Tax season is upon us, and staying ahead is crucial to ensure a smooth and stress-free filing experience. At Mehta Tax Consultancy, we’re committed to providing you with the latest updates and expert advice to navigate the 2024 tax filing season like a pro.
Key Dates to Remember:
- Tax Filing Start Date: The IRS began accepting and processing federal individual tax year 2024 returns on January 27, 2025.
- Filing Deadline: The deadline to submit your 2024 tax return is April 15, 2025.
Essential Steps to Streamline Your Tax Filing:
- Organize Your Documentation:
- Personal Information: Ensure you have Social Security numbers for yourself and any dependents.
- Income Statements: Collect all W-2s, 1099s, and any other income-related documents.
- Deduction Records: Gather receipts and records for deductible expenses, such as mortgage interest, charitable contributions, and medical expenses.
- Report All Income:
- Traditional Employment: Include all wages and salaries.
- Side Gigs and Freelance Work: Report income from freelance projects, gig economy jobs, and online sales.
- Investment Earnings: Don’t forget dividends, interest, and capital gains.
- Choose the Right Filing Method:
- Electronic Filing: E-filing is faster, more secure, and reduces errors. The IRS encourages taxpayers to file electronically and choose direct deposit for quicker refunds.
- Paper Filing: If you prefer traditional methods, ensure your forms are complete and mailed early to avoid delays.
- Utilize Free IRS Resources:
- IRS Free File: Available to taxpayers with an income of $84,000 or less, this guided tax software simplifies the filing process.
- Direct File: A new initiative allowing taxpayers to file directly with the IRS without intermediaries.
- Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE): These programs offer free tax help to individuals who qualify.
- Stay Informed About Tax Law Changes:
- Inflation Adjustments: For tax year 2025, the standard deduction has increased to $15,000 for single filers and $30,000 for married couples filing jointly.
- Tax Bracket Updates: Income thresholds for tax rates have been adjusted for inflation.
- Protect Yourself from Scams:
- Verify Your Preparer: Ensure your tax professional has a valid Preparer Tax Identification Number (PTIN).
- Be Cautious with Personal Information: The IRS will not initiate contact via email, text, or social media to request personal or financial information.
- Plan for Refunds or Payments:
- Refunds: Opt for direct deposit to receive your refund faster.
- Payments: If you owe taxes, explore payment plans or options available through the IRS.
At Mehta Tax Consultancy, we’re here to assist you every step of the way. Our team of experts stays updated with the latest tax laws and IRS guidelines to provide you with accurate and timely advice. Contact us today to schedule a consultation and ensure your 2024 tax filing is handled with precision and care.