The LowDowns on Taxes Volume 41 (Including 2024 Tax Organizer)

Volume 41 2018 - 2025

THE LOWDOWNS ON TAXES

Welcome to our newsletter, The LowDowns on Taxes. This issue includes the Tax Organizer that will guide you through accumulating your 2024 tax information for us to prepare your individual tax returns.

Our 2024 Tax Organizer Will Help You Begin Your Tax Season

Click here to download a copy of the 2024 Tax Organizer

Here are some helpful hints to efficiently complete the 2024 Tax Organizer:

If we prepared your 2023 individual income tax returns, there is no need to complete page 2 other than your name and any info that has changed, such as new address, addition or removal of a dependent, IRS PIN or renewed Driver's License Issued and Expiration dates.

Even if your bank information has not changed, complete the top of page 3 if you want tax refunds automatically deposited into your checking or savings account. This is something we need to confirm every year which is understandable.

Good news for you sole proprietors...if you provide us with your complete QuickBooks or Excel files you can bypass the Business Income and Expenses on pages 6 and 7. We will take it from there.

There is no need to enter an amount in the organizer if you are giving us a document with the same amount. For example, if you are giving us a list of expenses related to your rental property, you don't need to enter those amounts in the Tax Organizer. Our motto with regard to your tax information is "once is enough".

In the past, some of you have preferred our expanded 20-30-page organizer that includes last year's amounts and preprinted descriptions such as the payers of interest and dividends. Kindly reply with "Expanded Organizer" and we will securely send it to you.

Tax-Saving Tips on Bruce Downs, CPA Facebook Page

Bruce Downs, CPA has established a Facebook page as a way to efficiently and rapidly communicate with our clients, prospects and friends. We encourage you to visit our page Bruce Downs CPA Facebook and Follow us so you will be sure to receive our messages on your news feed... and you can visit it every few days for posts, such as:

OBTAINING YOUR ID PROTECTION PIN

If you used an IRS ID Protection PIN last year, the 5-digit number will change for your 2024 tax return. As a result click here to sign in to your IRS.gov account and retrieve your new PIN. Then securely send it to us through our free secure portal Link. Or you can drop it by the office. We encourage you not to send it through unsecured email.

If you don't have an ID Protection PIN and you want to prevent thieves from filing your return with your stolen social security number, you can obtain one. For those who don't already have an IRS.gov account (which we encourage everyone to have) it will first take you through a registration process.

START SENDING YOUR TAX INFORMATION NOW

Whenever you receive 2024 tax documents, go ahead and upload to us securely with our free Link portal. We can then get a head start on your 2024 tax return.

Link will keep track for you the documents sent to us. No need to wait and send all at once. Just let us know when you have sent us the last document you expect to receive

To receive an invitation to Link send an email to us.

UNUSUAL LARGE GAIN FROM YOUR PARTNERSHIP OR S CORP? LET US KNOW

We have had a few clients this year whose partnerships or S Corporations have sold some real estate or other assets for a significant taxable gain. It is important to let us know so that an election can be considered for the State of Alabama (or another state, if applicable) to have the partnership or S Corp pay the state income tax on the gain.

The benefit is the Alabama tax paid by the partnership or S Corporation can end up reducing your income on your Federal individual return...possibly saving thousands of dollars of taxes.