And whether you plan to file your tax return early or like to wait a while before filing, reviewing key tax changes that may affect your tax bill is essential. Although the IRS is taking a phased in approach to implementation of the Form 1099-K reporting threshold, there have been no changes to the taxability of income. All income, including proceeds from part-time work, side jobs or the sale of goods and services is taxable. Taxpayers must report all income on their tax return unless it’s excluded by law, https://franciscocurras.com/2025/02/06/what-does-a-bookkeeper-do-bookkeeper/ whether they receive a Form 1099-K or not.

IRS tax changes for 2024 returns

With the 2025 tax season soon underway, Americans will need to file federal income taxes for 2024 with the IRS. Tax day falls on April 15, 2025, meaning there is still plenty of time to get your affairs in order before filing. For some who pay quarterly estimated taxes, there are deadlines earlier than this.

Need more time?

• Some returns may require additional review and take longer to process if there are possible errors, missing information, or indications of identity theft or fraud.
• Whether you’re totally self-employed or have a lucrative side hustle, you might have to make quarterly estimated tax payments to the IRS.
• Whether you’re expecting a refund or just want to avoid the IRS knocking on your door, the below dates you’ll want to remember.
• The IRS encourages people to file their tax returns electronically and choose direct deposit for faster refunds.

Information on how to report digital asset transactions, including calculating capital gain or loss, determining basis and reporting the income on the correct form can also be found on the digital assets landing page. It is important for taxpayers to understand why they received a Form 1099-K and how to use it along with their other records to figure and report the correct amount of income on their tax return. It is also important for taxpayers to know what to do if they received a Form 1099-K but shouldn’t have. Remember, an extension of time tax season to file is not an extension to pay taxes you owe. Check with your state Department of Revenue for the most up-to-date information about key deadlines.

#1. 2024 child tax credit

Firm Forward is a guide for accounting firm leaders looking to add a global team to their business or have already done so. Profit and prosper with the best of Kiplinger’s advice on investing, taxes, retirement, personal finance and much more. Stay informed and consult a tax professional if you have concerns about how tax changes will impact your return.

File taxes for free

Taxpayers who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. These states are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Among these, New Hampshire and Washington impose taxes on certain types of income, such as stock earnings and investments, but do not tax income earned from employment. If you agree with the assessment, check if a refund is due to you or if you owe SARS. If a refund is due, then there is nothing more you have to do — you can log out and wait for the refund, which you can expect within approximately 72 hours, provided your banking details with SARS are correct.

No need to call us, you can register online or download the MobiApp on your phone or tablet. To make an appointment with SARS is now easier, click here to make an appointment. The first thing accounting to do is to log into eFiling or the SARS MobiApp and view your assessment.

• The easiest way to check a refund’s status is by using Where’s My Refund?
• The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024.
• Taxpayers can save time by bookmarking these resources on their browser for easy access.
• Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax pro to avoid potential scams and schemes. Each year, the tax season deadlines follow a familiar schedule, from the start of filing season to the final extension date. Knowing exactly what these dates are, though, will help you stay ahead of the game and avoid last-minute chaos or hefty fees. So, whether you’re an individual filer, self-employed or a small business owner, it’s important to mark your calendar with the crucial tax season deadlines. Most tax return preparers provide outstanding and professional tax service. However, choosing the wrong tax return preparer hurts taxpayers financially every year.