CST Group, CPAs, PC

If you receive education assistance fringe benefits from your employer, you may be able to exclude up to $5,250 of the benefits annually from your taxable income. This means your employer can reimburse you for eligible expenses and won’t include those benefits with your wages, tips, and other compensation shown on your Form W-2. You also don’t have to include the benefits on your tax return. There are requirements to qualify, including that there must be a formal, written educational assistance program. You can’t use any of the tax-free education expenses paid for by your employer as the basis for other tax breaks, including the American Opportunity Credit and Lifetime Learning Credit.

If you work from home, you may wonder if your workspace qualifies for a home office tax deduction. To qualify for the deduction, there are specific requirements you must meet. For example, if you’re an employee and your employer requires you to work remotely, your home office currently doesn’t qualify. If you’re self-employed, to qualify, a portion of the home must be used regularly and exclusively to conduct business. Also, the home must be the taxpayer’s principal place of business. There are two methods for determining the value of a home office tax deduction: the simplified method and the actual expenses method. For additional information or visit: https://bit.ly/4fuGfKF

The IRS announced plans to issue automatic payments to eligible taxpayers who didn’t claim the Recovery Rebate Credit on their 2021 tax returns. IRS data showed that many taxpayers filed a return but didn’t claim the credit. The Recovery Rebate Credit is a refundable credit for taxpayers who didn’t receive one or more Economic Impact Payments. No action is needed for eligible taxpayers to receive these payments, which will go out automatically in December and should arrive in most cases by late January 2025. The payments will be direct deposited or sent by paper check. Eligible taxpayers will also receive a separate letter notifying them of the payments.

Did you or someone you know get married in 2024? The IRS has provided a checklist to help newlyweds avoid mistakes that could cost them at tax time. How you file depends on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial for married couples. Still, taking a what-if look at filing separately is a good idea. Did your name change? To avoid delays, report changes to the Social Security Administration. And if you have a new address, inform the IRS and the U.S. Postal Service. Also, within 10 days of getting married, provide your employers with new Forms W-4 (Employee’s Withholding Certificate). For more details: https://bit.ly/3ZIvS06

2024 CST Group Ugly Sweater Contest! CST Group got festive and held their annual Ugly Sweater Contest! Congratulations Amy for First Place! Trey in Second and Taylor in Third! Thank you to all the participants and Happy Holidays!

2024 CST Group Business Appreciation Thank you so much to those who attended this years CST Group Business Appreciation!