Are You Ready For 2024’s Tax Season?
Audio version available here:
Length: approx. 1 min. 30 sec.
Tax Day may still be a couple months away, but with Tax Season set to open on January 29th, now is the perfect time to start preparing your 2023 taxes. But before you submit your tax return, it’s important to be aware of new requirements and updates to the tax filing process outlined by the IRS. Luckily for you, we’ve gathered them here.
Have you made your IRS Online Account? This tool can be extremely helpful. You can view your tax documents, access your previous tax transcripts, make a payment or review payment plan options, and give authorization to your tax professional.
Are you wanting to claim a clean vehicle tax credit? There are many requirements your vehicle must fall under for 2023, so be sure to check out this page listing the qualifications your vehicle must have in order for you to claim the credit.
Do you want to receive your refund as soon as possible? Then you should file electronically and opt for a direct deposit. Paper checks can take a long time to ship or even get lost in the mail. Direct deposit is faster and more secure.
Did you receive $20,000 from over 200 business transactions in 2023 using third-party payment platforms? The 1099-K reporting threshold remains the same for 2023, so if you hit the $20,000 threshold, be ready to be issued a 1099-K that must be reported on your tax return.
Tax Day may be months away, but being prepared in advance is the best way to ensure your tax return will be filed correctly on time. If you do not have a tax professional to assist you, do not hesitate to reach out to our experts at XQ CPA. Give us a call or book an appointment online today.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
Sources: https://www.nbcmiami.com/responds/get-ready-for-2024-tax-season-key-irs-updates-tips/3199350//
