 to $11,000               $0 to $22,000                     $0 to $15,700                   $0 to $11,000

12%            $11,000 to $44,725       $22,000 to $89,450             $15,700 to $59,850          $11,000 to $44,725

22%            $44,725 to $95,375       $89,450 to $190,750           $59,850 to $95,350          $44,725 to $95,375

24%            $95,375 to $182,100     $190,750 to $364,200         $95,350 to $182,100        $95,375 to $182,100

32%            $182,100 to $231,250   $364,200 to $462,500         $182,100 to $231,250      $182,100 to $231,250

35%            $231,250 to $578,125   $462,500 to $693,750         $231,250 to $578,100      $231,250 to $346,875

37%            $578,125 or more         $693,750 or more               $578,100 or more            $346,875 or more



2023 Capital Gains Rates


Tax Rate                 Single                    Married                   Head of Household                        Married Filing Sep

0%                        $0 to $44,625                  $0 to 89,250                         $0 to $59,750                                          $0 to $44,625

15%                      $44,626 to $492,300       $89,251 to $553,850             $59,751 to $523,050                               $44,626 to $276,900

20%                      $492,301 or more           $553,851 or more                 $523,051 or more                                   $276,901 or more

 



Scammers posing as IRS

Beware of Scammers posing as the IRS trying to collect from you. The IRS does not call, email, or fax. If someone calls demanding payment of “outstanding tax” immediately it is a scam. Many individuals have fallen victim to fraudsters claiming to be the IRS and demand credit card information to pay outstanding tax or they will send the police to your house, this is a scam. The IRS will contact you by letter or you can call them (not the reverse) if you have an outstanding tax balance. Do not give out any personal information, including but not limited to social security number, birthdate, or bank information.


SSK Accounting Services, LLC


Image About the company 1



SSK Accounting Services is your number one source for professional service. We surpass the competition, in not only price, but value as well. We provide a full range of services from your traditional bookkeeping and tax needs to forensic analysis.

SSK Accounting Services believes in providing the best possible service. Most meetings will be held at your home or place of business, making it unnecessary to travel with your documents.  All phone calls, texts and emails will be returned within 24 hours.


We have over 30 years of knowledge and experience in the field of accounting.  In addition, we have over 15 years of experience in the specialties of fraud and litigation support.  There is considerable stress involved in litigation and we can help alleviate your fears and confusion. Please take the time to review our services and see the many ways we can help you.  


STACY SEIDEN,  CPA, CFE, FCPA, CCFC

Owner





ACCOUNTING SERVICES

INDIVIDUALS

  • PERSONAL BUDGETS: In these economic times it is vital to create and follow a budget
  • TAXES: Preparation of your Federal, State and Local Income Tax Returns; Preparation of  your quarterly estimates;  Help in resolving delinquent tax situations
  • BILL PAYMENT:  We can help you simplify and streamline your bill payment system, i.e. set up recurring payments and online BillPay


SMALL BUSINESS

  • BOOKKEEPING: I can advise and help train your staff in the use of Quickbooks
  • TAXES: Preparation of the annual corporate tax return (S-Corp and LLC)
  • INTERNAL CONTROL: Fraud is a concern of every company, often it is difficult in small companies to provide adequate internal controls. I evaluate your company’s system and discuss ways to improve procedures.
  • BUDGETS, FORECASTS AND PROJECTIONS: Every company needs a business plan, including forecasts and projections. Budgets are a tool to help you evaluate your business’ performance. I can prepare these reports and help you use them.
  • CONSULTING: 

    Meet with you monthly, quarterly, annually or on an as needed basis, including but not limited to forming a new business; financing options; buy/sell agreement; expansion plan; succession plan; etc.

LITIGATION SUPPORT

      DIVORCE

      • Divorces frequently require the services of a forensic accountant. In the dissolution of a marriage a thorough review to determine the income and assets of the parties is necessary to calculate alimony, child support and equitable distribution. We investigate financial information by examining documents, develop questions and consult in depositions, investigative interviews and conduct lifestyle analyses.  


      FRAUD

      • Fraud is on the rise in the current economic climate.  If you or your company is the victim of fraud and would like to pursue the perpetrator SSK Accounting Services can help to quantify your financial loss.  We will review your company’s financial data and discuss with you our findings. A comprehensive report will be provided, which you can submit to the authorities. 

