Financial Solution Advisors’ Post

True or False: Filing taxes early guarantees a quicker refund and less chance of an audit. The answer? ........FALSE! While filing taxes early may seem like a surefire way to get ahead, it doesn't guarantee a faster refund or reduce the likelihood of an audit. The timing of your tax return submission doesn't affect the processing time or the possibility of being audited by the IRS. Instead of rushing to file early, it's essential to focus on accuracy and thoroughness. Take the time to gather all necessary documents, report income correctly, and claim eligible deductions and credits. Filing accurately and promptly can help prevent delays and reduce the risk of errors that could trigger an audit. Remember, the key to a smooth tax filing process is preparation and attention to detail. Whether you file early or closer to the deadline, prioritize accuracy to ensure a stress-free tax season. For personalized tax guidance and assistance, consult with one of our advisors. Get in touch: https://lnkd.in/g2hrxMiq

In Notice 2024-85, the IRS confirmed that a $5,000 threshold will apply for the 2024 tax year for Form 1099-K, Payment Card and Third-Party Transactions. Third-party payment platforms will be required to file Form 1099-K for any account if the total amount of all transactions in the account is more than $5,000 during 2024. In the same notice, the IRS also indicated that the threshold will be $2,500 for the 2025 tax year and $600 for the 2026 and later tax years. The new thresholds are substantially lower than the threshold that applied for the 2023 and earlier tax years, when third-party payment platforms were required to file Form 1099-K for any account when more than 200 transactions were processed and the total amount of such transactions was more than $20,000 for the year. In addition to the lower dollar threshold, beginning with the 2024 tax year, the threshold for the number of transactions is eliminated. As a result, Forms 1099-K are required when the dollar total of all transactions exceeds the threshold, regardless of the number of transactions that occur during the year. We will discuss important strategies and logistics for reporting Forms 1099-K on income tax returns as part of our seminars in December and January. Are you registered for one of our upcoming seminars in December and January? If you are not already registered visit our website to enroll, so you’ll be fully prepared! At our website, you can also sign up for our tax news. #tax#accounting

Amended Tax Returns – Did You Know? After filing their tax returns, people may sometimes realize that they made a mistake like missing a deduction, adding incorrectly or choosing the wrong filing status. In some cases, fixing the mistake may require filing an amended return that shows both the originally reported figures and the corrected ones. However, for some errors, filing an amended return is not necessary. For example, if you made a minor math mistake on your return, IRS personnel will generally just fix the error and send you a notice explaining any resulting change to your refund or tax due. Similarly, if you neglected to include a required form with your return, the IRS will typically just send you a letter requesting that form. In these cases, filing an amended return would actually only cause confusion and further delay the processing of your refund. For other mistakes, you can use the IRS "Should I File an Amended Return?" tool (link below) to determine whether filing an amended return is required. If you just want to check the status of your return and/or refund, you can use the "Where's My Refund?" tool. Should I File An Amended Return? https://lnkd.in/e6cgfenU Where's My Refund? https://lnkd.in/e-SGD5u6

📢 Important Update: The #IRS has released a revised draft of Federal #Form6765 for the #RDTaxCredit, effective for tax years 2024 and beyond. These changes ease reporting requirements for small businesses and modify the new form to reduce record-keeping burdens. Stay informed on how these updates impact your clients' tax filings. Read the full blog on our website at the link below. #TaxUpdate

TAX TIP 📣 As you're preparing your documents and getting everything in order, it's important to keep the April 15th deadline in mind. This is the date by which your tax return must be filed with the IRS to avoid being late. However, we understand that life gets in the way, and you might need more time to get your information and necessary documents together to complete your tax return. The good news is, if you are not able to file by the April 15th deadline, you can request an extension. Filing for an extension gives you an additional six months, pushing the deadline to October 15th. It's important to note that while an extension gives you more time to file your return, it does not extend the time to pay any taxes owed. Any taxes you owe are still due by the April 15th deadline to avoid penalties and interest. At SL Financial Solutions Tax & Accounting, we are available to assist with your tax preparation needs. 📞 Call us today at 877-770-5828 or schedule your free consultation here:

Three bad things happen when you file your tax return late. #TaxPlanning #TaxReturns #TaxTime #BenderCPA #ClarifyYourTaxes #SimplifyYourLife #TaxSavings #SaveMore #TexasTaxes #TexasCPA #SmallBusiness Clarify your taxes, simplify your life. Reach out to Bender CPA. https://lnkd.in/g8pc_3fA https://lnkd.in/eRQnS-x

New Post: FY24 ITR Filing: 6 Important Points to Know as July 31 Deadline Nears - https://lnkd.in/dy4kHZMR the July 31 deadline for filing income tax returns (ITR) expeditious approaching, taxpayers are expected to be scrambling to gather all the information required to file their returns. While it is wise to file your tax return as early as possible, it is not advisable to do so without doing the proper homework – […]

📢 July 31 is here 🚨 If you haven't filed your #IncomeTaxReturns yet, time is running out ⏳ Missing the deadline can have serious consequences 🚫 🔍 Here are 10 common mistakes you must avoid while filing returns at the last minute 👇 https://lnkd.in/d37Vm4Ug #ITR #Tax 

Some Tax-Exempts Can't File Until March: The IRS recently reported that a limited number of tax-exempt organizations won't be able to electronically file their income tax returns until March 17, 2024 due to technology upgrades. The affected forms are Form 990-T, Exempt Organization Business Income Tax Return, and Form 1120-POL, U.S. Income Tax Return for Political Organizations. This applies to forms with due dates from January 15, 2024, to March 15, 2024, and even those on extension. Those with due dates on April 15, 2024, and later will be able to e-file Forms 990-T and Forms 1120-POL on time. The IRS advises you to follow these instructions: Organizations subject to unrelated business income tax are required by law to file Form 990-T electronically. Any balance due must be submitted with Form 8868 to avoid interest and penalties. Info on Form 8868 here: https://lnkd.in/dQGcx5jr . Beginning March 17, 2024, organizations will be able to timely e-file Form 990-T by the extended due date.

Amended Tax Returns – Did You Know? After filing their tax returns, people may sometimes realize that they made a mistake like missing a deduction, adding incorrectly or choosing the wrong filing status. In some cases, fixing the mistake may require filing an amended return that shows both the originally reported figures and the corrected ones. However, for some errors, filing an amended return is not necessary. For example, if you made a minor math mistake on your return, IRS personnel will generally just fix the error and send you a notice explaining any resulting change to your refund or tax due. Similarly, if you neglected to include a required form with your return, the IRS will typically just send you a letter requesting that form. In these cases, filing an amended return would actually only cause confusion and further delay the processing of your refund. For other mistakes, you can use the IRS "Should I File an Amended Return?" tool (link below) to determine whether filing an amended return is required. If you just want to check the status of your return and/or refund, you can use the "Where's My Refund?" tool. Should I File An Amended Return? https://lnkd.in/gVbyfjU Where's My Refund? https://lnkd.in/esqSPWWq