All Taxing Matters

Do you have Tax Questions? At T.A.X.E.S. we have Answers!
The deadline for filing your 2024 Taxes is approaching fast!

PERSONAL TAXES
• April 15, 2025, is the deadline for filing your 2024 1040 tax return.
• With an extension, you have until October 15, 2025, without late filing penalty.     
• But your tax liability is due on April 15 to prevent any late payment penalty.
• If you do not have all your records by the filing date of April 15, it is better to be on extension.
• Amending a return is acceptable but may raise more questions later.
   You may be able to download the forms from your company or an agency if needed.

BUSINESS TAXES
• Corporate and Partnership returns are due on March 17, 2025.
• With an extension the date is September 15, 2025, to file without a penalty.
• But again, the extension will not extend the time to pay taxes that are due.

REMINDERS   
• IRA and HSA contributions by April 15, 2025, for a tax credit within the income limitations.
• 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 requiring Cryptocurrency reporting.

There are many more taxing matters for the 2025 tax season. Now is the time to complete the 2024 taxes before the deadline. In the future read more at Alltaxingmatters.com.

Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax

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

As we approach the end of the year, now is the time to plan for taxes. You have time to act before it is too late!  We can assist you with your personal and business taxes. As we work with clients, we develop friendships that last for years to come.
You have Tax Questions? At T.A.X.E.S. we have Answers!     

PERSONAL TAXES
• Standard Deduction is now for Single $13,850 and Married filing joint $27,000 over 65 years of age add $1,500-$1,850. Head of Household is $20,800.
• The Child Credit is $2,000 for qualifying child under age 17 with a refundable component of up to $1,600 per child and qualifying Dependent Credit is $500.
• You can make qualified IRA contributions or max out 401-Ks
• HSA account, you can now contribute $3,850 for single and $7,750 for family plans.
• Ask about NEW Energy Credits, College tuition credits, and Child Care Credits.

BUSINESS TAXES
• The 2023 standard mileage for business use of vehicles is 65.5¢.
• Consider purchase of new assets as a deduction and paying for expenses in 2023.
• Basis calculation for S-Corporations and Partnerships is required to deduct losses and tax-free distributions. It is the responsibility of partner and shareholder to track their basis.

REMINDERS
• If you got a 1099-K for funds you received in 2023, it must be reported on your tax return.
• Ask about new rules for RMD’s for IRA’s and 401-K’s withdrawals that are now required.
• Did you receive or sell a digital asset?  The IRS is requiring Cryptocurrency reporting.

There are many more taxing matters for the 2024 tax season. Now is the time to consider YEAR END PLANNING for the 2023 taxes. In the future read more at Alltaxingmatters.com.

Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax.com