       

      OTHER

      • The area of litigation support is not limited to divorce and fraud. We also provide services including but not limited to damage analysis, shareholder disputes, buy-sell agreements and solvency review  


      TAX TIPS


      Alimony- is it taxable?  

      The Tax Cuts and Jobs Act changed the treatment of alimony for federal taxes.  In prior years alimony was taxable to the recipient and deductible by the payor.  Now unless your divorce agreement was dated before December 31, 2018 alimony is not taxable to the recipient and not deductible by the payor.  Regarding the taxation of alimony on the state level, it varies depending on which state the recipient resides. It important to consult with your tax accountant. 


      Traditional IRA versus Roth IRA

      The basic difference between a traditional IRA and and a Roth is when they are taxed.  Contributions to a traditional IRA are made with “before tax dollars” whereas contributions to a Roth IRA are made with “after tax dollars.” Contributions to a traditional IRA will reduce your taxable income in the year the contribution was made and reduce your taxes that year.  When funds are withdrawn from your traditional IRA at retirement age they are taxed (both the contributions made and the appreciation). Withdraws from a Roth IRA at retirement are tax free, both the contributions made and the growth within the account.  There are other rules associated with each type of IRA and well as many other retirement options.  Please contact me to review your individual circumstances and the best options for you.



      Income is more than a W-2

      Income available for support is one of the key financial items in a divorce. This number is the basis for child support and alimony. Due to the complexity of this calculation a forensic accountant is often retained. The spouse receiving support will want to make sure all elements of income have been captured.


      Business Owners-what is their income


      Some business owners don’t take their salary in the form of W-2 income. They may make draws periodically throughout the year. They may pay for personal expenses, i.e. cell phones, cars, meals using company funds. It is the job of the forensic accountant to review these expenses and determine if they are business or personal.


      Where’s the money?

      Additional bank accounts may be set up to hide funds. There are various ways these accounts may be titled. The important thing to determine is where the money came from to fund these accounts. Was the money removed from a joint account? Was the money from the sale of a marital asset? Forensic accountants are trained to trace the path these funds take.

      Protect yourself-Retain your team of advisors

      Divorce is an emotional and life changing event. Most individuals going through divorce are not at their best mentally. Do not make decisions about your financial future without the best information. Let those who are trained help you make informed and educated decisions. You think you feel betrayed now, imagine how you’ll feel if after you are divorced you are barely making ends meet and your ex is taking a vacation every couple months because you lacked necessary income information.

      Documents Needed to Prepare Tax Return

      Personal Information

      ·         Copy of driver’s license

      ·         Your social security number or tax ID number

      ·         Your spouse's full name and social security number or tax ID number

      ·         Amount of any alimony paid and ex-spouse's full name and social security number

      ·         Date of Divorce

      •      Divorce Agreement

      ·         Your tax returns for the previous year- if you are a new client

      Information About Other People Who May Belong on Your Return

      ·         Dates of birth and social security numbers or tax ID numbers

      ·         Childcare records (including the provider's tax ID number) if applicable

      ·         Income of other adults in your home

      ·         Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent


      Education Payments

      ·         Forms 1098-T from educational institutions

      ·         Receipts that itemize qualified educational expenses

      ·         Records of any scholarships or fellowships you received

      ·         Form1098-E if you paid student loan interest

      Income

      ·         Forms W-2

      Self-Employment Information

      ·         Forms 1099-(MISC, NEC), Schedules K-1, income records to verify amounts not reported on 1099s

      ·         Records of all expenses — check registers or credit card statements, and receipts, Access to Quickbooks or other accounting software

      ·         Business-use asset information (cost, date placed in service, etc.) for depreciation

      ·         Office in-home information please discuss with me

      Business Use of Vehicle Information

      ·         Log showing total miles driven for the year (or beginning/ending odometer readings), total business miles driven for the year (other than commuting), and the business purpose of the mileage

      ·         Amount of parking and tolls paid

      ·         If you want to claim actual expenses, receipts or totals for gas, oil, car washes, licenses, personal property tax, lease or interest expense, etc.

      Rental Property Income

      ·         Records of income and expenses

      ·         Rental asset information (cost, date placed in service, etc.) for depreciation

      Retirement Income

      ·         Pension/IRA/annuity income (1099-R)

      ·         Social security/RRB income (1099-SSA, RRB-1099)

      Savings and Investments

      ·         Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

      ·         Income from sales of stock or other property (1099-B, 1099-S)

      ·         Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

      Virtual Currency (i.e. Bitcoin)-At any time during the year, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?

