Tax Deadline 2024: What You Need to Know Before Filing

Tax Deadline Extensions and Changes

• 🗓️ The general tax filing deadline has been extended to October 15th for victims of natural disasters.
• 💡 This filing season is for 2024 taxes, which will be filed in 2025, so current legislative changes may not apply yet.

Gig Economy and Payment Apps

• 💼 A lower reporting bar for small businesses and those in the gig economy means income from platforms like Venmo and PayPal will be documented.
• ⚠️ While you've always been supposed to pay taxes on this income, the IRS will now have clearer proof, expecting taxes to be paid.
• แยก (Separate) business and personal accounts are highly recommended to easily document reimbursements for personal expenses, preventing them from being taxed.

Tax Brackets and Free File Program

• 📈 Higher tax brackets offer some relief, meaning a raise might keep you in the same tax bracket, paying the same percentage of income.
• 🆓 The IRS Free File program has been expanded to individuals earning up to $84,000, offering a free way to file taxes if eligible.

Common Filing Mistakes

• ⏳ You can get an extension to file, but you must file for the extension on time and pay an estimated amount of what you owe by the original deadline (April 15th).
• 💰 Not reporting income from all sources, including side hustles, gig work, and cryptocurrency, is a common mistake.
• ⚖️ Filing with the wrong tax status (e.g., single vs. head of household) can lead to less favorable tax terms.

Obtaining Tax Documents and Refunds

• 📧 Before panicking about missing documents, check for digital versions via email or online portals from brokerages or employers.
• 📞 If documents are not received, contact the sender and then the IRS, potentially using Form 4852 as a substitute for W2s or 1099s if necessary.
• ⚡ To ensure a quick refund, file early, file electronically, and set up direct deposit with accurate banking information.