Get Ready for Tax Season: Stay Organized and Stress-Free
With the new year comes tax season! As your tax documents start arriving, here are some practical steps to help you stay organized and ensure a smooth, stress-free filing process.
1. Gather Your Tax Forms
Make a checklist of all the tax documents you expect to receive, such as W-2s, 1099s, K-1s, and statements from employers, banks, brokers, and other sources. As each form arrives, check it off your list. If you notice any discrepancies, contact the issuer promptly to request corrections.
2. Keep Everything Organized
Designate a dedicated space—whether physical or digital—to store all your tax-related paperwork. Scanning documents or taking photos as backups can help prevent misplaced files, which is one of the most common causes of tax filing delays.
3. Track Important Deadlines
Mark key tax dates on your calendar. While the standard filing deadline for individual returns is April 15, your specific deadline may vary based on your business structure and tax situation. April 15 is also the due date for IRA contributions, gift tax returns, and the first installment of estimated taxes for the following year. Setting reminders can help you stay ahead of deadlines.
4. Know Business Tax Due Dates
If you own or are part of a partnership or S corporation, your business return is due by March 17. For C corporations operating on a calendar year, the filing deadline is April 15. Missing these deadlines can lead to penalties, so plan accordingly.
5. Review Mileage Logs
If you plan to deduct mileage for business, medical, charitable, or moving expenses, ensure your records are accurate and up to date. Totals should be calculated in advance to avoid discrepancies when filing.
6. Check If Your Child Needs to File
If your child had earned income over $14,600 in 2024 or received more than $1,300 in investment income, they may be required to file a tax return. Reviewing their tax requirements now can prevent surprises later.
7. Maximize IRA & HSA Contributions
You still have time to contribute to your IRA or HSA for the 2024 tax year—until April 15 or the date you file your return, whichever comes first. The contribution limits are $7,000 for IRAs (or $8,000 if you’re 50 or older) and $4,150 for single HSA holders ($8,300 for families).
8. Plan for an Extension If Necessary
If you need additional time to file, you can request an extension. However, you must still estimate and pay any taxes owed by April 15 to avoid penalties and interest.
By staying organized and proactive, you can simplify the tax filing process and avoid unnecessary stress as the deadline approaches. If you have any questions or need assistance, reach out to our team—we’re here to help!