Tax season is here, and staying prepared is key to avoiding stress and maximizing your refund. Whether you're filing as an individual or a business, these expert tips can help you navigate your 2024 tax return with confidence.

 

What is the Standard Deduction for 2024?


1. Gather Your Documents Early


Getting organized is step one. Collect all necessary forms such as W-2s, 1099s, mortgage interest statements, and proof of deductible expenses. Having everything ready ahead of time ensures a smoother filing process and minimizes errors.


2. Be Aware of New Tax Law Changes


Tax laws change frequently, and staying informed is crucial. For 2024, there are updates to credits and deductions, such as increases to the standard deduction and adjustments to retirement contribution limits. Working with a tax professional can help you understand how these changes affect your return.


3. Take Advantage of Tax Credits


Tax credits, such as the Earned Income Tax Credit (EITC) and Child Tax Credit, can significantly lower your tax bill. Ensure you're eligible and have the required documentation to claim them.


4. File Electronically and Choose Direct Deposit


E-filing your tax return is faster, more secure, and reduces errors compared to paper filing. Opt for direct deposit to receive your refund quicker—usually within 21 days of filing electronically.


5. Don’t Overlook Deductions


From home office expenses to charitable donations, deductions can reduce your taxable income. Keeping accurate records throughout the year can help you claim every deduction you’re entitled to.


6. Watch Out for Common Errors


Simple mistakes, such as incorrect Social Security numbers or forgetting to sign your return, can delay processing. Double-check all entries before submission to ensure accuracy.


7. Seek Professional Guidance


Tax preparation can be complex, especially with evolving laws and unique financial situations. A trusted CPA like DeLaney & Co. can help you maximize your refund, stay compliant, and reduce audit risks.


Need Help with Your Taxes?



At DeLaney & Co. CPA, we specialize in providing personalized tax preparation services for individuals and businesses. Our experienced team stays updated on the latest tax laws to ensure you receive every credit and deduction you’re entitled to.


Call us today at (740) 653-7301 to schedule a consultation.


Article by DeLaney & Co. CPA