Tax Return Filing for 2024 - Last Minute Checklist

The tax season is coming up and it's time to file your return. If you're not sure where to begin, here's a quick checklist for what needs to be done before you send in your returns:

1040 Form

The 1040 form is the most common form of the tax return. It's usually used by people who are self-employed or have a business and need to report their income and expenses, as well as other information such as deductions.

1040 is also popular because it's quick and easy to fill out—you can do it yourself in less than an hour! If you're filing your taxes, this means that you don't have to pay someone else (or even leave the house) just so that they can process your return.

The 1040 form is divided into two parts. The first part called the “Income” section, asks you to report all your income sources in one place. This includes wages from work and other types of compensation such as bonuses or commissions.

Personal Information

• Your Social Security Number: The IRS requires this number to be included on all tax returns. If you don't know your SSN, visit the IRS' audit website, and enter your birthday or any other information that you know about yourself.
• Your Date of Birth: You can find this information on your birth certificate or driver's license application, or it may be listed in other documents such as health insurance cards or passports. You can also check with family members to see if they know when you were born so they can provide it for you if needed.
• Your Address: This should not be difficult to locate; just make sure it’s accurate! If there are any changes made during the year (such as moving), then make sure those changes are noted here as well, so everything gets updated correctly when filing taxes next year!
• City, State/Province & ZIP Code (for example: "1234 Main Street Pigeon Forge TN 37863") - These three pieces of information will help ensure accuracy while filing taxes because we already know where our home address is located based upon these three pieces alone; however, sometimes we forget what city/state/province, etc., which could lead us back into trouble later down the line if an error occurs due not knowing exactly where things stand today versus earlier years before starting over again at age 59½ (this happens quite often!).

Income and Expenses

Income and expenses are two separate things. Income is money you earn, while expenses are money you spend.

You report your income on Form 1040, while you report your expenses on Schedule A (if they're above certain thresholds). This can be a bit confusing because both forms use the same header to describe their purpose: "Itemized Deduction," but they're asking for different information! The reason why they're worded differently is that itemized deductions are used in calculating how many tax credits or exemptions will be available to them—but not all those numbers will apply if one itemized deduction exceeds another person's total adjusted gross income (AGI).

Also Read:- Preparing For The 2024 Tax Season

Credits and Deductions

The tax credits and deductions you claim on your return are subtracted from the amount of income that you report. Similarly, the amount of taxes that you owe is also a function of how much income you reported in your tax return.

For example: If John Smith makes $50,000 per year as an elementary school teacher and has no other sources of income, he would owe $10,000 in federal income taxes (assuming he did not itemize). His total taxable income will be $50K - ($10K = 50%) – 20% = 30K with no deduction for state or local taxes.

The next step would involve him checking "Do I Need to File?" to determine if there are any refundable credits available to reduce his final bill slightly beyond what it would have been otherwise (i.e. if someone else had taken care of all those calculations for him).

State Taxes

State taxes vary from state to state and can be based on income, property, or sales tax. Some states also have personal property taxes that are applied when you purchase certain items like cars or boats.

To determine your state’s tax rates, you’ll need to look at this information:

Property taxes: The property tax is a tax that can be applied to real estate, vehicles, and other possessions. The amount varies depending on the value of the property and where it is located.

Income taxes: Income tax is applied to the amount of money you earn during a year and is usually based on a percentage of your income. The amount varies from state to state, but most states have an income tax rate as high as 9 percent.

Sales taxes: Sales tax is a tax that is applied when you purchase goods and services. The amount can vary depending on the state you live in and the type of good or service being purchased.

Sales taxes are usually applied as a percentage of sales. The amount is usually between 4 percent and 10 percent but can be as high as 16 percent in some states.

Takeaway:

The takeaway is the main point of a piece of content and can be used as a summary. It should be easy to understand, short and sweet, relevant to the article and topic, and ideally use engaging language that makes it easy for readers to absorb what you're saying.

Read This:- Duties of a Bookkeeper for Small Business

Conclusion

Now you are all set to file your taxes. You will be surprised by how simple it is and how quickly you can complete the process. If you need any help with your return, Visit Our Firm Global FPO We are here to guide you through each step of the process!