Is the tax return important?
Yes, it is definitely of great importance to file your tax return and here we explain it to you.
Tax season is a crucial period for all taxpayers in the United States, marking the time when individuals and companies must submit their tax returns to the Internal Revenue Service (IRS). This season is important for several reasons:
Legal Compliance: Filing taxes is a legal obligation for most US citizens and residents. Complying with this obligation avoids penalties, fines, and legal complications.
Financial Reflection of the Year: The tax return provides a complete summary of the financial situation of the previous year, including income, investments, deductions and credits. It is an essential component of personal and business financial management.
Opportunity to Claim Deductions and Credits: Tax season allows taxpayers to take advantage of various available tax deductions and credits, which can reduce their tax burden and, in some cases, result in a refund.
Updating Personal and Financial Information: Filing allows you to update personal and financial information with the IRS, which is important to maintain the accuracy of tax records.
Basis for Future Financial Decisions: The information collected and analyzed during tax season can be used to make informed financial decisions in the future, such as adjustments to tax planning, investments and savings.
And last but not least:
Impact on Public Services and Benefits: Taxes collected are essential to finance essential public services, such as education, infrastructure and security. An active participation in tax season ensures contribution to the common well-being.
Tax season 2024: Dates and Deadlines
| Month | Day | Note |
| Jan | 31 | – File Form 720 for the fourth quarter of 2023. – Furnish Forms 1098, 1099, & W-2G to recipients for certain payments during 2023. Employers: Furnish Form W-2 to employees who worked for you in 2023 & file Form W-3, Transmittal of Wage & Tax Statements, with Copy A of Forms W-2 you issued for 2023. – File Form 1099-NEC for nonemployee compensation paid in 2023, see instructions. – File Form 730 and pay the tax on wagers accepted during Dec 2023. – Deposit any FUTA tax owed through Dec 2023. – File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due. |
| Feb | 15 | – Send form 1099 B |
| Feb | 28 | – Deadlines Copy A 3921 if filling via mail. – Deadline 1099 B if filling via Mail |
| March | 31 | – Deadline 1099B if filling electronically |
| April | 1 | – Deadlines Copy A 3921 if filling electronically. |
| April | 18 | – Deadline for employee to file taxes. – Deadline to file Form 1120C |
SCHEDULE AN APPOINTMENT WITH A PROFESSIONAL ACCOUNTANT
Small Business Tax Prep Checklist
General documents
- Federal tax ID number
- Social Security number
- Previous year’s tax return—up to 3 years prior for both state and federal
Business income taxes documentation
- Accounting journals and ledgers
- Financial statements—specifically your balance sheet and income statement
- Transactional supporting documents
Business-related expenses documentation
- Receipts grouped into the following categories:
- Supplies: General office supplies
- Recurring operational costs: Rent, utilities, and subscription-based services
- Entertainment/travel: Any applicable business entertainment and travel expenses
- Marketing/advertising costs: Expenses used to promote your business
Professional fees: Attorneys, consultants, accountants, bookkeepers, and more - Insurance policy details: Gather both individual and group plan documents, company vehicle
policies, and any other insurance coverage documentation - Equipment and assets: Include depreciation schedules for each
Employment tax documentation
- Employee forms:
- W-9: Employee tax withholding certificate
- I-9: Verification of employee legal working status
- W-2: Wage and tax statements for each employee
- Subcontractors and professional services:
- 1099: Nonemployee tax form
- 1099-MISC: Summary of fees and payments for nonemployees
- Payroll reports
- Gross monthly payroll
- Total deductions withheld from employee gross wages
In-home office documentation
- Square footage of office space
- Mortgage interest or rent paid
- Utilities
- Insurance policy
Do you need more info? Talk directly to a professional and don’t worry, the consultation is FREE.
In short, tax season is more than just a bureaucratic process; It is an essential component of civic and financial responsibility that impacts both individual and collective well-being in society.
