It’s that time again—tax season is here, and if you’re like most individuals and small business owners, you may already be feeling the pressure. But don’t worry—we’ve got you covered. Whether you’re filing a simple return or managing complex business taxes, following a few essential tips can help make Tax Season 2024 smoother, faster, and maybe even a little less stressful.
Here are our top strategies to help you stay organized, compliant, and (hopefully) save some money this tax season.
1. Start Early — Procrastination is Expensive
The earlier you start preparing, the better. Waiting until the last minute leads to missed deductions, costly mistakes, and filing penalties. Give yourself time to gather all your forms, receipts, and documents. Starting early also gives you a head start if you end up owing taxes—no one wants a surprise tax bill with only days to pay it.
2. Organize All Financial Documents
Make sure you have all the documents you need before filing:
- W-2s and 1099s
- Bank and investment statements
- Business income and expense records
- Receipts for deductions or credits
- Last year’s tax return
For business owners, this includes payroll records, asset purchases, and mileage logs. A little organization now can save hours of frustration later.
3. Don’t Overlook New Tax Changes for 2024
Tax laws change every year. For 2024, here are a few key updates you should know:
- Standard Deduction Increases: The standard deduction has gone up due to inflation adjustments.
- Energy-Efficient Home & Vehicle Credits: There are expanded credits for certain energy-efficient improvements and EV purchases.
- Student Loan Interest Adjustments: Some changes apply to the deduction limits or eligibility criteria.
Consult with a tax professional or visit the IRS website to see how these updates may affect you.
4. Maximize Deductions and Credits
One of the most common mistakes people make is missing out on deductions or credits they qualify for. Some frequently overlooked tax benefits include:
- Home office deductions (if you qualify)
- Retirement contributions (IRA or SEP)
- Self-employment expenses
- Charitable contributions
- Child tax credits
A tax pro can help you identify opportunities you might not be aware of.
5. File Electronically and Choose Direct Deposit
Electronic filing is faster, more accurate, and more secure than paper filing. Plus, if you’re expecting a refund, choosing direct deposit can get your money to you weeks faster. The IRS processes most electronic refunds in under 21 days.
6. Watch Out for Scams
Tax season is also scam season. Be cautious of:
- Fake IRS phone calls
- Phishing emails
- Fraudulent tax preparers
Remember: The IRS will never call you demanding immediate payment or ask for personal information over email.
7. Get Help if You Need It
If you’re unsure about your taxes, don’t guess. Mistakes can lead to audits, penalties, and missed refunds. At BR Accounting, we offer expert tax preparation and planning services for individuals and businesses. We stay on top of all tax law changes so you don’t have to.
Whether it’s filing a simple return or navigating more complex business filings, we make the process seamless and stress-free.
Final Thoughts
Tax season doesn’t have to be scary. With the right preparation and a little professional support, you can file with confidence—and maybe even look forward to that refund.
Need help this tax season? Contact BR Accounting today to schedule a consultation and let us take the stress out of taxes in 2024.