Hey there, savvy taxpayers! Today, lets dive into what you need to know to file your taxes in 2024 with ease and confidence. Whether you're a seasoned filer or new to the game, there's something here for everyone. So, let's get started!
First up, if you don't already have an account on the IRS website, now's the time to set one up. Why? Because the IRS has rolled out some fantastic Online Account enhancements. Not only can you view and manage your tax information, but you can also approve and electronically sign documents from your tax professional. It's all about making your tax journey smoother.
Now, let’s explore what you can do with this online account. You can keep an eye on your tax owed and payment history, schedule payments, request tax transcripts, and even view or apply for payment plans. It's like having a financial dashboard at your fingertips!
Another cool feature? You can see digital copies of some IRS notices and key data from your most recently filed tax return, including your adjusted gross income. And for those who hate re-entering bank account info every time you make a payment, you can now validate and save multiple bank accounts.
But let's talk about something we all eagerly wait for – tax refunds. To avoid any delays in getting your refund, it’s important to understand the process. Usually, the IRS issues refunds in less than 21 days. However, if there are errors, missing information, or suspected fraud, it might take longer. And remember, for those claiming the Earned Income Tax Credit or Additional Child Tax Credit, refunds might not be issued until after mid-February.
Before you file, make sure you have all your 2023 tax documents ready. This includes forms like W-2, 1099, 1099-K, 1099-NEC, 1099-MISC, and 1099-INT. Keeping all your documents in one place, either electronically or on paper, can really streamline your filing process.
And if you want your refund quickly, opt for direct deposit. It's the fastest way, and you can even use it with some prepaid debit cards or mobile apps. Just make sure to check with your provider for the correct routing and account numbers.
So, there you have it – key insights to make your 2024 tax filing as smooth as possible. If you have any questions or need help navigating this tax season, don’t hesitate to reach out. I'm here to help you every step of the way. And if you found this information helpful, please consider leaving a review or referring a friend. Your support helps me continue to provide valuable insights and assistance.
Ready to start your tax prep? Head over to www.taxsavvyentrepreneurs.org to schedule a consultation or get more information. Here's to a stress-free tax season and maximizing your returns! Stay savvy, my friends!
Sonali's expertise in tax consulting and commitment to empowering small businesses, families and individuals make her an invaluable ally in navigating the complexities of taxation.
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