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8 January:  IRS announces opening of the 2024 tax season

The Internal Revenue Service announced that Monday, January 29, 2024, is the official start date of the 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

The due date to file your return or file an extension to file without being assessed a penalty is Monday, April 15, 2024

Final Estimated Payments for calendar 2023

The last estimated payment for individual 2023 taxes is due Tuesday, January 16, 2024.

Summer Day Camp

Money you pay for day camp or other child care expenses during the summer may be eligible for the child and dependent care tax credit.  Contact us to find out if you can claim a child care tax credit.

Arkansas storm victims qualify for tax relief; April 18 deadline, other dates extended to July 31

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes and severe storms that occurred on March 31.

The tax relief postpones various tax filing and payment deadlines that occurred starting on March 31, 2023. As a result, affected individuals and businesses will have until July 31, 2023, to file returns and pay any taxes that were originally due during this period.

This includes 2022 individual income tax returns and various business returns due on April 18. Among other things, this means that eligible taxpayers will have until July 31 to make 2022 contributions to their IRAs and health savings accounts.

 

 

Check your federal withholding to decide if you need to give your employer or pension administrator a new W-4 (P).

If you owed more money when you filed your tax return than you wanted or incurred a penalty, now is a great time to adjust your withholding with your employer by completing a new Form W-4 or with your pension administrator by completing a new Form W-4P.  You can us the IRS Tax Withholding Calculator located under the Resources link.

 

Funeral Expenses Assistance for family members who passed away due to complications from COVID-19

If you have a family member that has passed away from complications of COVID-19, you can apply for assistance from Federal Emergency Management Agency (FEMA).  You can call and apply for assistance online.

 

More information is in my blog.

 

Are you part of the Gig Economy?

Taxpayers may earn summer income by providing on-demand work, services or goods, often through a digital platform like an app or website. Examples include ride sharing, delivery services and other activities. This is taxable income and will need to be reported on your tax return even if you don’t receive a 1099 from the company.  You should be able to download an annual statement from your app or the company website to assist you with filing your taxes.

 

 

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Please feel free to browse our website to see the services we offer as well as the many helpful resources we provide.

Reeves CPA exists to provide clients and potential clients with information about us and our unique, low-pressure approach to personal and professional services. We are extremely proud of the high-quality services we provide. We are a small business and understand the uniqueness of the small business. We care about you and your family.

In addition to understanding small businesses, we understand the military families as military service is part of the CEO’s family.  Reeves CPA is also passionate about ranches and farmers who are the very backbone of our food supply.  Reeves CPA also educates the elderly on Social Security regarding marketing scams so that they do not become victims to (e-mail) phising scams or targeted by unscrupulous sales tactics as family members have been in the past.

When you are ready to learn more about what we can do for you, we encourage you to contact us.

MaryValerie Reeves
Principal