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Here's Your Tax Preparation Checklist for 2024

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Here's Your Tax Preparation Checklist for 2024

As the 2023 tax season approaches, now is the time to start organizing your tax forms and bank statements. You also need to be aware of the deadlines for filing and paying your taxes.
Below is a detailed checklist list of the forms you'll need based on your income status, whether you are a full-time employee or are a self-employed individual, a freelancer or another type of 1099 employee. It also lists important dates for 2023 tax filing and quarterly payment dates for estimated taxes in 2024.
Key Highlights:
  • Self-employed individuals need to use Schedule C to calculate their profit and loss.
  • W-2 employees should keep all their W-2 forms handy when preparing their taxes to be filed.
  • April 18, 2024, is the filing deadline for the 2023 tax year.
Depending on your employment status, you may be able to disregard one form or another on the checklist, if it doesn't apply to you. It might help to keep a printout of this page with you at your work desk or as a PDF on your phone while you're preparing your tax return.

Table of contents

Information that the IRS needs for taxes...Read more

How can I declare my income?...Read more

Qualifying write-offs and deductions...Read more

Tax credit deductions...Read more

Tax preparation checklist 2024: important dates...Read more

Information that the IRS needs for taxes

When you use IRS e-file to pay and file your taxes, you need to provide your personal information to the IRS, including your Social Security number (SSN), your name and the SSNs of any dependents you have. Dependents can be your spouse, children, adopted children or parents.
Alt text: Flyfin IRS e-File has drawbacks and is recommended only for gross income under $73K. It's available only in April and not user-friendly. #taxes #IRS #eFile
Before you use e-File to file your taxes, the IRS recommends that you properly prepare your tax return using an external website and tools.

How can I declare my income?

To file your taxes, you'll need to give the IRS information about your income, as well. You can do this by using the various IRS forms. Here's a list of all the possible sources of income you could have.
  • Income from self-employment, freelancing, independent contract work or non-employee compensation. Self-employment income is usually reported on a 1099 form that gets sent to the IRS. The 1099-NEC, 1099-INT and 1099-K are versions of this form that are used to share information directly with the IRS by a company or individual that is paying someone for contract work, or paying someone interest or dividends. If you are self-employed and earning income as a streamer for Twitch or OnlyFans, for example, those companies will use the 1099-NEC to report the amounts they pay you to the IRS.
  • Pension income and retirement benefits for seniors. This is reported using the 1099-R form.
  • Income benefits from Social Security, reported using Form SSA-1099.
  • Full-time employee income: reported on the W-2 form for you or you and your spouse, if filing jointly.
  • Capital gains income from the sale of a property. The 1099-C form is used to report this income and includes information like the original price for acquiring a property, an escrow closing statement, cost of repairs and improvements during possession and canceled debt information. It also includes income from selling stock and cryptocurrency assets.
  • Income from winnings from gambling – reported under Part I, 8b on Schedule 1 of Form 1040.
  • Income from court jury duty is reported under Part I, 8g on Schedule 1 of Form 1040.
  • Scholarships also need to be reported under Part I, 8r on Schedule 1 of Form 1040.
  • Tax refunds are also considered income and must be reported in your tax filing. They are reported using your normal 1040 form.
  • Profits and losses from business activities are reported on Schedule C of Form 1040.
  • Income tax and self-employment tax can be calculated using Schedule SE of Form 1040.
See a detailed list of IRS forms here. You can also download FlyFin, which uses a powerful A.I. to find all your possible deductions. And FlyFin has a dedicated team of expert CPAs that answer all of your tax questions via a dedicated messaging channel. Or, use FlyFin's 1099 tax calculator.
Alt text: Image displaying FLYFIN, Schedule C of IRS Form 1040. Helps self-employed, freelancers, and single-member LLCs report income, declare profit and loss, and find taxable income for taxes.

