Tax Organizer

Tax Season 2024

A Letter to My Clients

December 11, 2024

Tax time is right around the corner!!  Here are some ideas to get your information ready for your 2024 tax return compilations:

Our process:

  • Drop off, email, mail, or fax your complete set of tax documents. We will let you know when your taxes are complete then you can choose to schedule a meeting/virtual appointment after reviewing the documents to ensure the tax return is not missing any information.
    • Note: Be sure that you have all of your documents together prior to dropping them off. Each time a missing document is added, you will lose your place in the queue and your “documents received” date will be updated to the last document drop off date.
  • Payment: Payment for services rendered will be due at the time of the appointment and prior to e-filing the tax returns. We accept payment in the form of check, cash, Visa, MasterCard, and Amex.
  • Missed Appointment: We will need to charge a $50 missed appointment fee during tax season due to the time constraint. 24-hour notice is needed if you cannot make an appointment. Please arrive a few minutes early to ensure that your appointment is maximized.

Important Information for Tax Year 2024

  • Review tax year 2024 documents for sources of wage/investment income.
  • Gather a list of accounts to see what documents you anticipate receiving by the first week of February, 2025:
    • banks,
    • financial institutions,
    • brokerages,
    • mutual funds, etc.
  • Gather receipts and documents listing your:
    • charitable contributions,
    • business expenses,
    • real estate tax payments,
    • mortgage payments,
      • If you purchased, sold, and/or refinanced in 2024, provide a copy of the settlement sheet with your tax documents.
    • student loan interest, etc. 
  • List any estimated tax payments for tax year 2024, both Federal and State.
  • Donate goods or monies to qualified charitable institutions before December 31, 2024 to increase deductions and get a receipt (see link for schedule). 
  • Gather dependent/exemption information
    • Social Security Numbers
    • Date of birth
    • Copy of birth certificate
  • Dependent Care Benefits (box 10 on W2) must be set up prior to the end of the year; this can save you money.  
  • Set up Flexible Spending Plans.
  • You may be able to contribute to your IRA up to $7,000 before April 15, 2025, to deduct it on 2024 taxes.  AGI limits apply.  
    • Education IRA/ESA contribution limits are $2,000 per child.  
    • Roth/Traditional IRA contribution limits - $7,000 for 2024, and an extra $1,000 if age 50 or over. AGI limits apply. 
    • 401K maximum contribution in 2023 is $23,000, extra $7,500 if over 50.
    • Minimum required distributions - from IRA/Retirement accounts for 2023. Age requirement is 73 as of tax year 2024.
  • Self Employed Health Insurance deductions are 100% in 2024; gather business-related expenses for 2024. 
  • Mileage deduction:
    • Business mileage: 67 cents
    • Medical mileage: 21 cents
    • Charitable mileage: 14 cents
  • American Opportunity (education) Credit is up to $2,500, available for the first four years of post-secondary education.  Lifetime learning Credit remains.  AGI limits apply. 

Updates

  • **Miscellaneous deductions which exceed 2% of your AGI will be eliminated for tax years 2018 through 2025. This includes deductions for unreimbursed employee expenses, tax preparation expenses, as well as the home office deduction.

See above to download a Tax Organizer.

 

 

 

Call for an appointment if you need to establish an IRA, if you have a retirement plan (401K, Simple, or SEP) from a previous employer to rollover, or if you need to establish a retirement plan for yourself or for your company. 

As a registered representative for Cetera Financial Specialists LLC, I am able to create and coordinate a plan for your current and future financial needs.