      Other Income

      ·         Unemployment, state tax refund (1099-G)

      ·         Gambling income (W-2G or records showing income, as well as expense records)

      ·         Amount of any alimony received

      ·         Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)

      ·         Jury duty records

      ·         Hobby income and expenses

      ·         Prizes and awards

      ·         Other 1099

      Other Deductions and Credits

      ·         Form 1095-A Health Insurance Marketplace Statement

      ·         Receipts for classroom expenses (for educators in grades K-12)

      ·         Form 5498-SA showing HSA contributions

      ·         Forms 1098 or other mortgage interest statements

      ·         Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid

      ·         Real estate and personal property tax records

      ·         Invoice showing amount of vehicle sales tax paid

      ·         Cash amounts donated to houses of worship, schools, other charitable organizations

      ·         Records of non-cash charitable donations

      ·         Amounts paid for healthcare insurance and to doctors, dentists, hospitals

      ·         Amounts of miles driven for charitable or medical purposes

      ·         Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)

      ·         Receipts for energy-saving home improvements

      ·         Record of estimated tax payments made

      ·         Record of IRA or SEP contributions

      MONTHLY NEWSLETTER

      February

      BUILDING NET WEALTH BY USING ANTIQUES IN YOUR BUSINESS

      I would like to introduce a new business strategy that can help you build net worth by using depreciable
      antiques in your business: buy low, depreciate to zero, and sell high.

      You can achieve this by incorporating antiques into your business. For example, let’s say you’re deciding
      between purchasing an antique desk or a regular one for your business. Both desks sell for $5,000. After 10
      years of use, you can sell the antique desk for $15,000, whereas your friend who purchased the regular desk
      only sells it for $500. When considering the after-tax numbers, you come out 36 times ahead of your friend.
      Your federal taxes on the $15,000 proceeds from the sale of the antique desk are $1,500 on the $10,000 capital
      gain and $1,750 on the $5,000 of depreciation recapture. After taxes, you’re left with $11,750, whereas your
      friend only pockets $325 after taxes.

      Antiques provide a unique opportunity to increase your net worth by acquiring beautiful assets that you can use
      in your business and expense under Section 179. Currently, you can expense up to $1,160,000 of qualifying
      costs using Section 179 expensing.


      SECURE ACT 2.0-REQUIRED MINIMUM DISTRIBUTIONS (RMD)

      The SECURE 2.0 Act raises the age at which required minimum distributions (RMDs) must first be taken from
      affected account types, from age 72 to 75, over the next 10 years. Specifically, the RMD age will be 73 for
      those born between 1951 and 1959 and 75 for those born in 1960 or later.

      The amount you are required to withdraw as an RMD depends on your age and the balance of your retirement
      account as of December 31 of the previous year. RMDs are required for traditional IRAs; SEP-IRAs; SIMPLE
      IRAs; solo 401(k) plans; and all employer-sponsored tax-deferred retirement plans, including 401(k) plans,
      403(b) plans, profit-sharing plans, and 457(b) plans.

      It’s important to note that RMDs can increase your tax bracket and even your Medicare premiums.
      Starting in 2023, the SECURE 2.0 Act reduces the penalty tax if you fail to take your full RMD by the deadline
      from 50 to 25 percent. If you correct the shortfall within the “correction window,” you can reduce the penalty to
      10 percent. The correction window begins on January 1 of the year following the RMD shortfall and ends on the
      earlier of
      •  when the IRS mails a Notice of Deficiency,
      •  when the penalty is assessed, or
      •  the last day of the second tax year after the penalty is imposed.

      If the shortfall was due to reasonable error and you took reasonable steps to remedy it, you may request a
      penalty waiver by filing IRS Form 5329 and a letter explaining the reasonable error. Before filing the waiver
      request, you should make a catch-up distribution from your retirement accounts to make up for the RMD
      shortfall.








      For more information, submit a request for information on services below.


       Stacy Seiden, CPA, CFE, FCPA, CCFC

      SSK Accounting Services, LLC

      Stacy@SSKAccounting.com

      215-622-8955

      Fax 877-580-2093

      PO Box 122

      Spring House, PA  19477