As we approach the end of tax year 2023, it’s crucial to start thinking about the upcoming 2024 IRS filing season. To assist you, we’ve assembled some essential tax tips for filing with the IRS in 2024.
Helpful Tax Tips
At the close of each calendar year, filers should make sure that they meet all of the IRS tax filing requirements. This includes filing necessary forms to the IRS and applicable states, distributing copies to recipients, making corrections if necessary, and adhering to deadlines.
We have compiled a list of helpful tax tips below to help you fulfill your IRS obligations this tax season.
Remember Key 2024 Deadlines
A vital tax tip is to keep the Form 1099, Form W-2, and ACA deadlines in mind when preparing your filings.
Starting on your filings as early as possible is always a good practice and recommended by the IRS. Starting early gives you enough time to gather the required information, fill out the forms, and check the info for possible typos and other errors.
Here are the IRS filing deadlines for tax year 2023 for the 2024 filing season:
| 2024 Deadlines (TY2023) | IRS E-file Deadline | Recipient Copy / Furnishing Deadline |
|---|---|---|
| Form W-2 | January 31, 2024 | January 31, 2024 |
| Form 1099-NEC | January 31, 2024 | January 31, 2024 |
| Form 1099-MISC | April 1, 2024 | January 31, 2024 |
| Form 1099-DIV | April 1, 2024 | January 31, 2024 |
| Form 1099-INT | April 1, 2024 | January 31, 2024 |
| ACA (1095-B & 1095-C) | April 1, 2024 | March 1, 2024 |
Please note: These are the Federal filing requirements with the IRS. State-specific deadlines may vary, so it’s always best to check with your state to verify the deadlines.
Many states participate in the Combined Federal/State Filing program for the submission of Forms 1099-B, DIV, G, INT, K, MISC, NEC, OID, PATR, and R. Check if your state participates using our CF/SF list.
Organize and Prepare in Advance
Allocating a few days to gather and review necessary information before filing can be immensely helpful.
Knowing your requirements beforehand, consider using an IRS Authorized Transmitter for easy e-filing. This method is recommended by the IRS for its convenience and efficiency.
Address Name Changes Promptly
In cases of name changes due to marriage, divorce, or other reasons among your employees or recipients, ensure they inform the Social Security Administration (SSA). This is to align their new name with their SSN on tax returns.
Renew ITINs When Necessary
Advise employees or recipients with an Individual Taxpayer Identification Number (ITIN) to check for expiration and renew if necessary. ITINs are generally for those without an SSN.
Confirm TIN Details
TIN verification is essential for ensuring the accuracy of name and TIN combinations as per IRS records before filing. TIN Verification helps you verify that all recipient data is correct and up to date according to IRS databases.
During TIN verification, the IRS processes each combination and returns a code value for each entry. Learn more about TIN Verification codes here.
Since name and SSN mismatch errors are among the most common errors to receive when filing, we would say this is one of the tax tips you shouldn’t ignore. Get ahead of these types of errors by using a product like TINCorrect to verify your information before filing.
Additional Resources
With these tax tips, managing your taxes should be straightforward. Explore our extensive resources for the latest tax updates, including Essential Guides and detailed instructions for your filing needs.
As you prepare for the 2024 IRS filing season, make sure to confirm and adhere to all relevant deadlines for tax year 2023. Early preparation is crucial for a smooth filing process. Act now to ensure you’re on track for a successful and stress-free tax season.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.
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