The 2024 tax season is upon us! Last year, over 162 million taxes were filed in the US. As you prepare to file your 2024 taxes, you must be aware of important dates and upcoming changes to 2024 tax laws. Continue reading to learn more!
There are several important dates for the 2024 tax season, outlined below:
This is the date the IRS Free File opens. IRS Free File is a free filing service offered through the IRS for taxpayers that have an AGI of $79,000 or less. While taxpayers can file returns now, the IRS will not start processing them until a later date.
This is the due date for businesses to submit the quarterly tax payments for quarter four of 2023.
January 26, 2024, is Earned Income Tax Credit awareness day.
This is the official start of the 2024 filing season and the date the IRS will start processing returns.
Employers are required to issue W-2s and 1099 documents by this date. If you have not received these documents, you must contact your company’s HR department or person responsible for these documents to determine where it is and when you’ll receive it.
For those individuals who receive tax documents for other situations (dividends, interest, retirement plan distributions), this is also the due date for those.
Tax law states that the IRS cannot issue Earned Income Tax or Child Tax Credit refunds before mid-February. While most taxpayers can view their expected return date by February 17th, the IRS expects most of these refunds for filers who have completed their returns without errors to hit bank accounts around February 27th.
S corporation and partnership tax returns are due on this date.
This is the tax filing due date for most Americans. This is the last day taxpayers can request an extension or make contributions to HRA, traditional or Roth IRA, or SEP-IRA accounts.
For taxpayers that hold $10,000+ in signature authority for a foreign bank, you must file the appropriate documentation on or by this date.
Due to holidays, this is the tax filing due date for individuals residing in Massachusetts and Maine.
Are you a US citizen or resident alien living abroad? Your 2024 taxes are due on this date. You do have an option to file for an extension due on October 15, 2024.
This is the due date for those filing an extension. Remember, the extension must be filed before the April 15th due date! October 15th is the date the taxes are due.
Preparing to file your 2024 taxes doesn’t have to be stressful! The below tips will make the process run smoothly:
The IRS makes changes to tax laws every single year. Many times, the changes are to reflect and account for inflation. We all know 2023 was a hard year regarding inflation and that will reflect in tax returns this year for many Americans.
For 2023, the tax provision adjustment was 7% (higher than average!). Some people will see smaller tax liabilities because of this. If you’re uncertain if this change to 2024 tax laws will impact your tax return, RWB Tax Service is happy to help! Contact us today to get started.
The IRS predicts the inflation adjustment for taxes filed in 2025 will be around 5.4%. This means tax filers may see tax benefits for the next two years. In fact, there will be tax bracket changes for 2024 taxes that are filed in 2025!
The tax marginal rates are the same for the 2023 tax season, however, they will be updated for taxes filed in 2025. Below is the chart of changes coming:
Married filing jointly taxpayer rate changes:
Single taxpayer rate changes:
With the tax rates changing, there will also be a slight increase in standard deductions for taxes filed in 2025. It’s important to note these changes will not be reflected in taxes filed this 2024 season.
The gift tax exclusion states how much a person can give to another without paying a tax on it. The amount increases to $18,000 in 2024.
The estate tax exclusion determines the threshold for wealthy estates. In 2024, the estates equal or less than $13.9 million will not be required to pay an estate tax.
For taxpayers who contribute to health or flexible spending accounts, there are changes to the amounts you can contribute in 2024.
Taxpayers can contribute up to $4,150 for self coverage and $8,350 for family coverage. There is also the option to carry over $640 into the next year for applicable plans.
The earned income credit will also see increases in 2024. The credit is calculated based on how much someone makes and how many children they have. Taxpayers without children may also qualify for this credit if they fall into the income bracket. The credit will range from $600 to $7,830 (for a taxpayer with three children) in 2024.
The IRS is busiest during tax filing season. So, while you may be tempted to call for an update about your return, we encourage you to take other actions. You can use online tools or contact us to determine when your refund will be issued.
Most refunds are processed and deposited within 21 days of filing. Some exceptions apply (see above’s important dates). Tax returns with errors must be manually processed, which will delay your refund. RWB Tax Services helps individuals and businesses with filing tax returns so they avoid delays. Contact us today to get started!
