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2024 Taxperts Tax Checklist Explained

As we approach the 2024 tax season, it's crucial to be well-prepared. Here's a detailed guide to help you through the process.

As we approach the 2024 tax season, it’s crucial to be well-prepared. This year brings unique challenges, but with the right planning, you can navigate them smoothly. Here’s a detailed guide to help you through the process.

Download our Taxperts 2024 Tax Checklist.

By diligently following the key steps listed below, you can significantly expedite and streamline the tax filing process, ensuring a quicker and more efficient submission of your tax returns.

1. Begin Early: File as Soon as Possible

The IRS typically starts accepting tax returns in mid to late January. For 2024, aim to begin your filing process around this time. The key is to start early to avoid the last-minute rush. Remember, the deadline for filing your 2023 personal tax return is April 15, 2024. Staying ahead will give you ample time to address any unforeseen issues​​.

2. Organize Your Tax Records

A crucial step in tax preparation is gathering all necessary documentation. This includes W-2 forms from your employer, various 1099 forms for different income types, documentation for digital asset transactions, and more. Having these documents organized will significantly streamline your filing process​​.

3. Validate Your ITIN and Review Withholding Tax

Ensure your Individual Tax Identification Number (ITIN) is valid before filing. Additionally, review your withholding tax to avoid any surprises at tax time. The IRS’s Tax Withholding Estimator can help you determine the right amount. For those with significant non-wage income, making quarterly estimated tax payments is advisable​​.

4. Opt for Direct Deposit for Faster Refunds

To expedite your tax refund process, setting up a direct deposit is highly beneficial. This method is quicker and more convenient than waiting for a paper check​​.

5. Utilize IRS Online Account Features

The IRS has enhanced its online account features, making tax filing more user-friendly. You can check your tax liability, request transcripts, and view critical information from your latest tax return. These tools are designed to simplify your tax experience​​.

6. Stay Informed on Tax Refund Timings

Refund timings can vary depending on the specifics of your return. It’s important not to rely on a specific date for receiving your refund, especially for making significant financial decisions​​.

7. Keep Up with Quarterly Payments

If you make estimated tax payments, remember that the last payment for 2023 is due by January 16, 2024. Staying on top of these payments helps avoid any penalties​​.

8. Explore Energy-Related Tax Credits

2024 offers several energy-related credits. These can offset costs for energy-efficient home improvements or for purchasing new electric vehicles. Make sure to explore these options to maximize your tax benefits​​.

9. Stay Alert Against Tax Scams

Finally, be vigilant against tax scams. Protect your personal information and be skeptical of unsolicited communication claiming to be from the IRS. If something seems suspicious, it’s best to consult with a tax professional or report it to the IRS​​.

This guide should help you prepare for the upcoming tax season. For personalized advice and assistance, Taxperts is here to help. Contact us today to make your tax filing experience as seamless as possible.

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