Tax Season Tips & Updates
As we delve further into the 2024 tax season, we recognize the significance of providing you with timely and pertinent updates to facilitate a smooth journey through tax filings. We apologize for the delay in sending out this February newsletter, but rest assured, we remain dedicated to furnishing you with valuable insights and updates to optimize your tax benefits.
Deadlines, Reminders, and More
If you haven’t already filed Forms 1065, 1120, or 1120S, please note that the deadline was March 15, 2024. However, if you missed this deadline, there’s no need to panic. You can still e-file a business extension using Form 7004. Filing Form 1065 beyond the IRS deadline of March 15, 2024, may result in substantial penalties of $220 per partner for each month the filing is late.
With only 30 days left in the 2023 tax filing season, it’s imperative to act swiftly to ensure your tax preparation is completed accurately and on time. Depending on your tax situation, it may take a few weeks to gather all necessary documentation and prepare your returns. Extensions are permissible, but it’s vital that your tax preparation is nearly finished to ensure an accurate assessment of your tax situation. If you anticipate owing taxes this season, you’ll need extra time to ensure that your mailed documents are postmarked in a timely manner.
2024 Tax Law Updates
If you qualify for the Child Tax Credit (CTC), it’s crucial not to delay your tax filing. The recent passage of the new law by the House means that the Senate’s approval is the next critical step. Once the legislation is fully approved and finalized, you can expect an increase in the refundable amount.
It’s imperative to prioritize filing your Beneficial Ownership Information reports. If your company was established in 2024, you’re required to complete this task within 90 days from the date you received notification confirming your company’s official status. Stay proactive and ensure compliance with this important requirement to avoid any potential penalties or issues down the line.
Sapphire Taxpayer Exclusive Offers
To inject a bundle of excitement and savings into kicking off your tax season this month, all returning tax clients will receive $50 off Sapphire’s tax preparation fees. Additionally, both brand new and existing clients filing taxes with Sapphire in 2024 have the opportunity to earn a 10% referral bonus for each client referred our way, up to 100%, which will be applied to tax preparation fees in 2025.
If you wish to make an appointment to get more details about filing and onboarding with Sapphire, set your appointment today here. If you are ready to begin uploading your tax documents and gain access to the client portal immediately, start here. If you prefer to file taxes yourself versus with a a tax professional, take advantage of our $25 flat filing fee option where you get the same full service at your own convenience.
Stay Connected with Sapphire Taxes & Signing Services
As always, our team is here to assist you in making the most of your financial situation. Feel free to reach out to us with any questions or to schedule a consultation with Shemea Broom or one of our experienced tax professionals.
Don’t forget to follow us on social media for the latest updates, tax tips, and exclusive offers. You can find us on Facebook, Instagram, and Linkedin.
Thank you for choosing Sapphire Taxes & Signing Services as your trusted tax and notary partner. We look forward to helping you achieve your financial goals as we approach the end of the year.
Warm regards,
Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com
P.S. Stay tuned for our April issue, where we’ll delve into “Last-Minute Tax Filing Tips”