Welcome! I'm Charese, the owner of Financial Fancy. I’ve put this guide together for individuals and business owners alike to help you be aware of important due dates, learn about some big tax updates, and understand which documents your tax accountant could be asking for soon. Please note, the information provided in this guide is not intended to be financial advice. Consult with your tax accountant to advise you on your specific tax situation.
Index
- Important Dates
- Standard Deduction
- 2023 Tax Brackets
- Individual Tax Organizer
- Ways to Work Together
Important Dates
Form 1040: Individuals
On 04/15/2024, file your Form 1040 or 1040SR and pay any taxes due. File Form 4868 for an automatic 6-month extension. If you timely requested a 6-month extension, file your Form 1040 by 10/15/2024.
Form 1065: Partnerships
On 03/15/2024, file your Form 1065 and furnish a copy of Sch. K-1 or K-3 to each partner. File Form 7004 for an automatic 6-month extension. If you timely requested a 6-month extension, file your Form 1065 by 09/16/2024.
Form 1120: Corporations
On 04/15/2024, file your Form 1120 and pay any taxes due. File Form 7004 for an automatic 6-month extension. If you timely requested a 6-month extension, file your Form 1120 by 10/15/2024.
Form 1120S: S Corporation
On 03/15/2024, file your Form 1120S, furnish a copy of Sch. K-1 or K-3 to each shareholder, and pay any taxes due. File Form 7004 for an automatic 6-month extension. File Form 2553 to elect S Corp status beginning in calendar year 2024. If you timely requested a 6-month extension, file your Form 1120S by 09/16/2024.
Misc Due Dates
Estimated Taxes
For Q4 2023, the due date is 01/16/2024. For Q1, Q2, and Q3 2024, the due dates are 04/15/2024, 06/17/2024, and 09/16/2024 respectively. For Q4 2024, the due date is 01/15/2025.
Form 941 - Payroll*
For Q1, Q2, Q3, and Q4 2024, the due dates are 04/30/2024, 07/31/2024, 10/31/2024, and 01/31/2025 respectively. Note: these deadlines are different if you timely deposited all required payments.
Standard Deduction
Your standard deduction amount may vary if you are blind, over age 65, or can be claimed as a dependent by another taxpayer.
2023 Tax Brackets
Information about the 2023 tax brackets will be provided here when available.
Individual Tax Organizer
Ensure you have your personal information, income documentation, and expense documentation ready. Personal information includes your SSN or ITIN, date of birth, spouse & dependent information, identity protection PIN(s), and address. Income documentation involves any Form W-2s, any Form 1099s, any Schedule K-1s, profit & loss statement (if applicable), capital gains/losses, and any additional taxable income documentation.
Expense documentation includes profit & loss statement (from business if applicable), qualifying medical expenses, qualifying child care costs, Form 1098: mortgage interest statement, Form 1098-T: tuition statement, qualifying education expenses, state, local, and property taxes paid, student loan interest paid, charitable contributions, Form 1095-A, Form 1095-B, Form 1095-C or other proof of health insurance.
Retirement account contributions, any IRS letters or notices received, self-employed health insurance premiums paid, changes in dependents/marital status, business use of home documentation, qualifying mileage documentation, date of move(s) to a different state(s), household employee(s) information, farm income & expenses, any estimated tax payments paid, bank account and routing number (for direct depositing refund or electronically paying your taxes due) are also part of the miscellaneous documentation you need.
Services
At Financial Fancy, we offer CFO Strategist services to help you navigate challenges, make informed decisions, and position your business for sustained success. We also have a TTC Academy Membership that provides support, expertise, and motivation to help you navigate the challenges of starting and growing a business.
Ready to save time and money in 2024? Visit our website at www.financialfancycfo.com to get started! Let’s work together. I help small business owners start and scale so that YOU have more time to spend doing what you love!
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