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2024 Tax Season Client Letter

2024 Tax Season 

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Navigating the 2024 Tax Season - Changes, Deadlines, and Tips

As we approach another tax season, I want to thank you for your continued trust and partnership. With 2024 upon us, there are several tax law updates and reminders to share with you:

Key Changes for 2024:

  • Standard Deduction: The 2024 standard deduction has been adjusted to $14,600 for single filers and $29,200 for married couples filing jointly, reflecting inflation adjustments.

  • 1099-K Reporting: The threshold for issuing a 1099-K has decreased to $5,000 from $20,000, affecting more taxpayers with side income or freelance work.

  • Retirement Contributions: Contribution limits have been raised for various retirement accounts, providing more room for tax-advantaged savings.

  • Child Tax Credit: No significant changes from last year unless new legislation passes; currently, it remains at $2,000 per child.

Important Deadlines:

  • Businesses: Most business filings are due by March 15, 2025.

  • Individuals: Personal income tax returns must be filed by April 15, 2025.

Tips for a Smooth Tax Season:

  • Organize Early: Begin collecting all necessary documents like W-2s, 1099s, and statements now.

  • Use Our Tools: Contact our office or visit our website at www.denisecastrocpa.com (#) to get your personalized or generic 2024 Client Organizer.

  • Submit Early: For businesses, we ask for your information by February 15, 2025, and for individuals, by March 15, 2025, to avoid last-minute stress.

Payment Reminder:

  • Payment is due at the time of filing. We appreciate your understanding regarding our policy. Please note the 3% surcharge for credit card payments; there's no fee for cash, check, or debit card payments.

We are here to help navigate these changes and ensure your tax season is as smooth as possible. If you have any questions or need assistance, please do not hesitate to reach out.

 

Thank you for your loyalty,


Denise Castro CPA Tax Year 2024


         There are several options for getting your documents to us. You can use our “Intuit Link”. This allows you to upload your scanned documents, check statuses, and approve or sign documents. Let us know if you would like to try this free, secure service and we will send an invitation to sign up.


     You can mail your documents. Many clients choose this option especially those who live out of our area.
You can use our dropbox next to the front door
You can come to our office and hand off the documents. 
You can electronically send them using email, Google Drive or Dropbox.

When your taxes are complete:
You can use Intuit Link to see the status of your tax return and review it.
Or we can mail, email or use Google Drive or Dropbox

 

     Reviewing and Filing your taxes:
We can review your taxes via telephone or video chat, including Skype, Facetime, Messenger, or Android Video.
You can approve and sign your taxes via Intuit Link, or because of covid regulations via email.


       My tips for a “Less Stressful” tax season 

First go ahead and start gathering your information.  All of your W2’s, 1099’s, Mortgage and Brokerage statements are arriving. Create a central location to collect these documents. 

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        Next, you can contact my office for a “Client Organizer” pre-filled with last year’s data or some of you may prefer to download a generic “2024 Client Organizer” from our website at www.denisecastroCPA.com. 

 

       Finally, we need to receive your information before the week of the deadline. For businesses, we have already started requesting that you submit your information by Feb. 15th.  For individuals, we recommend March 15th. We realize that life happens and it can be difficult, but waiting until the last minute raises both our stress levels.

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