As we prepare to file your 2024 tax return, here are some important tips and reminders to ensure everything is in order:
- Keep an Eye on Your 1099-B Forms
We’ll carefully review your 1099-B forms, but it’s always a good idea to check them as well. Pay special attention to the basis codes. Brokerage firms sometimes issue corrected 1099-Bs in February or March, so we’ll make sure to check for those updates before finalizing your return. - Summarize Your Transactions
If you’ve had a lot of transactions, we’ll help organize them into a summary. However, if you have records or spreadsheets that track your transactions, feel free to send them our way. Having everything gathered in one place will help us prepare your return more efficiently. - Watch Out for Form 1099-Ks
If you’ve received more than $2,500 through electronic payment processors (like PayPal, Venmo, etc.), you should receive a 1099-K. We’ll review these forms for you, but just know that sometimes you may receive a 1099-K even if you haven’t hit that threshold, so we’ll make sure to account for any of these forms in your return. - Reporting Interest Income
If you’ve earned interest from savings accounts or CDs, we’ll take care of reporting that income on your return. For CDs with a maturity date longer than a year, even if you didn’t receive cash, the interest must still be reported for the year it was earned. We’ll handle this for you! - Donation Records
For donations you’ve made, we’ll need to gather the necessary documentation:
- For cash donations under $250, we just need a bank record (like a canceled check or credit card statement).
- For donations over $250, we’ll need a receipt from the charity.
- For donations of property, we’ll need a detailed list of items donated, including their condition, along with a receipt and a photo.
- Child’s Income
If your child has earned over $14,600 or has investment income exceeding $1,300, they may need to file their own return. We’ll review this for you to make sure everything is covered. - Estimated Tax Payment for Extensions
If you plan to file an extension, we’ll help you estimate your tax liability. Just remember that if you owe taxes, we’ll need to make sure payment is submitted by April 15 to avoid penalties. The extension gives you more time to file your return, but not to pay any taxes owed.
In Conclusion
We’re here to make this tax season as seamless as possible for you. If you have any documents or questions, feel free to send them our way, and we’ll take care of the rest. As always, we’re happy to help you navigate this process and ensure everything is filed accurately and on time.
