Your Essential Tax Filing Checklist for 2024 [Free Download]

As the calendar flips to another year, tax professionals across the country gear up for the annual ritual of tax season. The year 2024 brings with it a set of new challenges, opportunities, and, as always, a myriad of tax laws and regulations to navigate.

To help tax professionals stay organized and efficient, we’ve compiled a comprehensive checklist covering every crucial aspect of tax preparation for the upcoming season.

Tax Filing Deadline 2024

It’s important to know the 2024 tax filing deadlines. Generally, the deadline for filing your tax return is April 15. However, there are other important dates to keep in mind as well. Here are some key dates for the 2023-2024 tax filing season:

• January 29, 2024: The 2023 tax season begins, and the IRS begins accepting and processing 2023 federal tax returns.
• January 31, 2024: Employers must send W-2 and certain 1099 forms to report payments that don’t come from an employer. If this date falls on a weekend or holiday, these forms must be sent the following business day.
• February 15, 2024: You must re-file a Form W-4 if you claimed an exemption from your employer withholding taxes from your paycheck last year.
• April 3, 2024: If you turn 72 in 2022, you have until April 3, 2023, to take your 2022 required minimum distribution from your retirement account.
• April 15, 2024: Tax Day (unless extended due to a local state holiday). Missing this deadline can lead to penalties and interest.

A Step-by-step Guide For Your Tax Filing Process

Filing taxes may seem daunting due to the amount of paperwork involved. However, the process can be streamlined with some organization and time management. Here are five steps to follow from start to finish.

Step 1. Gather Your Tax Documents

Collect your tax documents as the first step towards preparing for taxes. The following documents apply to the majority of users:

• W-2s
• 1099s
• Mortgage interest statements
• Investment income statements
• Charitable contribution statements

If you’re newly married and filing taxes for the first time, you may need to include: Use Form 8822 to update your address, SS-5 if you have changed your name, and W-4 to adjust withholdings based on your new household income.

It is important to keep track of your income and investment interest forms, as they are crucial for tax purposes. Typically, these documents are either sent to you physically or electronically. You can check with your mortgage provider, bank, or payroll company to download and print them if you haven’t received them. If you find any missing documents, it is advisable to contact the relevant parties immediately to retrieve them as soon as possible.

Step 2. Select Between Standard Or Itemized Deductions

When it comes to taxes, deductions can lower your taxable income. The standard deduction for the 2023 tax year is $14,600 for single filers and $29,200 for married couples filing jointly.

If your deductions are more than the standard deduction, it might be better to itemize your deductions. However, if your deductions are less than the standard deduction, it is recommended that you take the standard deduction to avoid the hassle of collecting receipts and documents.

If you decide to itemize, remember to provide proof for your claims. Ensure that receipts for deductions and tax credits are included, such as those related to healthcare costs, charitable donations, and education expenses.

Step 3. Determine Your Filing Status

Your filing status will determine how you file your taxes, your standard deduction, the eligible credits, and the amount of tax you owe. Sometimes, you may have a clear status, such as being single, while at other times, you may qualify for more than one status.

Take a look at the following options to choose from:

• Single: Individuals who are not married, legally separated, or divorced are required to file their taxes as a single taxpayer.
• Married filing jointly: When two individuals are legally married and consent to file a joint tax return, they are considered filing jointly. Opting for this course of action usually helps married couples save significantly more on their taxes.
• Married filing separately: If you’re married but prefer not to file jointly, you can file separately. This could be because you want to take sole responsibility for your taxes or because filing separately would result in lower taxes.
• Head of household: To qualify as head of household, certain criteria must be met. Firstly, the individual must be unmarried and have paid over fifty percent of the annual household expenses. Additionally, they must have a qualifying child or dependent. This status may be particularly relevant for single parents caring for an ill family member.
• Qualifying widow(er): If your spouse is no more and didn’t remarry in the same tax year, you can file jointly with them. This status can be used for up to two years after their passing, as long as you are still unmarried and live with a dependent who qualifies.

Step 4. File Your Taxes

When it comes to filing your taxes, choosing the right route can be daunting. If your situation is relatively simple and you plan to take the standard deduction, online tax filing software is a good option. However, it’s worth considering hiring a professional if you need to itemize your deductions or have a more complicated tax return (e.g., owning a business).

Remember, a professional can help ensure accuracy and save you money in the long run.

Step 5. Get Organized For Next Year

Reflecting on your refund or tax bill is important to see what you’ve learned. You may need to adjust your withholdings for a better outcome next year. Additionally, it’s wise to keep all your tax documents, receipts, and other information filed away for a few years, just in case of an audit.

While we hope it doesn’t happen, audits do occur, and having your information organized can make the process less stressful if the IRS comes knocking.

Documents Needed To File Taxes

When preparing to file your taxes, whether you’re doing it yourself or working with a tax professional, it’s important to gather all the necessary documents to ensure accuracy and completeness.

Download the comprehensive list of documents you may need to file your tax return for the 2024 tax year.

Ready To File Your Tax For 2024?

Tax season doesn’t have to be a stressful ordeal. You can navigate the process smoothly and confidently with the right preparation and organization. Whether you file online, work with a tax professional, or handle it with paper forms, having all your documents in order is the first step to success.

We’ve provided a comprehensive step-by-step guide to help you through the tax filing process for the 2024 tax year. Additionally, our downloadable checklist is a valuable tool to ensure you have everything you need before you begin.

Remember, the key to a successful tax filing experience is preparation. By following these steps and using our checklist, you can file your taxes accurately, maximize deductions and credits, and stay on top of your financial responsibilities.

If you have questions or need more assistance, consider contacting a tax professional or utilizing the resources available through the IRS website. With a little organization and attention to detail, you’ll be well on your way to a stress-free tax season.