David J Felsing

David J. Felsing, CPA is a leading Sudbury accounting firm that has been providing personalized and professional services to both individuals and businesses for over 25 years. Located in Sudbury, MA, we serve clients in the Boston metro west area and across the United States. As one of the top Sudbury accountants, David J. Felsing, CPA and his team are dedicated to providing their clients with tax, financial, and business services tailored to their unique needs. With our extensive experience and expertise, we help clients navigate complex financial issues and make informed decisions that benefit their financial future.

Services Offered

As a full-service Sudbury accounting firm, we offer a wide range of services designed to meet the needs of our clients. Our services include:

• Tax Preparation: Our team of experienced professionals provides personal tax preparation for clients in Sudbury, MA, and across several states. We stay up-to-date with the latest tax laws and regulations to ensure that our clients receive the maximum tax benefits available to them.
• Trusts & Estates Taxes: We offer trust and estate tax preparation services to help clients manage their wealth and ensure a smooth transition of assets to their heirs. We work closely with our clients to develop a comprehensive estate plan that meets their unique needs.
• Small Business Services: We provide a variety of services for small businesses, including accounting, tax, consulting, and planning services. We help our clients manage their finances, maximize their profits, and plan for the future.

Professional Accounting Services

At David J. Felsing, CPA, we are committed to providing our clients with the highest level of professional accounting services. Our team of experienced professionals is dedicated to providing personalized, timely, and accurate services that meet our clients' needs. We take the time to understand our clients' financial situations and goals, and develop customized solutions that help them achieve their financial objectives.

Our services include:

• Accounting and bookkeeping services
• Financial statement preparation
• Tax planning and compliance
• Business consulting and planning
• Estate and trust planning and administration
• Retirement planning

Tax Updates

We are committed to keeping our clients informed about the latest tax laws and regulations that affect them. We regularly provide updates on tax changes and offer advice on how to take advantage of new opportunities and avoid potential pitfalls. Here are some highlights of the tax updates for the 2023 tax year:

• Tax brackets: The same six tax brackets carry forward based upon inflation. For example, the 24% ($190k) tax bracket increased by $12,600 - more income will be taxed in a lower bracket. There continues to be a.9% Medicare surtax for incomes over $250,000 and a 3.8% surtax on unearned income (Cap Gains & interest) over $250,000).
• Recent Tax Legislation for tax year 2023 per the Inflation Reduction & Secure 2.0 Acts: 401(k) contributions to $22,500 + $7,500 if over 50 years old with earned income, Auto Standard Mileage Allowance rate $.655 business, .22 med & moving, .14 charity, Child Tax Credit $2,000 per child under 17, phase-out for incomes over $400,000, Education: Lifetime learning deduction to max of $2,000, incomes under $180,000, Educator expense $300 (K-12 grades), Energy Tax Credits: Residential at 30%, Windows, Doors, Audit to $1,200, Energy vehicles: New to $7,500 cost under $55,000, income under $300,000, Used to $4,000 cost under $25,000, income under $300,000, Energy: Heat pump, Water heater, boiler, solar panels renewals 30% to $2,000, Form 1099-K reporting suspended back to $20,000 and more than 200 transactions, Gift Tax Annual Exclusion per recipient $17,000 ($34,000 for married couple), Home / second home rental: no reporting if you rent 14 days or less, HSA pre-tax medical contribution for family coverage is $7,750, Interest expense (margin) deduction limited to interest income, IRA contributions $6,500 + $1,000 if over 50 years old with earned income, Per Diem business expense $204 - $297 per day, QBI 20% deduction for business with incomes under $364,200, RMD take in year taxpayer reaches 73, Beneficiaries take RMD for 10 years, RMD failure to take: penalty reduced from 50% to 25% of required amount, SALT itemized deduction remains limited to $10,000 for income & RE Taxes, Standard Deduction $27,700 + $1,500 (over 65) = $29,200, Student loan interest deduction up to $2,500 with incomes under $145,000, Tuition 529 plans can contribute five years up-front for $85k or $170k jointly, Tuition: pay directly to the school, doesn't count against $17,000 gifting, Massachusetts State Tax Changes: - 4% additional tax on incomes over $1 million - $2 million Estate Tax Exemption raised from $1 million