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Filing deadlines for Individual and Business income tax returns:
- March 15:
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Filing due date for Partnerships (form 1065) and S-Corps (form 1120S). |
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The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they are on a fiscal year rather than a calendar year. |
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Give copy of Sch. K-1 to each shareholder. |
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File for extension (form 7004) and deposit estimated tax. Extended deadline is September 15. |
- April 15:
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Filing due date for Individuals (forms 1040, 1040A, or 1040EZ, schedule C, schedule E, schedule A), SMLLCs and Corporations (form 1120). |
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The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation's fiscal year if the corporation is on a fiscal rather than a calendar year. |
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Give copy of Sch. K-1 to each shareholder. |
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File for extension (form 4868 for Individuals or form 7004 for Corps) and deposit estimated tax. Extended deadline is October 15. |
- May 15:
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Filing due date for tax-exempt organizations (form 990). |
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Deadlines for other filings:
- January 31:
*Filing due date for forms W2s, W3s and 1099NEC
- April 15:
*Foreign income reporting - FBAR form FinCEN114
*Trust& Estates - form 1041
Beneficial Ownership Information (BOI) Reporting
*Information brochure
*FQA
2025 Estimated tax payments:
-April 15: First payment
-June 15: Second payment
-September 15: Third payment
-Jan 15: Fourth payment
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** News you can use **
- Here are some useful tips to prepare for Tax Year 2024 -
- Highlights for changes for tax year 2024
*Standard deductions
- $29200 (MFJ)
- $14600 (Single/MFS)
- $21900 (HOH)
*The personal exemption for tax year 2024 remains at 0.
*Tax rates: based on taxable income
- 37%(>$609351 for Single or >$731203 for MFJ)
- 35%(>$243726 for Single or >$487451 MFJ)
- 32%(>$191951 for Single or >$383901 MFJ)
- 24%(>$100526 for Single or >$201051 MFJ)
- 22%(>$47151 for Single or >$94301 MFJ)
- 12%(>$11601 for Single or >$23201 MFJ)
- 10%(<$11600 for Single or <$23200 MFJ)
*Itemized deductions
- Medical Expense - 7.5% of AGI threshold.
- Taxes - $10,000 ($5,000 MFS) limit for combined state and local income (or general sales tax, if elected), real estate, and personal property taxes.
- Home Mortgage Interest/Acquisition Debt Limit -
•$750,000 ($375,000 MFS) limit.
•$1 million ($500,000 MFS) limit applies for homes acquired before 12/15/17.
- Home Equity Debt - Deductible only if used to buy, build, or substan-tially improve home. Subject to the above limitations.
- Refinanced Debt - Limit that applies depends on original acquisition debt date. See above limitations.
- Charitable Contributions -
•General limit is 60% of AGI for cash contributions.
•Form 8283 required if noncash total is over $500.
- Casualty and Theft Loss/Personal - Deductible only if attributable to federally-declared disaster area.
- Other Itemized Deductions –
•Gambling losses up to gambling winnings.
•Casualty and theft losses of income-producing property.
•Claim of right repayments over $3,000.
•Federal estate tax on income in respect of a decedent.
•Amortizable bond premium deduction.
•Ordinary loss attributable to certain debt instruments.
•Certain unrecovered investment in a pension.
•Impairment-related work expenses of persons with disabilities.
- Miscellaneous Deductions - Miscellaneous itemized deductions subject to 2% AGI limit are not deductible.
*The Alternative Minimum Tax exemption amount for tax year 2022 is $81300 and begins to phase out at $578150 ($126500 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800).
*The tax year 2024 maximum Earned Income Tax Credit amount is $7830 for qualifying taxpayers who have three or more qualifying children.
*The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $90000 ($1180000 for joint returns).
*Foreign earned income exclusion is $126500.
*Estates of decedents who die during 2024 have a basic exclusion amount of $13.61M.
*The annual exclusion for gifts increases to $18,000 for calendar year 2024.
*The maximum credit allowed for adoptions is $16810.
-The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $23000.
*The income phase-out range for taxpayers making contributions to a Roth IRA is $146K-$161K for singles and heads of household. For married couples filing jointly, the income phase-out range is $230K-$240K..
- Child Tax Credit
- Credit for Other Dependents
-Dependents who can’t be claimed for the Child Tax Credit may still qualify you for the Credit for Other Dependents. This is a non-refundable tax credit of up to $500 per qualifying person. The qualifying dependent must be a U.S. citizen, U.S. national, or U.S. resident alien.
- IRS issues standard mileage rates for 2024 -
**67 cents per mile driven for business use
**21 cents per mile driven for medical or moving purposes, and
**14 cents per mile driven in service of charitable organizations.
**30 cents per mile for depreciation.
- Credit for New Clean Vehicles purchased in 2023 or after
- Taxpayers can now get tax tips and helpful news from the IRS, https://www.irs.gov/newsroom.
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Useful links/resources:
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