March - 2024 APRIL 15TH REMINDERS
- Individual income tax returns for 2023 are due - C corporation tax returns with year end of December 31 are due - First quarter 2024 estimated tax payments are due
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issing tax documents can mean missing the date you’re hoping to get your tax refund. In this month’s newsletter, read about common tax items that if missing, could cause a delay in filing your return. Also read through several ideas for building an emergency fund when money is scarce, ideas
to consider when interest rates change, and the perils of too much social media. Please enjoy the information and pass along articles of interest to all your family and friends. And as always, please call if you have questions or need help.
Common Missing Tax Return Items
Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed: • Forms W-2 and 1099. Using last year’s tax return business activity. When you receive your K-1, pay as a checklist, make sure all your W-2s and 1099s are special attention to box 17 (code V) for S corporations received and applied to your tax return. Missing items and box 20 (code Z) for partnerships. This is where will be caught by the IRS mismatch program. All these information is included for the Qualified Business forms are required to be in the mail to you on or before Income Deduction. Jan. 31. If you are missing a form, contact the company responsible for issuing them. • Digital asset transactions. If you are buying or selling cryptocurrency or other digital assets, you will • Dependent information. If you added a new need to provide details to support the cost basis and dependent in 2023, provide the name, Social Security sales price of each transaction. number and birth date to have them added to your tax return. If you have a dependent that shares custody • Forms or documents with no explanation. If you with someone else, discuss the plan for who is going to receive a tax form, but have no explanation for the claim them. Your tax return cannot be filed if there is form, questions will arise. For instance, if you receive conflict in this area. a retirement account distribution form, it may be deemed income. If it is part of a qualified rollover, • Cost basis information. If you sold any assets no tax is due. An explanation is required to file your (typically investments or real estate), you need to know information correctly. the cost basis amount to calculate your taxable capital gain. Check your investment statements to ensure • Missing signatures. Both you and your spouse need that your broker includes the required information. to review and sign the e-file approval forms before Sometimes it’s difficult to find this information on the the tax return can be filed. The sooner you review and Form 1099-B summary, but it might be listed later in approve your tax return, the sooner it can be filed. the statement details. By knowing these commonly missed pieces of • Schedule K-1s. As an owner of a partnership or information, hopefully your tax filing experience will S-corporation, you will need to receive a Form K-1 be a smooth one. that reports your share of the profit or loss from the