TAX BULLETIN – Tax Tips, News, & Updates: Issue No. 2 | Vol No. 1
Happy 2025! We wish for your health and happiness during the year! We look forward to assisting you with your 2024 tax filing.
The IRS announced Jan. 27, 2025 as the start to 2025 (2024 tax year) tax filing season. The agency continues historic improvements to expand, enhance tools and filing options to help taxpayers.
Effects of Penalties & Interests (P & I)
Please note that if you owe taxes penalties and accumulated interests are added to your account at the beginning of the tax year to which they apply. They continue to accrue monthly until the amount is paid. Also note the penalties accrue interest, because they become a part of the principal amounts owed.
Penalties and interest for late filing and payment of your 2024 taxes will begin to accrue after April 15th. If you did not file for past years, those penalties and interests are added at the beginning of those tax years.
IRS announced Jan. 27, 2025 as the start to 2025 (2024 tax year) tax filing season.
Preparing for 2025 Tax Filing
Remember the filing deadline for the 2024 tax year is April 17, 2025 for individuals. For those who need to file for an S-Corp, C-Corp, Partnership, etc. those returns are due by March 15th as the Schedule Ks from those businesses must be submitted to the shareholders and or partners by the end of March. This is required so they can file their personal taxes. If you must file later, please let us know asap and we will file an extension for you prior to that date.
What Documents Do I Need To File
Remember to check your mail, email, or online accounts often for those pesky tax documents. When in doubt, retain all documents even if they do not say “for tax purposes” on the envelope and include them with your packet. Basically, individuals will need your W2s, and all 1098s, and 1099s. If you do not receive your W2s and or 1099s by February 15th, contact your employer(s) or anyone you worked for during 2024. Businesses will need additional information.
You can submit your data using our secure web portal https://sscpaconsultingllc.com/ or by e-mail or mail. Please let us know if you have any additional questions while you are proceeding with the on-boarding process and document upload (for new clients) https://sscpaconsultingllc.com/onboarding/ or the simple document upload using the current client portal, https://sscpaconsultingllc.com/current-clients/
To assist you with your uploading, you can also find the required list of documents under the tax services portal below.
New This Year From SSCPA
Pay-By-Refund Option: The IRS typically processes e-filed tax returns in less than 21 days unless it needs further review. If you are due a refund you have the option to elect our new Pay-by-Refund. You will not need to make any payment for your returns. However, there is a $50 flat fee plus additional fees the bank charges. If total fees are more than 10% of your refunds, we will notify you of that prior to processing this request.
Finally, remember to refer our concierge business to your family, friends, and associates. If we retain a new client you recommend, your electronic filing fees will be waived for the next return you file with us.
WE HOPE YOU ENJOYED & LEARNED FROM THIS MONTH’S BULLETIN!
Contact us for more information which is specific to your situation as there are always exceptions to the IRS rules and specific to the states’ rules!
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