Qualifying write-offs and deductions

Tax write-offs and qualifying self-employment deductions help you reduce the amount of tax you pay by lowering your taxable income. Check to see if you can take advantage of any of the following deductions.
  • Student loan interest
  • Part of home mortgage interest – if working from a home office
  • Health insurance premiums for self-employed individuals
  • Retirement pension plan contributions like IRA
  • HSA (Health Savings Account) contributions
  • Business deductions – deducting the cost of items that are ordinary and necessary for your line of work. For a delivery driver, for example, business deductions include fuel costs, mileage and vehicle-related expenses
  • Charitable donations to IRS-affiliated charity organizations

Tax credit deductions

Unlike write-offs and deductions, which lower your taxable income, tax credits directly reduce the amount of tax you owe. Some of the following tax credits are also refundable. If your tax credit amount is more than your taxes owed, you'll get the difference back in your bank account. See if you qualify for the following tax credits:

Tax preparation checklist 2024: important dates

Tax filing deadline for the 2023 financial year:
  • April 18, 2024
The tax filing extension deadline (you still have to pay the tax you owe in April):
  • October 16, 2024
Quarterly tax payment dates for self-employed:
  • April 15, 2024 - Q1
  • June 17, 2024 - Q2
  • September 16, 2024 - Q3
  • January 15, 2025 - Q4

Adjusted Gross Income

A lot of terms get thrown around when it comes to the tax season and your adjusted gross income (AGI) is one of them.

Modified Adjusted Gross Income

Modified Adjusted Gross Income (MAGI) can be found by adding back certain deductions to AGI. Use MAGI to check your eligibility for tax credits.

About Self Employment

Self-employment Simplified – For Freelancers, Independent Contractors & Gig Workers

Freelance Vs Self Employed

Self-employed Vs. Freelancers – What’s Common & What’s Not

About Gig Economy

How the Gig Economy Works for Freelancers | FlyFin

Mortgage for Self Employed

Getting a Mortgage as a Self-Employed Individual | FlyFin

How to calculate your self employed salary

Calculating Your Self-employment Income | FlyFin

What is self employment tax

Self-Employment Taxes | Pay SECA Tax As A 1099 Worker | FlyFin

SECA Tax

How to Pay SECA Taxes the Smart Way

Tax Deductions for self employed

Self-Employed Tax Deductions

Avoid Tax Penalties

How to Avoid Tax Penalties When You’re Self-Employed

Retirement plans for self employed

Retirement Plans for Anyone Self-Employed

Health Insurances for Self Employed

How Self-employed people Choose Health Insurance | FlyFin

1099 Employee Rights

Know Your Rights as a 1099 Employee

1099 and W2 in same year

Is It Best To File 1099s and W-2s Seperately or Together? | FlyFin

Open Business Banking accounts

Opening a Business Account for Professional Use | FlyFin A.I.

Benefits of 1099

A Guide to Understanding 1099 Jobs | FlyFin A.I.

When are 1099s Due?

When is Form 1099 Due? | FlyFin A.I.

What are Freelance Taxes?

The Definition of Freelancer Taxes - Important Date and Forms | FlyFin A.I.

What do Independent Contractors do

Employee Vs. Contractor – A Watch At Their Taxes

Independent contractor taxes in california

Independent Contractor Taxes in California

Top Independent contractor jobs

Top Independent Contractor Jobs

Tax Preparation Checklist

We've compiled a list of things you need to know when you file taxes for your 2023 tax year or need information on the 2024 quarterly tax payments.

Adjusted Gross Income

A lot of terms get thrown around when it comes to the tax season and your adjusted gross income (AGI) is one of them.

Modified Adjusted Gross Income

Modified Adjusted Gross Income (MAGI) can be found by adding back certain deductions to AGI. Use MAGI to check your eligibility for tax credits.

About Self Employment

Self-employment Simplified – For Freelancers, Independent Contractors & Gig Workers

Freelance Vs Self Employed

Self-employed Vs. Freelancers – What’s Common & What’s Not

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.
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