Preparing for tax day

Use these tips to help you prepare for your appointment

What should you do to prepare for your appointment?

Current Tax rates

Current rates information provided by IRS

Tax documents to upload to the client portal:

Any and all W2s, 1098s, 1099, 8606 and 1095s and other statements of income
Payment receipts for any estimated tax payments made for FY2023
1099-G if you received unemployment benefits in 2023
Business expense records if self employed
Rental property information – rents, expenses, statements, purchase/sales closing documents
Charitable donation statements (tallies of long lists always appreciated!)
Health coverage payments and/or 1095 for self employed
Medical expenses
Retirement contribution information
Investment account statements if a distribution was received. If no distribution received, only for Traditional or Roth IRAs
Images of front and back of current driver’s license or state ID (passports unfortunately not accepted)
Prior year return (new clients only)
Updated address information if you have moved in the last year
Updated dependent information if anything has changed since last year
Home office deductions for Schedule C filers
Contributions to College Savings Plans, HSAs, etc.
Screenshots of payment confirmations or IRS letters received
Word document with any outstanding questions and notes, bank information, and tax agency login information
Double check your documents against what you sent over last year to make sure everything is included!

FY2023 Tax Step-by-Step

Receive and sign your engagement letter via Hellosign.
Create log-in for IRS and state agencies (MyTaxIL for Illinois residents).
Upload documents and update profile information in the client portal (go to ledgergeneral.com and select “Share Documents”) including any change of address or change in dependent information. If you are married filing jointly and you would like to switch the person assigned to “taxpayer” and “spouse”, this is a great time to do so!
Email Christa at christa@ledgergeneral.com to let her know when everything has been included and she will advance your return to the input/review stage. If you have special circumstances that require an early deadline (ex. Home refinance), please point this out so we can plan accordingly.
Sit tight and wait for any questions from Marty.
Receive draft and approve.
Receive documents for signature via Hellosign as well as electronic invoice.
Once your invoice is paid and signature documents are complete, Marty will file your return and client copies will be stored in your client portal for safe keeping.
Enjoy your spring!

Note! Documents sent via email or through any file sharing service (i.e. Dropbox, Google Drive) will be accepted but may result in delays. If you need to physically drop off documents at our office, please contact Christa to arrange. If you are new to Ledger General or otherwise have not received client portal log-in information, reach out to Christa for more information.

The kids are growing up!

Are you the parent of a new wage earner and are questioning if they need to file their own first return? Make sure to let us know if you’re in this position and Marty will look at their earnings to let you know if a separate return is needed. Please make sure to let us know well in advance so that we can get them on our roster of returns.

LLC/SCorp clients:

Revenue and expense statements – P&L, Balance Sheet, access to online books if we don’t already have them
Bank Statements
.csv download of your 2023 transactions from your bank accounts
Estimated tax payment receipts
Updates to ownership, if any
Home office deduction requirements. How to calculate: need to know the square footage of the office/square footage of the entire residence, and expenses tallied for utilities (internet, phone, rent/mortgage) as a percentage will be claimed
We may also want to login to state agencies for business, especially in CA, so we’ll work with you to get set up with those agencies so we can get access and confirm proper filings.

Download our income-expense tracking template!

Timeline

We’ll be preparing personal returns from the first week of February up until the tax deadline of April 15 with the exception of March 7-15 while we are meeting deadlines for our S-Corp clients. If documents are received after March 22, we cannot guarantee a filing by April 15 so we will automatically file an extension for you. Please note that an extension of time to file does not include an extension of time to pay. Anyone with an extension that has owed in the past or thinks they will owe this year should plan to make a payment to the IRS and their respective home states by 4/15 to avoid interest and penalties. As always – make sure to scan and upload an letter from the IRS, including payment confirmation for online tax payments, to your client portal!

Links to create tax agency logins:

IRS: https://www.irs.gov/payments

Illinois: https://mytax.illinois.gov/_/

Request a Letter ID: https://mytax.illinois.gov/_/#0

FAQ

–Can my spouse and I both have logins to our client portal? Currently, our software can only attach one client login to a portal file, so login information needs to be shared between couples.

–Can I still get a tax planning/review meeting with Marty? Absolutely! A tax consultation meeting can be scheduled with Marty for a separate fee of $175. This does not include tax preparation/filing fees.

–I’d like to refer a friend who needs a new accountant. Is this possible? We’re happy to discuss taxes with new clients; however, if the referral is made after February 29, the return may need to be completed during the extension window.

-Should I include receipts for everyday medical items? Use our spreadsheet above to detail payments. Individual receipts are not needed.

(Use our handy IRS document search tool for your documents)

How can I check on my tax refunds? Tax Related Web-sites/phone numbers: IRS www.irs.gov IRS Get Refund Status IRS Inquiry Phone: (800) 829-1040

2023 Tax Brackets

Income Tax Brackets and Rates

The 2023 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2023 are… 10% – 12% – 22% – 24% – 32% – 35% – 37% The marginal income tax rate of 37% will apply to taxpayers with taxable income above $539,900 (single filers), and $693,750 is the target for married couples filing jointly…(SEE Table 1)

All income ranges for each rate have been adjusted for inflation.

