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Your Tax Season Checklist

Beaird Harris

With tax season upon us, it’s essential to get organized and plan ahead for filing your taxes in 2024. Here’s a checklist to help you streamline the process:

Individual Tax Services:

  1. Organize Your Documents:
    Collect all necessary tax-related documents, such as K-1s, W-2s, 1099s, and any other forms from employers, banks, and brokers. Store them securely or digitize them for easy access. Any errors should be promptly addressed with the sender to avoid delays in filing your tax return.
  2. Keep Records of Charitable Donations
    Keep thorough records of charitable donations, including receipts for larger contributions and documentation for property donations. If you made a Qualified Charitable Contribution (“QCD”) from an Individual Retirement Account (“IRA”) directory to a qualified charity, the corresponding 1099 from your custodian will NOT list the distribution as a charitable contribution, thus it is incumbent upon you to notify your CPA that the distribution was a QCD.
  3. Review Child’s Income:
    Determine if your child needs to file a tax return based on their income for 2023, considering earned and investment income. Generally, a child must file if their earned income exceeds $13,850 or if they have investment income exceeding $1,250, such as dividends, interest, or capital gains.
  4. Upload Your Documents to Beaird Harris:
    Utilize TaxCaddy for document upload. If you already have a TaxCaddy account with us, you should have already received a document request email. If you don’t have a TaxCaddy account with Beaird Harris, request access TaxCaddy@bh-co.com.
  5. Don’t Miss the Cutoff Date:
    Mark March 1st, as the cutoff date to get all the required documents/information to Beaird Harris in order for us to complete your Individual/Trust Returns by April 15th. Returns will be completed in the order they are received. If you have any questions on what is needed to get started on your return, please contact your Beaird Harris tax advisor. If you miss the cutoff date, your return will be extended and completed by the extended filing deadline of October 15th.
  6. Retirement Contributions:
    The 2023 IRA funding due date for tax year 2023 is also April 15th. The maximum contribution limit is $6,500 ($7,500 for those aged 50 or older), or your total earned income for 2023, whichever is less.
  7. Estimate Taxes for Extensions: If you plan to file an extension, or if we file one on your behalf, we’ll need to calculate your estimated tax liability for 2023. Even with an extension, you must pay any taxes owed by April 15. Remember that an extension grants additional time to file your tax return but not to pay any taxes due.

Business Tax Services:

  1. Organize & Upload Your Documents:
    Collect and organize your business documents, such as QuickBooks records, payroll reports, and loan documents, by February 1st. Utilize NetDocuments for document upload, and coordinate access with your CPA or Client Services Coordinator if needed.
  2. Business Deadlines:
    If you own a business or are part of a partnership, remember that the deadline for filing 2023 partnership and S corporation returns is March 15th, and C corporation tax returns are due by April 15th. Extensions may be automatically requested by Beaird Harris if you missed the February 1st cutoff date of getting us the information/documentation required to file your 2023 return.

By following these steps for both individual and business tax preparations, you can effectively organize and prepare for the upcoming tax season, facilitating a smoother filing process.

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