Tax Tips

Plan Your 2024 Retirement Contributions

Tip Category: Planning

As part of your planning for next year, now is the time to review funding your retirement accounts in 2024. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher income phaseouts for eligibility will make many more taxpayers eligible for fully-deductible contributions. So plan now to take full advantage of this tax benefit. Here are annual contribution limits for the more popular programs:

How to use

  • Identify the the type(s) of retirement savings plans that you currently use.
  • Note the annual savings limits of the plan to adjust your savings to take full advantage of the annual contributions. Remember, a missed year is a missed opportunity that does not come back.
  • If you are 50 years or older, add the catch-up amount to your potential savings total.
  • Take note of the income limits within each plan type.
    • For traditional IRA’s, if your income is below the noted threshold, your taxable income is reduced by your contributions. The deductibility of your contributions is also limited if your spouse has access to a plan.
    • In the case of Roth IRAs, the income limits restrict who can participate in the plan.

Other ideas

If you have not already done so, also consider:

  • Setting up new accounts for a spouse or dependent(s)
  • Using this time as a chance to review the status of your retirement plan including beneficiaries
  • Reviewing contributions to other tax-advantaged plans like Flexible Spending Accounts (health care and dependent care) and prepaid medical savings plans like Health Savings Accounts.

Frequently Asked Tax Questions

How long does it take to process my tax return?

Once we have ALL the taxpayer information, we can provide a complete turnaround within 1-2 weeks. Most tax returns are completed within just a few days

What is the latest date I can get info to HAS to file by April 15?

In most cases, we can complete your filing if we get all your tax documents no later than March 31. Depending on our client volume around that time, however, there may be delays for those who get their info in just under the wire, and extensions may have to be filed in some cases. 

What happens if I cannot get my information to you by March 31?

Heintzelman Accounting Services will make every effort to remind you prior to the deadline, to get your information to us in a timely manner. However, we understand that things happen, and sometimes circumstances beyond your control can prevent you from meeting the deadline. If this is the case, contact us to let us know, and we’ll file an extension for you.

What if I need to file an extension and I think I will owe taxes?

HAS will work with you to try to estimate your total income and taxes due. In addition, we will prepare the vouchers you will need to mail in with your payment and extension (additional fees apply).

Do I have to make a payment with my extension?
No. However, any taxes owed are due to the IRS by April 15 whether you have actually filed your return by that date or not. Any taxes that are not paid by April 15 are subject to late payment penalties and interest.
What if I get a tax document in the mail after I file my return?
As a rule, we prefer not to start filing returns until all tax documents have been received. We understand that forms may be corrected, filed late, or simply forgotten. If that happens contact us with the new documents as soon as possible. We will determine whether or not your return needs to be amended and file the amended return if necessary (additional fees apply).
What does HAS do with my sensitive documents once they receive them?
We work in a paperless environment. All documents we receive are secured electronically, and the originals are returned to the client.
{"We began working with Heintzelman Accounting almost four years ago when they were brought on to help us with monthly bookkeeping. Since then, they have become a true partner and the accounting arm to my firm. They assist us with QuickBooks (QBO) training and support, monthly ledger, asset management and financial statement preparation, payroll, including tax filings for 3 states, end of year tax preparation, as well as cash flow projects and forecasting. What makes them truly unique and exceptional is their ability to work under our deadlines, getting us what we need, when we need it."
Christina Feeney, Chief Executive Officer
{Heintzelman Accounting Services has been involved with DeWitt Packaging since its inception more than 20 years ago. Their experience, expertise and knowledge have been invaluable to us. Even though they have been an independent accounting firm throughout our relationship, we consider them outstanding members of the DeWitt Packaging team.
Jim Baker, President/Owner
{Community Bankers of Michigan has retained the services of Heintzelman Accounting for more than 20 years. With a small staff, we rely heavily on the team at Heintzelman Accounting. They understand our business and are responsive and innovative in terms of the services that they offer.  Gives us great peace of mind knowing that we can count on their knowledge and expertise and that they’ve got our backs when challenges arise.  Over the years, we have confidently turned over several functions to Heintzelman Accounting to free up our staff from daily work that is much more sensible to outsource. Their friendly and cost-effective service is helping our association grow, expand and prioritize our energies and resources in different ways. I highly recommend this firm and enjoy working with them!
Michael J Tierney, President
{It is my good fortune that I was introduced to Heintzelman Accounting Services Inc. to provide professional accounting services to my company. Kathy and her staff are talented, hardworking individuals, which has made working with them a pleasure. Their QuickBooks training is easily tailored to a business’s needs and extremely affordable. They definitely provide excellent client services. I absolutely recommend Heintzelman Accounting Services to anyone that is considering their service.
Catherine Behrenbrinker, President
{Kathy and her team do an excellent job. They have provided great service to my clients and cleared up complex financial issues for them. They are timely, professional, responsive, and willing to assist entrepreneurs in understanding their financial statements. They stay on the cutting edge and provide proven, practical advice. They are very easy to approach and understand the challenges many business owners face.
Rhoda Kreuzer, President
{During 2014 our quickly growing West Michigan specialty food manufacturing company needed to transition from our out-of-state CPA firm to a local accounting firm. Heintzelman Accounting came highly recommended and their dedicated team did not disappoint. HAS handles all of our bookkeeping, accounting, payroll, and tax needs leaving us time to focus on our passion - creating new, innovative flavors. We were excited to find a firm that provides the flexibility and variety of services that we needed and always meets timelines in thorough detail. The staff of HAS is friendly and has a positive attitude which creates a pleasant accounting firm to work with. It is a testament to the great work culture at Heintzelman Accounting Services.
Steve Stallard, President

Ready to Simplify
Your Accounting?

Let’s meet for coffee or schedule a video chat to find out how a partnership with HAS could help your business.