Deadlines & Date

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BUSINESS TAX RETURN DEADLINE

The tax filing deadline this year for Partnership (Form 1065) and S-Corp (Form 1120-S) returns, without extension, is March 15, 2024. C-Corp (Form 1120) returns are due April 15th, 2024 without extension. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before March 15th, please submit your tax information to us no later than February 23rd, 2024. If your information is received after February 23rd, your return may be extended and filed after March 15th. Rushed returns can be arranged for an additional fee.

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PERSONAL TAX RETURN DEADLINE

The tax filing deadline this year for personal returns (Form 1040), without extension, is April 15th, 2024. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before April 15th, please submit your tax information to us no later than March 25th, 2023. If your information is received after March 25th, your return may be extended and filed after April 15th. Rushed returns can be arranged for an additional fee.

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NON-PROFIT TAX RETURN DEADLINE

The tax filing deadline this year for non-profit returns (Form 990), without extension, is May 15th, 2024. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before May 15th, please submit your tax information to us no later than April 25th, 2024. If your information is received after April 25th, your return may be extended and filed after May 15th. Rushed returns can be arranged for an additional fee.

2024 TAX SEASON APPOINTMENTS

If you do not need to meet with me, you may submit your documents directly to our office or through our share file.  If you do not have access to the client portal or need reminded of your login, please let our team know and we’ll get you the link to upload your tax support documents for preparation.  Information may also be mailed to our office or emailed. If you choose to email your information, please take steps to ensure cybersecurity (i.e., password protecting documents, etc.). We will always follow up with you regarding any questions during the preparations of your tax returns and make sure that you have time to review your completed returns and ask any questions you may have before filing.

I find that most tax questions can be answered over email and many clients appreciate being able to refer back to written answers especially when it pertains to confusing tax law. However, there are times that phone calls and zoom meetings are necessary. And if you have new or unusual circumstances that you would prefer to discuss over the phone call us at any time.

If these times do not work for you, please email me and we can make arrangements to find a time in my schedule that will work for you. 

The last day we will be taking appointments prior to the April 15th deadline is Saturday, March 22, 2024. Note that there are a limited number of appointments during this time frame, so please schedule early.

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FEES

Our fees for tax preparation are based on the complexity of the return and the time it takes to prepare and file it. I prefer to give you a flat fee prior to the preparation of the returns so there are no surprises when the work is completed. To do this, I will need to see the prior tax return that was filed and any details about major changes in the current tax year. If you are agreeable to the fee, give you access to the client portal, and we will get started on the work.

We accept cash, checks, and credit cards.

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CLIENT PORTAL: SHAREFILE

All tax support documents and returns will be available through our secure client portal. This portal will allow you to log in to gain access to your tax returns and other confidential documents at any time. Information regarding how to access our secure client portal will be provided when you drop off your information to process your return. We are happy to print copies of tax returns by paper if requested.

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 Please let us know if you have any questions. We highly value our client relationships. Your recommendation to an associate, friend or family member is more significant than any advertisement. We sincerely appreciate your patronage and as always, we strive to provide you with professional and efficient service.

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We’re here to help explain tax and financial planning opportunities. Please contact us at your earliest convenience to discuss your situation so we can develop a customized plan. In the meantime, here’s a look at some issues impacting individuals to consider as we approach year-end.

Required minimum distributions (RMDs)
You cannot keep retirement funds in your account indefinitely. RMDs are the minimum amount you must annually withdraw from your retirement accounts once you reach a certain age (generally age 73). Failure to do so can result in significant penalties. There are also opportunities to roll retirement funds to a qualified charity to satisfy the RMD without incurring taxes. We can help you calculate any RMDs and plan for any tax exposure. 

Digital assets and virtual currency
Digital assets are defined under the U.S. income tax rules as any digital representation of value that may function as a medium of exchange, a unit of account and/or a store of value. Digital assets may include virtual currencies such as Bitcoin and Ether, Stablecoins such as Tether and USD Coin (USDC) and non-fungible tokens (NFTs). 
The sale or exchange of virtual currencies, the use of such currencies to pay for goods or services or holding such currencies as an investment, generally have tax impacts –– and the IRS continues to increase its scrutiny in this area. We can help you understand the tax and investment consequences.  

Energy tax credits
From electric vehicles to solar panels, “going green” continues to provide tax incentives. The Inflation Reduction Act of 2022 included new and newly expanded tax credits for solar panels, electric vehicles (EV) and energy-efficient home improvements. The rules are complex but there is still time for these credits to be beneficial in the current year. The most notable change to the EV credits is the requirement that the vehicle has final assembly in North America. If you are planning an EV purchase, please reach out as the list of qualifying vehicles has changed significantly. 

Beneficial ownership interest (BOI) reporting
The Corporate Transparency Act (CTA) requires the disclosure of the beneficial ownership information of certain entities to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. This is not a tax filing requirement, but an online report to be completed if applicable to FinCEN. There are severe penalties for businesses who willingly do not comply with the requirements. 

Additional tax and financial planning considerations
We recommend you review your retirement plans at least annually. That includes making the most of tax-advantaged retirement saving options, such as traditional individual retirement accounts (IRAs), Roth IRAs and company retirement plans. It’s also advisable to take advantage of health savings accounts (HSAs) that can help you reduce your taxes and save for medical-related expenses. 
Here are a few more tax and financial planning items to look over:
•    Life changes –– Let us know about any major changes in your life such as marriages or divorces, births or deaths in the family, job or employment changes, starting a business and significant expenditures (real estate purchases, college tuition payments, etc.). 
•    Capital gains/losses –– Consider tax benefits related to using capital losses to offset realized gains –– and move any gains to the lowest tax brackets, if possible. Also, consider selling portfolio investments that are underperforming before the end of the year. Net capital losses can offset up to $3,000 of the current year’s ordinary income. The unused excess net capital loss can be carried forward to use in subsequent years. 
•    Estate and gift tax planning –– Let’s make sure you’re appropriately planning for estate and gift tax purposes. There is an annual exclusion for gifts ($17,000 per donee in 2023, $34,000 for married couples) to help save on potential future estate taxes. Review lifetime gift and generation skipping transfer (GST) opportunities to use additional exclusions and exemption amounts.
•    State and local taxes –– Remote working arrangements or moving your residency could potentially have tax implications to consider. Let us help you with your state income, sales and use tax questions.
•    Education planning –– Save for education with Sec. 529 plans. There can be income tax benefits to do so, and there have been changes with the way these funds can be used. We can help you with any questions.
•    Updates to financial records –– Determine whether any updates are needed to your insurance policies or beneficiary designations.
•    Roth IRA conversions –– Evaluate the benefits of converting your traditional IRA to a Roth IRA to lock in lower tax rates on some of your pre-tax retirement accounts.
•    Estimated tax payments –– With underpayment interest rates being on the rise (currently at 8% for federal), let’s review withholding and estimated tax payments and assess any liquidity needs. 

Year-end planning equals fewer surprises

Whether it’s working toward a tax-optimized retirement or getting answers to your tax and financial planning questions, we’re here for you. Please contact our office today at 318-251-2196.  As always, planning ahead can help you minimize your tax bill and position you for greater success. 

Sincerely,
Tonya & Stephanie

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