Here are a few additional tips to prepare for the 2024 tax season:
Do you not get the refund you expect each year? You may want to check your withholdings! This can save you time and money in the long run. It’s essential to remember to adjust your withholding after any major life event, like the birth of a child, a marriage or divorce, or an adoption.
Tax time means you need a lot of documents from the previous years. These may include:
Are you ready to file your 2023 taxes? Do you want to relieve the stress of doing it by working with a tax professional? RWB Tax Service has a team of tax experts to help with your personal and business returns. Call us today at 770-456-9980 or stop by the office to get started!
The start of a new year has everyone scrambling to prepare for the 2023 tax season. You can get a head start on the tax season by reading the following sections. We’ll outline important changes to filing 2023 taxes and vital updates you must be aware of. Keep reading for more details!
This is the first day that you can file 2023 taxes. The IRS will not process submissions until a later date.
This is the final day you can pay estimated quarterly taxes for 2022.
The IRS free file is live with submission acceptance and processing for electronic returns for the 2023 tax season. The IRS recommends using electronic filing for faster returns. Paper returns will start processing in February.
All employees should have a W-2 from their employers by February 1. Contractors should also have received 1099s by this date. If you have not received these documents by mail or electronically on this date, you need to contact the company’s HR department or the company you contracted for.
Some people also receive 1099s for dividends, interest, and retirement plan distributions. This date is the deadline for those, too.
Filers who claimed ACTC or EITC credits for the 2023 tax season can expect their refunds to be released. Refunds will start to be sent and are expected to hit bank accounts within 8-10 days. This is due to the PATH Act and the requirement that the IRS holds refunds for these credits until this date.
People filing S Corporation or partnership tax returns must complete them by this date.
This is the last day you can file 2023 taxes. The normal filing date, April 15, falls on a weekend date. April 18, 2023, is the last day you can request an extension. If you are making contributions to an HRA, traditional or Roth IRA, or SEP-IRAs, today is the last day to do so.
Taxpayers who have over $10,000 in signature authority for foreign bank accounts must file the appropriate documents by this date.
US citizens and resident aliens living abroad must file 2023 taxes by this date. Or they can file for an extension until October.
Approved extensions will be due October 18, 2023. You must file and get approval for an extension before the April 18 due date.
Gathering the necessary information to file 2023 taxes can seem overwhelming. But it doesn’t have to be if you follow these tips:
There have been quite a few changes to the tax law for the 2023 tax season. Read more about each below:
The standard deduction has changed for the 2023 tax season due to cost of living adjustments. The following are the new deduction amounts:
The mileage rates are divided into two time frames, January to June 2022 and July to December 2022. The rates are as follows:
The rate for charitable mileage remains 14 cents per mile.
401K and IRA contribution amounts also increased for the 2023 tax season. The new amounts are:
The child tax credit is reduced for the 2023 tax season. It is going back to the pre-2021 rate of $2,000 per child under 17 years of age. The maximum refundable portion of this credit is $1,500.
Social security payback for those under the full retirement age is $19,560. The cost of living for social security benefits increased by 5.9%.
Dependent care benefits are also reduced for the 2023 tax season. It is $3,000 per qualifying dependent and is non-refundable. It is based on adjusted gross income and falls between 20% and 35%.
To qualify for the earned income tax credit as a single taxpayer, they must not be a dependent or have any dependents. They must now be between the ages of 25 and 65 (previously, it was 19-65) with income below $16,480.
The tax law no longer forgives the amount of the premium credit for health insurance that must be repaid. You must make adjustments to your income throughout the year to reflect the correct premium credit, so you do not have to repay a portion of it.
The IRS is incredibly busy during tax season. In 2021, they processed more than 261 billion tax returns and collected more than $4.1T in taxes. With numbers like these, you can see why patience is important when waiting for your refund.
You may be tempted to call the IRS to receive an update, but we encourage you to check your status online or connect with us, and we can get you an update. Millions of people contacting the IRS make processing times even longer.
Most refunds are processed and submitted to taxpayers within 21 days when filing electronically and choosing direct deposit as your payment option. Taxpayers filing by mail or selecting another payment method can expect longer wait times.
The IRS is required by law to hold refunds for the earned income tax credit and the additional child tax credit until mid-February. This is under the PATH Act to prevent fraudulent returns. Taxpayers claiming these credits can still file electronically starting in mid-January.
