2025 January issue of InMaricopa Magazine

BUSINESS

IMPORTANT DATES FOR YOUR 2024 TAX CALENDAR

FILING DATES DESCRIPTION

RELEVANT FORMS

Employers and Investment Companies deadline to issue W-2s, 1099s and other tax documents Deadline for Partnerships or Multi-Member LLCs tax returns or extension Deadline for S-Corporation tax returns or extensions Deadline for C-Corporations returns or extensions

Jan. 31

W-2 & 1099 Forms

Our dedicated administration and highly- qualified teachers provide excellent education in Maricopa, Arizona. Our teachers and students enjoy: • Full-day kindergarten • Small class sizes • Quality programs • Spanish, PE, and culinary classes

March 17

Form 1065

Taxes the bane of your existence?

March 17

Form 1120-S

April 15

Form 1120

April 15

Deadline for Individual Tax Returns and Payments Form 1040

Deadline for Partnerships and S-Corporations that filed an extension

Sept. 15

Forms 1065 & 1120-S

BY CHRIS J. SCOGGIN, CPA

Oct. 15

Final deadline for Extended Tax Returns

Various

Here’s how to prep for a painless ‘24 tax season Welcome to 2025! All of us at CS CPA Group wish you a happy New Year. With the turning of the calendar, this gives us the opportunity to simplify the most dreaded requirement of most people’s professional and personal lives — filing your tax return. Tax season, with its myriad responsibilities and deadlines, is an integral part of our financial lives. As the 2024 tax season approaches, it’s essential to stay informed and prepared. Whether you’re a seasoned taxpayer or new to the process, this guide will walk you through key dates, effective filing strategies and the benefits of professional assistance, ensuring a smooth and stress-free tax experience. Understanding the basics of tax season Tax season is the time for people and businesses to get their financial affairs in order from the previous year. Grasping its significance is crucial to evade penalties and ensure you’re getting all potential refunds. Tax law changes for Tax Year 2024 There have not been any drastic changes to personal or business tax law for 2024. That said, it is important to remember several simple thresholds and limits that will affect your tax return: Standard deduction for Married Filing Joint is $29,200. ($14,600 Single and $20,800 Head of Household.) If your income is below these thresholds, you are not required to file a tax return.

Regardless of filing an extension, your taxes must be paid by April 15, even if you do not know your exact tax liability. Meeting these deadlines is essential to avoid penalties.

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• Review your return. Carefully check all entries for accuracy before submission. • Submit your return. Ensure you file before the deadline, either online or via mail. Considering a tax professional? In certain scenarios, professional assistance can be invaluable: • Complex tax situations. If you own a business or have multiple income sources, a tax professional can provide tailored advice. • Significant life changes. Major life events, such as marriage or buying a house, can affect your tax status. • Preference for expert assistance: Some people prefer the peace of mind that comes with professional help. The CPAs and Tax Professionals at CS CPA Group are here in Maricopa ready to assist you in ensuring that you will take advantage of every eligible deduction and write-off. We make sure that you pay the least amount of tax possible.

Itemized deductions. If the total of the following out-of-pocket expenditures exceed the Standard Deduction, you will be able to reduce your tax burden. These tax-deductible expenses are charitable contributions, home mortgage interests, automobile registration fees, property taxes and out-of-pocket medical expenses. Retirement plan contributions. You can contribute up to $7,000 to a tax-deductible IRA (if not participating in a 401K at work) or $8,000 if you are over age 50. If your employer offers a 401k or 403b, you can contribute up to $23,000 (plus $7,500 if over age 50) which is deducted from your taxable income. Required minimum distributions . The time when you are required to take distributions from your tax deferred retirement accounts is now the year that you turn 73. How to file your taxes: A step-by-step guide Filing taxes doesn’t have to be daunting. Follow these steps for a smoother process: • Gather documents. Start by collecting all necessary financial statements, including W-2s and 1099s. • Choose filing method. Decide whether to file electronically using tax software or opt for traditional paper filing. • Understand deductions and credits. Familiarize yourself with eligible deductions and credits to maximize your returns.

Teri Romero-Dominguez M.Ed. DISTRICT ADMINISTRATOR

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520-568-3303 CSCPAGroup.com