Welcome to Tax Season. Let’s Go!
Tax season is officially upon us! While the thought of filing taxes might make you want to bury your head in the sand, Callison CPA is here to help you navigate this yearly ritual with ease and confidence. We've compiled a comprehensive guide based on expert advice to ensure you're well-prepared and informed throughout the process.
Key Dates and Deadlines
The IRS begins accepting tax returns on January 27th, with the official filing and payment deadline falling on April 15th. However, there are a few exceptions:
Disaster Areas: Residents of federally declared disaster areas often receive extensions. Always check the IRS website for specific details and deadlines relevant to your location.
Need More Time? If you can't meet the April 15th deadline, file for an automatic six-month extension. Remember that this extends your filing deadline, not your payment deadline. Any taxes owed are still due on April 15th.
Get Organized
A little organization goes a long way in simplifying your tax filing. Here's how to get started:
Review Last Year's Return: Use your 2023 return as a roadmap. It will remind you of the necessary documents and information needed for this year.
Note Major Life Changes: Did you get married, have a child, buy a home, start a business, or experience any other significant life event in 2024? These changes can impact your tax liability and available deductions.
Gather Your Documents
Ensure you have all the necessary tax documents, which may arrive both electronically and by mail. These include:
W-2s from employers
1099s for various income sources
Donation receipts
Investment and banking statements
Important Considerations
1099-Ks: If you received payments for goods or services via platforms like Venmo, CashApp, or Etsy, you may receive a 1099-K if your transactions exceeded $5,000. Report this income accurately on your return.
Electric Vehicle Credit: If you purchased an electric vehicle (EV) in 2024, watch for Form 15400 from your dealer. This form is crucial for claiming the clean vehicle energy credit.
State and Local Tax (SALT) Deduction: Currently, the SALT deduction is capped at $10,000. Keep this in mind if you're itemizing deductions.
Refunds
Most taxpayers receive a refund within 21 days of the IRS accepting their return. However, refunds involving the Earned Income Tax Credit (EITC) may take longer.
Use the IRS "Where's My Refund" tool to track your refund status.
Callison CPA: Your Trusted Tax Partner
While this guide provides helpful information, tax situations can be complex and unique. At Callison CPA, we offer personalized tax preparation and filing services tailored to your specific needs. Our team of experienced professionals is dedicated to ensuring you maximize your deductions, minimize your tax liability, and achieve the best possible outcome.
Don't face tax season alone. Contact Callison CPA today for expert guidance and support. We're here to make tax filing less taxing!