Get Ready! Tax Season 25
Do you have Tax Questions? At T.A.X.E.S. we have Tax Answers!
Here are items to collect for your 2024 taxes:
PERSONAL TAXES
• Collect all your W’2s to be mailed out by the end of January.
• Look for your 1099R’s (Retirement) -1099 INT (Interest) to come.
• Wait on K-1’s (Estates, Partnerships and S-Corps) that may come later.
• Remember Brokerage statements (Stock Sales) may be slow to arrive.
• Complete IRA contributions and HSA Contributions for 2024 up to the limits.
• Provide 1099-SA (Social Security) – HSA (Contributions and Distributions) -1098-T (College).
• Filing a Sch-A Requires – Major Medical Expenses – RE Taxes – Mtg. Interest – Large Charity Gifts to qualify. The Standard Deduction may be much higher.
• Also, you may be able to download the forms from your company or an agency.
BUSINESS TAXES
• Make sure to issue1099 NEC’s – 1099 MISC’s, or if received as Business Income included.
• Collect your Rental Income, Expenses and New Assets and issue 1099,s to Vendors.
• All Farm Income, Expenses and New Assets, and issue 1099’s for non-employees or W-2’s.
• Get Mileage log for $.67 per mile – Home Office information – SEHI (Health Insurance).
REMINDERS
There are tax items you do not want to overlook on your 2024 tax reporting and preparation.
• IRA and HSA contributions can be made up to April 15, 2025
• If you receive a 1099-K in 2024, it must be reported on your tax return.
• If you are 73 or older, you must take money out of your tax deferred IRAs and 401Ks.
• Did you receive or sell a digital asset? The IRS is now requiring Cryptocurrency reporting.
There are many more taxing matters for the 2025 tax season. Now is the time to consider planning for the 2024 taxes. In the future, read more at Alltaxingmatters.com.
Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax