Tax filing time is here and usually that brings many questions. Here are answers to the most common tax filing questions and supporting articles for reference.
What dates should I mark on my calendar?
January 29 – Filing season start date for individual filers
April 15 – Due date for filing a tax return or request an extension
April 17 – Due date for Maine and Massachusetts
October 15 – Due date for extension filers
Read more about when to file and how to file so that you avoid any penalties or interest. When Are Taxes Due in 2024? Tax Deadlines by Month | Kiplinger
Many filers use a CPA. It is important to gather all necessary information and get in touch with them sooner than later. Your CPA will be able to do a more thorough job if given adequate time to review all your information. Don’t wait until the last minute to reach out, it could cost you money.
What documents will I need?
The answer is not the same of everyone, but depending on your income sources for most people the list will include; a W-2 from their employer, Social Security SSA-1099, Form 1099 from banks or financial institutions, Form 1099-MISC for miscellaneous income, Form 1099-INT for interest paid to you and 1099-K for third party payments, Form 1098 if have a mortgage, and bank account information (routing and account number).
If someone is assisting you in tax preparation, provide a copy of last year’s return. This will provide helpful insight. To learn more about filing and refunds in 2024 check out this article: Tax season 2024: Your guide to deadlines, filing, and refunds (msn.com)
Where can I learn more and get ready for tax filing?
Tax planning requires looking ahead so you can file accurately and in a timely manner. The IRS has many resources, videos, and instructions available online. Get ready to file in 2024: What’s new and what to consider | Internal Revenue Service (irs.gov)
If you earned less than $64,000, you could file for free using guided software or fillable forms. Check out the IRS Free File at Free File: Do your taxes for free | Internal Revenue Service (irs.gov)
Remember to pay extra attention to your mail and notification emails this month for important tax documents. Gather all necessary forms and file your return on time!
If you have more tax filing questions, please contact one of the advisors at Wealth Planning Corporation. We have been planning, coaching, and advising clients for successful retirements since 1984. Learn more about our team and services at www.wealthp.com
