Stay Ahead This Tax Season with Key Updates and Filing Tips: Expert Advice from Michael S. Gawel, CPA, JD

MICHAEL S. GAWEL, CPA, JD

NIAGARA BOOKKEEPING & ACCOUNTING

FILING STATUS

Get ready for Taxes! It is January and Tax time is here. Niagara Bookkeeping & Accounting is open and ready to prepare your 2024 tax returns.

New clients can call Michael at (716)-622-0700 for an appointment and existing clients can email their tax information to [email protected].

Filing 2024 returns are for everyone, even if you are not required to file a 2024 return there are key reasons you may want to. This includes Star Credit, Stimulus Checks, Financial Aid, Child Support, upcoming New York State Tax Credits, loan applications and other non-tax issues.

Now is the time to do the following:

1. Gather and organize your tax records.
2. Check your withholding and estimated tax payments.
3. Make sure you have a checking account, routing number and account number for deposits.
4. Call Michael S. Gawel, CPA at (716)-622-0700 to make an appointment.

There are a few new updates to look out for in 2024:

1. 1099-K from online sales or credit card sales
2. FIN/CEN filing for LLC and S Corporations

Lastly, who must file 2024 tax returns:

1. United States citizens and residents who work in the U.S.
2. You have $400.00 or more in income from self employment or side jobs.
3. Had a death of a spouse or child.
4. You have tax due on an IRA distribution
5. You received an Archer MSA or health savings distribution.
6. You purchased a clean vehicle.
7. You received a 1099-B.
8. You had tax withheld from wages, 1099 or gambling winnings.
9. You qualify for Earned Income Credit.
10. You qualify for Child Tax Credit.

For any questions about taxes or to schedule an appointment email [email protected] or call (716)-622-0700

Michael S. Gawel, CPA