Get Ready for 2024 Tax Filing: Key Deadlines & Essential Documents
The 2024 Tax Season is underway. Proper planning can help you avoid last-minute stress and ensure you maximize deductions and credits. Are you ready to complete your 2024 tax filing? Below, we outline the key deadlines and essential documents needed to file your 2024 taxes efficiently.
Important Tax Deadlines for 2024
Staying aware of the IRS deadlines is crucial to avoid penalties and interest. Here are the key dates to keep in mind:
April 15, 2025– Individual tax return deadline (Form 1040) and last day to contribute to IRAs and HSAs for 2023.
April 15, 2025 – Deadline for filing an extension (Form 4868) to extend your tax return due date to October 15, 2024 (the extension only applies for filing- taxes due still need to be paid on April 15 to avoid penalties).
June 17, 2025 – Estimated tax payment due for Q2 2024.
September 16, 2025 – Estimated tax payment due for Q3 2024.
October 15, 2025 – Extended deadline for filing 2023 individual tax returns.
Tax Strategy
Proactive tax planning will help ensure you maximize your deductions and will allow you to invest in the best way possible. Make sure you gather all of your compliance information for your current tax strategies- and if you do not have current tax strategies speak with your Visibility team today about your tax planning options so you don't miss out on tax savings for 2025!
Documents You’ll Need to File Your 2024 Taxes
Gathering the right documents ahead of time will make the filing process smoother. Below is a checklist to help you prepare:
Personal Information:
Social Security numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN) for you, your spouse, and dependents
Prior year tax return (optional but helpful for reference)
Income Documents:
For example:
W-2 forms (for employees)
1099-NEC (for independent contractors, freelancers, or gig workers)
1099-MISC (for rental income, royalties, or other miscellaneous income)
1099-G (for unemployment benefits received)
1099-R (for retirement plan distributions)
1099-INT, 1099-DIV, or 1099-B (for interest, dividends, or stock sales)
K-1s (for partnerships, S corporations, and trusts)
Deduction & Credit Documents:
For example:
Form 1098 (for mortgage interest paid)
Student loan interest statement (Form 1098-E)
Tuition payments and education expenses (Form 1098-T)
Charitable donation receipts
Medical expenses and health insurance statements (Form 1095-A, 1095-B, or 1095-C)
Childcare expenses (including provider’s tax ID or SSN)
Business expenses (receipts, mileage logs, home office deductions)
Other relevant tax strategy documentation
Other Relevant Documents:
IRA and HSA contribution records
Records of estimated tax payments made
State and local tax payments
Capital gains/loss statements
Tips for a Smooth Filing Process
Organize early – Gather documents as they arrive and be prepared with your relevant documents.
Consult with your Visibility Team – Complex returns may require expert advice to maximize deductions and minimize liabilities.
Plan for next year – If you owe more than you withheld or made estimated payments on this year make note for next year so that you can be prepared. Visibility’s Tax Lens provided through a monthly closing of your books will also prevent surprises by giving you an estimated tax liability and tracking your deductions.
How can we help?
By staying informed and organized, you can make the 2024 tax season stress-free, and Visibility CFO & Tax Advisors is here to help. Contact us today to ensure your taxes are filed accurately and on time!
