2024 Tax Season Tips from Delaware Tribe CFO Kendall Reith

Happy New Year! As 2023 closes, we look forward to what the new year holds and to setting new goals. It is also a time to plan for filing 2023 tax returns! I hope the below information will assist you and your family when filing your tax returns this year.

Deadlines to keep in mind

Form W-2, W3, 1099 NEC, 1099-MISC: January 31, 2024
Fourth quarter estimated payments due for the tax year 2023: January 16, 2024
Form 1065 (for Partnerships): March 15, 2024
Form 1120S (for S-corporations): March 15, 2024
Form 1040 (for Individuals): April 15, 2024
Form 1041 (for Trusts and Estates- Calendar Year): April 15, 2024
Form 1120 (for C-Corporations): April 15, 2024
Form 990 (for Tax-Exempt Organizations- Calendar Year): April 15, 2024

If you need to file an extension, see the due dates below:

Form 1065 (Partnership) Extension: September 16, 2024
Form 1120S (S-corporations) Extension: September 16, 2024
Form 1120 (C-corporation) Extension: October 15, 2024
Form 1040 (Individuals) Extension: October 15, 2024

Other key changes:

The maximum Earned Income Tax Credit amount is $7,430 for qualifying children of 3 or more.

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023 (up $900), and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

OH NO! What if you file your 2023 tax return and unexpectedly owe more tax than you anticipated? Let’s plan for 2024 tax returns! The IRS has provided a step by step calculator (link below) for your use in estimating your federal income tax withholding. See how your refund, take-home pay or tax due are affected by withholding amount and from there you will be able to adjust your W4 form with your employer accordingly.

https://irs.gov/individuals/tax-withholding-estimator

Wanishi! Cheers to 2024!

From the January 2024 issue of the Delaware Indian News. For more from this issue, as well as a full archive of past issues, click here.