January marks the start of tax season, and with it comes a flood of questions, deadlines, and paperwork. Whether you're a small business owner, a freelancer, or filing as an individual, being prepared can save you time, money, and unnecessary stress.
At RLS Professional Services, we want to make tax season as seamless as possible for you. Here’s everything you need to know before you file your 2024 return.
1. Key Tax Deadlines to Keep in Mind
January 16, 2024: Fourth-quarter estimated tax payment due for self-employed individuals.
January 31, 2024: Deadline for employers to send W-2s and 1099 forms.
March 15, 2024: Business tax deadline for partnerships and S-corporations.
April 15, 2024: Individual tax return deadline (unless you file for an extension).
Missing these deadlines could result in penalties, so be sure to mark them on your calendar!
2. Gather Your Documents Early
One of the biggest delays in tax filing comes from missing or incomplete paperwork. Here’s what you’ll need:
Income Documents: W-2s, 1099s, bank statements, investment income reports.
Expense Receipts: Business expenses, medical bills, charitable donations, mortgage interest, and student loan interest statements.
Deduction & Credit Records: Childcare costs, education credits, home office deductions.
If you’re self-employed or a small business owner, keeping accurate records is critical. Consider using accounting software or hiring a tax professional to ensure you’re maximizing deductions.
3. Common Mistakes to Avoid
Filing taxes can be overwhelming, and small errors can lead to audits or delays in refunds. Avoid these common mistakes:
Incorrect Social Security Number: Double-check that your personal details match IRS records.
Not Reporting All Income: The IRS receives copies of your W-2s and 1099s, so forgetting to report any income can raise red flags.
Missing Out on Deductions & Credits: Many taxpayers miss out on deductions like student loan interest, home office expenses, and medical costs.
4. Should You Itemize or Take the Standard Deduction?
For 2024, the standard deduction is:
$13,850 for single filers
$27,700 for married couples filing jointly
$20,800 for heads of households
If your eligible deductions exceed these amounts, itemizing might save you more money. A tax professional can help determine which option benefits you the most.
5. The Benefits of Filing Early
Filing early isn't just about getting your refund faster—it can help prevent tax fraud. When someone fraudulently files a tax return in your name, it can take months to resolve. Filing early reduces the risk of someone else using your information to claim a refund.
6. Consider Professional Tax Help
With tax laws constantly changing, having a trusted tax professional can make a huge difference. At RLS Professional Services, we help individuals and businesses navigate the complexities of tax season, ensuring compliance and maximizing refunds.
Let’s make this tax season stress-free! If you have questions or need expert tax assistance, reach out to RLS Professional Services today.
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