Some returns require manual processing, which delays when returns are delivered. This could be due to a system alert, incorrect information, or missing information. To avoid these kinds of delays, you can work with a professional (like RWB Tax Services) to ensure you file 2023 taxes correctly!
You want to be as prepared as possible when you file 2023 taxes. This makes the process run smoothly. Here are a few tips:
If you generally owe money for taxes, it might be a good time to check your withholding information. This can save you a lot of money in the long run. If you have any major life changes, such as the birth of a child or a second job, it is also a good idea to assess and change your withholding.
Not sure how to determine your withholding? Check out the IRS’s tax withholding estimator to help guide your decision.
There are a lot of documents you need to file 2023 taxes. It’s best to collect them and organize them as you receive them, so they are not lost. If you receive electronic documents, we recommend you print them and save them on your computer.
It’s vital you wait to file the 2023 taxes until you have all the required documents. These include:
Do you want to relieve the stress of worrying about the 2023 tax season? Working with RWB Tax Services will give you the peace of mind you need.
With more than 50 years of combined experience, our tax professionals have helped clients for more than 13 years. We’ve helped clients receive the largest tax returns possible across Georgia.
You can trust us to complete your taxes within the deadlines and with 100% accuracy. Our prices are reasonable. We can help you avoid costly mistakes and prevent penalties in the thousands of dollars in Georgia. Call us today to set up an appointment to discuss the 2023 tax season at 770-459-9980. Or you can contact us with this form.
2020 is finally over, but now a new challenge lies ahead - filing your 2020 taxes. Thanks to COVID-19, many things have changed for the 2021 tax season. Let's take a look at the important updates for this tax season:
Here are the critical dates listed by the IRS that taxpayers should remember for the 2021 tax season:
Let's get into the details so you can be confident when filing your taxes this year.
Deductions and credits help you keep more of your money. Tax deductions help reduce how much of your income is taxed for federal income taxes. Tax credits reduce your actual tax bill.
Here are some deductions and credits you may be able to claim on your 2020 tax return:
If you are self-employed, there are many deductions you can claim on your taxes, such as travel costs and the home office deduction if you use an office in your house for business.
The CARES Act permits taxpayers to subtract up to 100% of their adjusted gross income (AGI) in charitable donations if they plan to itemize their deductions. The CARES Act also added a new standard deduction that makes it possible to write off up to $300 of charitable contributions made in cash.
Families may be able to claim up to $2,000 per child with this credit. And because this is a refundable credit, you could receive up to $1,400 per child as a refund.
The EITC is a refundable credit implemented to help low- and middle-income workers. Depending on your earnings for the year, how many dependents you have, and your filing status, this credit could save you between a few hundred to a few thousand dollars on your taxes.
You can deduct medical expenses above 7.5% of your AGI (adjusted gross income), which is your total income minus any other deductions you have already taken.
There are many other deductions and credits that could save you money ave you money depending on your circumstances! If you don't want to miss these savings, work with a tax prep advisor at RWB who can make sure you're not leaving out any credits or deductions.
Let's dive into the basics for the 2021 tax season updates concerning COVID-19.
Many taxpayers found themselves out of work due to the pandemic and received unemployment benefits for support. Those who collected unemployment benefits will need to pay income taxes on those funds.
If you chose not to have taxes taken from your unemployment when you signed up, you will either have to pay quarterly taxes or set aside enough money from your unemployment benefits to pay your taxes.
During the 2020 pandemic, the government sent $1,200 stimulus checks to millions of Americans (plus up to $600 per child). Your stimulus check will not be taxed. Instead, it's being counted as a refundable tax credit for 2020.
The CARES Act also offered small business owners Paycheck Protection Program (PPP) loans. These loans are "forgivable" if they were spent on certain business expenses. However, the IRS says that any expenses you paid with money from those PPP loans cannot be deducted from your taxable income.
Any money taken out of an Educational Savings Account (ESA) or a 529 Plan must be used for educational expenses to be considered tax-free. Many universities went virtual or canceled classes this year—which means your university might have refunded your ESA or 529 money. If so, you had 60 days to put the money back in the account OR use it to cover other educational costs. If you didn't do this, you might have to pay the taxes and a withdrawal penalty.
