Stay Ahead of the Curve: Important Tax Deadlines and Tips
Authored by: Kyle Meissner, CPA, Financial Advisor & Member at Cordell, Neher & Company, PLLC
It’s that time of the year again – tax season is upon us. With the deadline for filing personal income tax returns swiftly approaching on April 15th, it’s crucial to ensure you’re prepared and organized. Here’s a comprehensive guide to help you navigate through the upcoming deadlines and optimize your tax strategy:
Deadline Reminder: April 15th for Personal Income Tax Returns
As a friendly reminder, personal income tax returns for the year 2023 are due on April 15, 2024. However, if you find yourself needing more time to gather necessary documents or review your finances, you can request a six-month extension, allowing you to file your return by October 15, 2024. Remember that this is an extension of time to file your return, but not an extension to pay your tax due. You need to estimate your tax due with your return and pay by April 15th to avoid penalties. Your first 2024 quarterly estimated tax payment is also due April 15 (if required). If you are filing an extension, you may want to combine your first 2024 estimated payment with your extension payment.
Payment Methods
The IRS provides a convenient online platform, Direct Pay, on irs.gov for making secure and efficient payments. When using this system, remember to record payments under the name and Social Security Number of the primary taxpayer listed.
Setting Up Payment Plans
For balances exceeding $50,000, use Form 9465 to set up a payment plan with the IRS. However, if the balance is less than $50,000, you can easily initiate the process online.
Last-Minute Deductions for 2023
If you find yourself owing taxes for the previous year, there are still strategic moves you can make to reduce your tax liability.
- IRA Deductions: Consider making a tax-deductible contribution to an Individual Retirement Account (IRA). Individuals under 50 can contribute up to $6,500, while those aged 50 and over can contribute up to $7,500. Be sure to check eligibility criteria based on your earned income.
- Self-Employed Contributions: Self-employed individuals have the opportunity to contribute significantly to retirement savings. Contributions of up to $66,000 can be made to a SEP IRA, while SIMPLE IRA contributions can reach $15,500. Consult with your advisor or CPA to determine your exact eligibility.
- Health Savings Account (HSA): If you participate in a high-deductible health insurance plan, explore the option of making HSA contributions. Limits for 2023 are $3,850 for self-only plans and $7,750 for family plans, with an additional $1,000 "catch-up" allowed for taxpayers aged 55 and over.
- Adjusting Withholding and Estimated Payments: For those facing tax obligations, it's prudent to adjust withholding with your employer or make additional estimated tax payments for the upcoming year. Use the IRS Tax Withholding Estimator and consider completing a new W-4 form to align your payments with your financial situation.
As the tax deadline approaches, a proactive approach to tax planning can make a substantial difference in your financial well-being. By understanding tax extensions, maximizing deductions and adjusting your financial strategies for the future, you can be more prepared going into this tax season. For more information, visit our website at cnccpa.com or give us a call at (509) 663-1661, and we’ll begin helping you, your family or your business today.
Events & Deadlines
Latest Past Events
Community Service Day
Cordell Neher & Company, PLLC 175 E Penny Rd #1, Wenatchee2024 Shred Event
Cordell Neher & Company, PLLC 175 E Penny Rd #1, WenatcheeCNC Newsletter
Subscribe and stay informed on policy changes that could have an impact on you.
Footer Contact
Check the background of your financial professional on FINRA's BrokerCheck®
Privacy & Usage: The information on the Cordell, Neher & Company, PLLC website is provided with the understanding that it should not be substituted, in any way, for consultation with a professional Certified Public Accountant, accountant, tax, legal or other competent advisor. Cordell, Neher & Company, PLLC makes every attempt to ensure that the information contained on their websites are obtained from reliable sources, but is not responsible for any errors and/or omissions or from the results obtained from the use of any information. This site contains links to servers maintained by other organizations. Cordell, Neher & Company, PLLC cannot provide any warranty regarding the accuracy or source of information found on any of these servers, the content of any file the user might use to download from a third-party site, and is not responsibility for the content found on any of these servers or for any links these servers maintain with other servers.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC, Investment Advisory services offered through Avantax Advisory ServicesSM,Insurance services offered through an Avantax affiliated insurance agency. 3200 Olympus Blvd., Suite 100 Dallas, TX 75019 972-870-6000.
Avantax financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment Services.SM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory Services SM. Insurance services offered through an Avantax affiliated insurance agency. Method 10® is property of Avantax Wealth Management.SM All rights reserved 2020. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
The Avantax family of companies exclusively provide financial products and services through its financial representatives. Although Avantax Wealth ManagementSM does not provide or supervise tax or accounting services, Avantax Representatives may offer these services through their independent outside business. Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth ManagementSM or its subsidiaries. Avantax Wealth ManagementSM is not responsible for and does not control, adopt, or endorse any content contained on any third party website.
This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investments & Insurance Products: Are not insured by the FDIC or any federal government agency- Are not deposits of or guaranteed by the bank or any bank affiliate- May lose Value
Avantax Investment ServicesSM and Avantax Advisory ServicesSM are not affiliated with CNC Financial Group, LLC.
© 2024 Cordell, Neher & Company PLLC • Designed by Pixel to Press
