Tax Updates 2024
2024 Tax Updates
- Well, it’s that time again. It feels like we just finished tax season. Here are some things to make note of If you have payroll or subcontractors, remember that your 1099s & W-2s must be sent to the government agencies (IRS for 1099s, Social Security Administration and State of Missouri for W-2s) as well as mailed to the recipient by January 31, 2024. Your quarterly and annual payroll reports are also due January 31, 2024.
- The IRS will start taking e-file tax returns on January 23, 2024. Honestly, I never recommend being the first to file. Often if we file that early, we find we are missing something. It is cheaper to wait a couple of weeks than to file an amended tax return. (The IRS also doesn’t recommend being the first to file.)
- Here are some other deadlines to be aware of. Partnerships and S-Corporation tax returns are due March 15th. Individual returns are due April 15th If extensions are filed (there is nothing wrong with filing and extension) Partnerships and S-Corporations are due September 13th and individual returns are due October 15th.
- Let’s talk a little about LLC’s. For tax purposes, an LLC can be taxed as a sole proprietor, Partnership, or S-Corp. Know what your tax type is. For those that are seniors and own property or rent, be sure to ask your preparer about the MO-PTC. This often gets missed.
- Here is another head’s up for seniors. The State of Missouri passed, and the Governor signed Senate Bill 190. Section 137.1050 might apply to you. If you receive Social Security income and own property, it would be worth your time to reach out to your county Assessor’s office. This bill allows you to freeze your real estate tax at your 2023 amount. The form must be filed annually, but it will continue year after year. This is in conjunction with the Property Tax Credit, not in place of it.
- I will do my best to continue to share updates/changes as I find out about them. If you find you have an area you have questions about, feel free to reach out. I will sure do my best to help.
- Happy 2024!!!
