Are you ready to file for Tax Year 2024?
Tax Preparers are gearing up and the season starts at the end of January.
What can you do to make this journey as easy as possible for yourself?
The I.R.S has set up a page just for you. They encourage you to sign up now for your account online. This serves several purposes:
It minimizes tax fraud. The site provides valuable information for your past earnings and returns. Be sure to look at this.
It allows you to track your return. You even get a notification when your return has been accepted.
It allows you to track your refund. The status of refunds is only updated once a day so repeated checking and phone calls do not make it move along faster. It’s kind of like watching a pot boiling.
Not expecting a refund? Set up or change payment plans, View, make and cancel payments online. Check your balance.
You are in control.
January 15 is the last quarterly estimated payment due for the Tax Year 2024. Do you need to make an additional payment? It’s better to get ahead of the program than be hit with penalties and interest which is more money out of your pocket. No one wants that.
Did you make over $5,000.00 in gig income? Expect a 1099-K. Remember, the I.R.S is getting a copy of this as well.
Did you buy, sell, transfer or trade a digital asset? Be sure to make meticulous records of this. The I.R. S treats this as an asset the same as any other asset. All digital assets received as income are measured in U.S. dollars by their Fair Market Value.
Gather and organize your 2024 tax documents. Need a way to organize your records? Anyone can request a tax document folder from Jamison’s to assist in organizing records. This makes the filing process easier for you as well as your tax preparer. Doing this ensures accurate returns and reduces the likelihood of delays and rejections.
Filing electronically and selecting direct deposit also remains the fastest way for taxpayers to submit their return, get their refund and pay their taxes. If you do not have a bank account Jamison’s Tax Consulting has bank products that work with you for a faster refund.
While there are free filing options here is the thing, if for any reason the return is rejected, you do not have representation to help you resolve the issue. Jamisons Tax Consulting will provide you with representation and will provide you with support throughout the tax year to assist you with tax implications of life choices and life events.