Getting Set Up for Success to File Your Taxes in 2024

Jan 22, 2024Business Accounting, Business Tax, Client Documents, Tax Planning0 comments

Getting set up for success to file your taxes in 2024

Getting Set Up for Success to File Your Taxes in 2024

With every new year comes new possibilities! That includes opportunities to make your tax filing process as seamless as possible for the upcoming 2024 tax season. Even with the best tax experts by your side, some preparation on your behalf and well as being knowledgeable about recent updates can keep things running smoothly all year long. Keep reading for some considerations you should be aware of for 2024.

Have Organized Documentation and Understand the Updated Reporting Threshold

Before reaching out to your trusted tax professionals, be prepared to provide them with complete documentation of your records. The best way to ensure this is done is to have them organized and ready to go each year. If you need help, coordinate with your tax professional to discover what you can do to make their process the most efficient. It’s never a better time to get your records organized, either physically or digitally. Your future self will thank you!
Tip: You can avoid additional fees by only providing your tax professionals with the precise documents they requested, streamlining their process without the need for sorting through surplus documentation. Often, your tax professional will provide you with a tax organizer to help you with this.

To minimize confusion in the upcoming year, the IRS has postponed the implementation of the new $600 Form 1099-K reporting threshold. Many taxpayers were sent Form 1099-K unexpectedly but may not have any tax obligations. To learn more about this, visit the IRS website or ask your tax professional to guide you through the threshold changes concerning Form 1099-K.

Understand You May Experience Refund Delays

Many factors play a part in the timeline of your refund. Although most simple returns are typically issued within 21 days, delays can occur. You may experience delays that are not within you or your tax professional’s control. These might include detected errors, detected missing information, or even identity theft concerns.

Due to the unexpected nature of receiving your tax return, it is not advised to rely on receiving funds by a specific date. Refunds linked to Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) claims cannot be issued by the IRS before mid-February.

However, if you choose direct deposit for EITC and ACTC related returns, the IRS expects most refunds of this type to be available in taxpayer bank accounts by Feb. 27, 2024, given that there are no other issues.

Access Your Online IRS Account

Many functions that were not previously done digitally, can now be accomplished through logging into your online IRS account. A few of these functions include electronically signing select documents, viewing tax owed, payment history, among many other things.

Another significant advantage of the online account is the ability to validate and save multiple bank accounts. This eliminates the need to repeatedly enter in data, saving time, and decreasing the likelihood of mistakes. Be sure to take advantage of having your important tax information accessible by the touch of button.

year-end bookkeeping
While taxes aren’t on the forefront of your mind each day, they are for us. At Lifetime Tax Advisors, we strive to maximize saving while reaping the tax benefits applicable to you or you business. Give us a call today at 972-771-6707.
***Legal Disclaimer***Lifetime Tax Advisors assumes no responsibility for the or liability for any errors or omissions or the results obtained from the use of this information. The information provided is not intended to replace or serve as a substitute for any advisory, tax, or other professional advice, consultation or service. Consult your own professional to see how this information applies to you. All information on this site is provided “as is”, with no guarantee of completeness, accuracy, or timeliness. Any tax advice contained in this communication is not intended to be used as an analysis of tax-related issues nor is it sufficient to avoid tax-related penalties. In no event will Lifetime Tax Advisors be liable to you for any decision made or action taken in reliance on the information on this site.

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