There were several changes to retirement plans in 2020—and those changes could affect your taxes this year.
If you did take funds out of a 401K or traditional IRA, you have three years to put that money back and get refunded for taxes paid on those funds. Reach out to a professional who can walk you through the process. If you need help, give us a call at 770-456-9980.
Working with a tax professional is a smart choice, especially with all of these new chances to save money on your 2020 tax return. If you're looking for a trustworthy tax pro near you, look no further. Our tax experts have many years of experience and can help you file your tax refund with confidence. Call us at 770-456-9980, or fill out the form to schedule an appointment today!
No, the stimulus money will not count as taxable income. It's being counted as a refundable tax credit for 2020. (Your stimulus check is almost like an advance on funds you would have received as part of your tax refund in 2021.)
Yes, the unemployment benefits you collected in 2020 will count as taxable income on your tax return. If you chose not to have taxes withheld from your unemployment payments, then you'll have to pay quarterly taxes on it.
Did you deliver groceries with Instacart or drive for Uber? The money you made doing odd jobs or freelancing will be taxed, so here's a summary of what you need to know:
The home office tax deduction is only allowed for freelancers, independent contractors, or self-employed people who have a home office used solely for regular business. Unfortunately, that means workers sent home by their employers throughout COVID-19 don't get this deduction since they don't only work from home.
The Trump administration permitted companies to suspend payroll taxes from September 1, 2020, through December 31, 2020. So, if you work for the government or at a company that chose to defer payroll taxes, you saw a temporary increase in your paychecks. Unfortunately, this is not a tax break—those taxes will still need to be paid. That means your employer will have to take those extra taxes out of your paycheck between January and April 2021, so you'll have a decreased paycheck during that time.
This 2021 tax season could get messy for many Americans who have seen their lives changed by this pandemic. If you're one of them, it is a good idea to contact a tax advisor who is updated on the news and developments for this tax season in 2021.
If you want to ensure your taxes are done correctly and avoid making substantial tax errors that could cost you thousands of dollars, our Georgia tax professionals are ready to help! Give us a call today at 770-459-9980.
2021 has ended, but a new challenge awaits: paying your 2021 taxes. Due to many new tax laws and tax credits, numerous things have changed for the 2022 tax season. Let's look at the most significant tax season updates for 2022.
Don't hesitate to contact us if you need help or have any questions, or click the button below to make an appointment with a seasoned tax pro in Villa Rica.
Here are the critical dates listed by the IRS that taxpayers should remember for the 2022 tax season:
From January 1 to May 17, 2021, the IRS phone systems received more than 145 million calls, more than four times the number of calls received in a typical year, due to COVID-era tax reforms and larger epidemic difficulties.
Before contacting the IRS, customers are encouraged to check online resources. You can also call RWB Tax Services in Villa Rica, GA, for help.
The average tax refund was more than $2,800 last year. More than 160 million individual tax returns are projected to be filed for the 2021 tax year, the great majority of which will be done before the typical April tax deadline.
In general, the IRS expects most taxpayers to get their refund within 21 days of filing electronically if they choose direct deposit and their tax return is error-free. The Internal Revenue Service (IRS) encourages individuals and tax professionals to file online to speed up the return process. People should avoid filing paper returns whenever feasible to prevent processing delays.
The IRS is prohibited from issuing refunds for the Additional Child Tax Credit or the Earned Income Tax Credit before the middle of February. However, qualified taxpayers may submit their forms beginning on January 24. This extra period is provided by the law to assist the IRS in preventing false refunds from being distributed.
If the IRS systems identify a possible error or missing information, or there is suspected identity theft or fraud, some returns may require manual examination, which slows processing. Some of these circumstances require communication with taxpayers, while others do not. Because this activity involves special handling by an IRS employee, the IRS may take longer than the standard 21 days to process returns with errors. That is why it is critical to hire an experienced, local tax professional like RWB Tax Services in Villa Rica, GA, who knows all of the recent tax law changes and can make sure your return is error-free for the fastest return possible.
Before filing your taxes this year, here are a few things that you should be aware of:
For monetary donations made to qualifying organizations in 2021, taxpayers who do not itemize deductions may be eligible for up to a $600 deduction for married taxpayers filing joint returns and up to $300 for all other filers.
