2024 TAX FILING SEASON: 5 Weeks Until Tax Filing Deadline
With a Three-Year RecordSurge Continuing for New Small Business Filings, Entrepreneurs Stand to Benefit from Updated Tax Policies, including Expanded Tax Brackets
🚨 Out of the Box Tax Strategies: By Hiring Your Kid, Save Money on Your Taxes
DALLAS, TX – With five weeks until this year’s tax filing deadline, the National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses, today released a 5-point filing checklist to help the American public and small business community to prepare, organize and file the most optimized, efficient filing by April 15th deadline. As part of this reminder, NASE highlights new and updated tax policies to the tax code and strategies to filing beneficial returns while encouraging filers to “get organized, review updates to the tax code, and file as soon as possible.”
“With just five weeks until the tax filing deadline, all Americans – including those in the small business community – must take the time to organize now in order to meet the deadline and file the most optimized return that takes advantage of all of the benefits written into this year’s tax code,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses. “While self-employed entrepreneurs file at the individual rate like most Americans, there are unique characteristics of our community that allows us to take advantage of key, beneficial tax policies each year. From business use of your vehicle to retirement contributions and even the home office standard deduction – these all help our community be competitive, save for the future, and grow our businesses.”
Click here to review key updates, changes and reminders for this year’s tax season.
“You may not be aware of it, but the IRS has expanded the income earning tax brackets for this year’s tax season, which will benefit small business owners by helping them to save, expand and grow their businesses. This savings will free up capital to help pay for an additional piece of office equipment, a new employee salary or simply provide additional savings for other business-related expenses. An overwhelming majority of small businesses and self-employed entrepreneurs can expect to benefit from key changes and updates to the tax code, advocated by NASE and other small business organizations, that will help save them both time and money. It is easy to make unforced errors and mistakes in filing accurate returns. Getting organized is one of the most important priorities to ensure you not only meet the deadline, but also file a beneficial return. These 5-point actions in our checklist are designed to help everyone think logically though the filing process,” continued Hall.
5-POINT TAX RETURN FILING CHECKLIST
➡️ Gather and organize all of your tax return filing documents.
➡️ Educate yourself about key updates and changes to the tax code.
➡️ Review overlooked and hidden deductions available to you.
➡️ Ensure your tax information is accurate and mistake-free.
➡️ File as early as possible – or apply for a six-month extension if you need more time.
“One often overlooked, yet beneficial tax strategy is hiring your kid – that’s right, you can save money when filing your tax return when you put your child up to 18 years old on your small business payroll. It’s a mutual benefit for both your business and kid. They get real life work experience earning money for their activities, while you pay no taxes at all – no federal, no state, no Medicare. Those wages are all tax deductible. Remember, you are not alone and there are resources out there for help, including NASE.org, IRS.gov and SBA.gov, where information and assistance is readily available,” concluded Hall.
To Speak with Keith Hall, a Certified Public Accountant and Small Business Expert, about this year’s tax season, please contact Kristofer Eisenla at kristofer@lunaeisenla.com
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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.
The NASE NextBizThing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.
The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org