Table 1. Tax Brackets and Rates, 2023 (Source: IRS)

Rate

Single Individuals – Taxable Income Over

Married Individuals Filing Joint Returns – Taxable Income Over

Heads of Households – Taxable Income Over

10%

Up to $11,000

Up to $22,000

Up to $15,700

12%

$11,000 to $44,725

$22,000 to $89,450

$15,700 to $59,850

22%

$44,725 to $95,375

$89,450 to $190,750

$59,850 to $95,350

24%

$95,375 to $182,100

$190,750 to $364,200

$95,350 to $182,100

32%

$182,100 to $231,250

$364,200 to $462,500

$182,100 to $231,250

35%

$231,250 to $578,125

$462,500 to $693,750

$231,250 to $578,100

37%

At or above $578,125

At or above $693,750

At or above $578,100

Standard Deduction and Personal Exemption

2023 has standard deductions for single filers increasing by $900; $1800 for married couples filing jointly. Personal exemptions for 2023 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017)

Table 2. 2023 Standard Deduction and Personal Exemption (Source: IRS)


Filing Status	Deduction Amount
Single	$13,850
Married Filing Jointly	$27,700
Head of Household	$20,800

2024 Tax Brackets

Income Tax Brackets and Rates

The 2024 Income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The seven federal income tax rates for 2024 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37% (no changes from 2023). The marginal income tax rate of 37% will only apply to taxpayers with taxable income above $609,350 (single filers), and $731,200 is the target for married couples filing jointly. (SEE Table 1)

Table 1. Tax Brackets and Rates, 2024 (Source: IRS)

Rate

Single Individuals – Taxable Income Over

Married Individuals Filing Joint Returns – Taxable Income Over

Heads of Households – Taxable Income Over

10%

Up to $11,600

Up to $23,200

Up to $16,550

12%

$11,600 to $47,150

$23,200 to $94,300

$16,550 to $63,100

22%

$47,150 to $100,525

$94,300 to $201,050

$63,100 to $100,500

24%

$100,525 to $191,950

$201,050 to $383,900

$100,500 to $191,950

32%

$191,950 to $243,725

$383,900 to $487,450

$191,950 to $243,700

35%

$243,725 to $609,350

$487,450 to $731,200

$243,700 to $609,350

37%

At or above $609,350

At or above $731,200

At or above $609,350

Standard Deduction and Personal Exemption

2024 has standard deductions for single filers has increased by $750; $1500 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. The personal exemption for 2024 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017.)

Table 2. 2024 Standard Deduction and Personal Exemption (Source: IRS)


Filing Status	Deduction Amount
Single	$14,600
Married Filing Jointly	$29,200
Head of Household	$21,900

Tax Tools & Financial Calculators

All tools provided by CalcXML and the IRS

Track FEDERAL Refunds

Search IRS Publications

Coronavirus information

Amended FEDERAL Refunds

Find IRS Tax Forms Using IRS.Gov

Choose your State to check on your Refund

Important Tax Dates for 2024

IRS official tax dates you need to stay on top of your taxes.

FILING DATES

2024 E-filing Dates

Jan 23 – IRS begins accepting and processing e-filed returns and extensions
April 15 – Tax Day – Last day to e-file returns and extensions
October 15 – Last day to e-file returns with a 6-month extension

2024 Estimated Tax Payment Dates

January 15 – Make last 2023 estimated tax payment
April 15 – First 2024 estimated tax payment due
June 17 – Second 2024 estimated tax payment due
September 16 – Third 2024 estimated tax payment due

Tax Document Dates

January 31, 2024 – Deadline for employers to file Form W-2s with the IRS, unless filed electronically for 2023 forms
January 31, 2024 – Deadline for reporting payments to contract workers on Form 1099-MISC for 2023

2024 Federal Legal Holidays

Monday, January 1 – New Year’s Day
Monday, January 15 – Martin Luther King Jr.’s Birthday
Monday, February 19 – President’s Day
Monday, May 27 – Memorial Day
Wednesday, June 19 – Juneteenth National Independence Day
Thursday, July 4 – Independence Day
Monday, September 2 – Labor Day
Monday, October 14 – Indigenous Peoples’ Day
Monday, November 11 – Veterans’ Day
Thursday, November 28 – Thanksgiving Day
Wednesday, December 25 – Christmas Day

Preparing for tax day

Current Tax rates

2023 Tax Brackets

Income Tax Brackets and Rates

Standard Deduction and Personal Exemption

2024 Tax Brackets

Income Tax Brackets and Rates

Standard Deduction and Personal Exemption

Tax Tools & Financial Calculators

Choose your State to check on your Refund

Choose your State to find a Form or Publication

Important Tax Dates for 2024

FILING DATES

2024 E-filing Dates

2024 Estimated Tax Payment Dates

Tax Document Dates

2024 Federal Legal Holidays

Tax Calculators – Provided by CalcXML

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