Families who got advance payments will need to compare the amount of the child tax credit they will be able to claim on their 2022 tax return with the amount of the child tax credit they received in 2021.
On their 2021 tax return, taxpayers who got less than the maximum amount of their child tax credit will claim a credit for the leftover balance.
Qualified families who did not get advance payments in 2021 may still receive a lump-sum payment by submitting a 2021 federal income tax return and claiming the child tax credit. This includes families that don't usually file a tax return and families with no income.
The IRS will issue Letter 6419, detailing the total amount of advance child tax credit payments that filers received in 2021. You should keep this letter and any previous IRS letters concerning advance child tax credit payments with your tax records. Individuals can also see their child tax credit payment amounts by creating or logging into an IRS.gov online account.
Based on their 2021 tax information, individuals who did not qualify for the third economic impact payment or did not get the entire amount may be eligible for the recovery rebate credit. However, they'll need to submit a 2021 tax return to claim the credit, even if they didn't have any income for 2021.
When filing their tax return, individuals will need the amount of their final economic impact payment, as well as any plus-up payments, to determine their exact 2021 recovery rebate amount owed.
The IRS will send Letter 6475 in early 2022, including the exact amount of the third economic impact payment and plus-up payments received. Individuals can also securely access their economic impact payment amounts by creating or logging into an IRS.gov online account.
The IRS recommends that taxpayers take the following steps to avoid processing delays and expedite refunds:
Tax documents that are organized make it easier to prepare a correct tax return. It assists you in avoiding errors that cause processing delays, which slow down your return, and it may also help you locate previously overlooked deductions or credits.
Wait to file until you have all of your tax records, which may include the following:
Address changes should be reported to the IRS, and legal name changes should be reported to the Social Security Administration.
Remember that most income is taxable. This includes:
If you owed taxes or received a substantial refund last year, you may want to modify your withholding. Changing your withholding can save you money on taxes and allow you to retain more money each payday. In addition, changes in life, such as marriage or divorce, the birth of a child, or the addition of a second job, may necessitate a change in withholding.
Use the Tax Withholding Estimator to determine how much tax should be withheld from your paycheck. If you need to alter your withholding and submit a new Form W-4 to your employer, use this tool on IRS.gov.
Our team at RWB Tax Services has over 50 years of combined experience. For over 13 years, they've helped clients in Villa Rica, Douglasville, Carrollton, and West Georgia get the largest tax refunds legally.
You can trust RWB Tax Services to complete your taxes correctly, on time, and at a reasonable cost. We can help you avoid costly tax mistakes in Georgia so you can prevent thousands of dollars in tax penalties. Don't hesitate to reach out to us by calling 770-456-9980 today.
The April 18th Tax deadline is right around the corner, and like many other taxpayers all across the USA, you may be panicking. But don't worry! The information found in this article provided by the tax pros at RWB Tax Services in Villa Rica and Douglasville, Georgia, will cover all your tax extension questions.
You'll learn how to file for a tax extension, the benefits of filing an extension, and what penalties to expect if you miss the deadline. We'll also discuss how much time a tax extension actually gets you. So please read on to find out how to get a little more peace of mind as we approach Tax Day!
The deadline for filing your taxes for this year is quickly approaching. We all know that. But it's not too late to file for a tax extension if you need one. First, however, you will need to fill out Form 4868 and mail it in asap. But we'll go over that in greater detail later.
For now, you'll especially want to know the following basic facts before filing an extension on your income taxes:
A tax extension is basically the process of filing your taxes after the original deadline. So, if you are granted an extension, you will receive an additional six months' worth of time to finish and file your tax return.
Life happens! In this post-Covid 19 world, there are numerous reasons that you just didn't get to finish your taxes. Maybe you or a family member were sick - or perhaps something else significant happened to you and your family.
It might even be something minor. Either way, life happened, and at this moment in time, you're not entirely ready to submit your completed income taxes to the IRS on the April 18th due date. But there is good news: If you need more time to prepare your tax return, you can ask for a time extension to complete and file your tax return, up to October 15th, from the Internal Revenue Service.
The reason you need a tax extension from the IRS doesn't really matter. The IRS gives them automatically as long as you fill out the proper form, Form 4868, and send it in before the due date. However, if you think you're going to need it, don't put off filing for an extension until the last minute either! If you have questions, you can contact RWB Tax Services and speak with an expert tax preparer right now at 770-459-9980.
If you file for a tax extension, you will need to pay interest on any unpaid taxes if you owe money after April 18th. Additionally, the IRS will charge penalties if you don't submit your final return by the original extended deadline of October 15th.
With more time and less stress on your side, you'll now be able to confidently review and complete your tax returns and confirm that you're going to claim all available tax benefits that you can. Plus, you'll bypass the failure-to-file consequences, which can total up to 25% of the taxes due if you do owe anything!
A tax extension will end up giving you much more time to complete your income taxes. This is because the IRS grants an automatic extension for an additional six months past the April 18th deadline.
When you do owe any money to the IRS, remember that filing an extension only gives you more TIME to submit your income taxes - not more time to PAY! Your payment is still due by the deadline for filing your taxes.
On the other hand, if you forget the Tax Day deadline because you're in the hospital or you're out of the country, you do have choices. Even if you have some other reason why you can't get your taxes filed before April 18th, then extend for as long as possible using Form 4868!
You get an extra six months of time to file your taxes if you get a tax extension. Simply put, you now have until October 15th to file your completed return instead of the original April 18th deadline.
If you owe money when April 18th comes around, then you'll need to file Form 4868 by April 17th to avoid paying penalties on your overdue tax balance. If you do not owe any money to the IRS, then it's worth considering filing an extension just for peace of mind. But remember, extensions only give you six extra months past the original deadline of April 18th - so plan accordingly!
If you miss the Tax Day deadline, just know that you will be charged a penalty fee.
The penalties for missing the tax deadline are as follows:
If you haven't filed your taxes yet, don't worry. You can still get an extension to file them! You'll need to file for a tax extension using Form 4868 and attach this form to your final return in order to receive the extended due date of October 15th.
You can also file for a tax extension by calling the IRS at 800-829-1040. They will talk you through the procedures over the phone and will give you a confirmation number.
Even easier, if you're still confused, why not give RWB Tax Services in Villa Rica, GA, a call and speak to a real person? These tax experts will be able to answer any questions that you have about them and their work. Call RWB Tax Services now at 770-459-9980.
Yes. Thankfully, you can always get extra time to file your return if you ask early enough. Some people try to get an extension every year. It doesn't matter how much money you make or what kind of tax status you have.
To request an extension, complete Form 4868. You can either print and mail Form 4868 or electronically file it. Don't forget to include an extension payment if you owe income taxes.
Certain states automatically extend your deadline whenever you apply for a federal extension. Others demand you apply for a state extension separately. Seek the advice of your state or a tax prep like those at RWB Tax Services to ensure you avoid any late filing penalties.
This question has a very simple answer: NO.
Extending your tax return does not give you additional time to pay your taxes. However, if you believe you will owe any money, you should include a payment with your application for an extension to avoid penalties and interest.
Even if you are confident that you will receive a refund, you should file your tax return as soon as possible. Submitting your taxes becomes more complex as time passes, and you take the chance of forgetting significant facts about the tax year if you keep putting them off.
If you served in a battle zone or were stationed internationally during tax filing season, you will be granted an automatic extension. If you are eligible for that extension, you will typically have an additional 180 days to file and pay any federal income taxes owed.
The extension will be accepted as long as it is properly filed. The simplest way to ensure that this process goes as smoothly as possible is to use a tax software service or tax professional like RWB Tax Services in Villa Rica, GA, that confirms your extension once it has been approved. If you file on your own, you can call the IRS customer service line (800-829-1040) to make sure you did everything correctly.
This upcoming tax season might be a nightmare for many Americans whose lives have been affected by the pandemic, among other things. Because you're one of them, you should contact a knowledgeable tax preparer who is aware of the latest trends and updates for this tax season, like RWB Tax Services in Villa Rica, GA.
When you want to make sure your taxes are successfully done and avoid potential tax mistakes that might cost you big bucks, our Georgia tax professionals at RWB Tax Services, with over 50 years of combined experience, are here to support you! Call RWB Tax Services at 770-459-9980 right away.
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