TAX 
RESOURCES

You will Need:

• Social Security number or ITIN

• Your Filing Status

• The exact amount of your refund

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When to call the IRS?

• Most refunds are issued in less than 21 days; however there are instances where some require additional time and therefore you should only call under the following circumstances:

• It's been 21 days or more since you e-filed

• It's been 6 weeks or more since you paper mailed your return

• Or, in instances when "Where's My Refund" instructs you to contact the IRS

March 2024

• March 15 | S Corporation income tax return due [Form 1120-S]

• March 15 | S Corporation income tax return extension due [Form 7004]

• March 15 | Partnership income tax return due [Form 1065]

• March 15 | Partnership income tax return extension due [Form 7004]

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April 2024

• April 15 | Individual income tax return due [Form 1040 and 1040NR]

• April 15 | Individual income tax return extension due [Form 4868]

• April 15 | Corporation income tax return due [Form 1120]

• April 15 | Corporation income tax return extension due [Form 1040-ES] 

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September 2024

• September 16 | S corporation income tax return extended [Form 1120S]

• September 16 | Partnership income tax return extended due date [Form 1065]

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October 2024

• October 15 |  Individual income tax return extended due date [Form 1040 and 1040NR] 

• October 15 |  Corporation income tax return extended due date [Form 1120]

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2024 Estimated Tax Due Dates

• 1st quarter payment - April 15, 2024 

• 2nd quarter payment - June 16, 2024

• 3rd quarter payment - September 16, 2024

• 4th quarter payment - December 16, 2024, for C Corporations - or January 14, 2024, for individuals.

The 2024 Standard Deduction Amounts are as follows:

• $14,600 Single Taxpayers and Married Filing Separately

• $29,200 Married Jointly & Surviving Spouses

• $21,900 Head of Household

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The 2024 Individual Taxpayers Tax Rates are as follows:

• 10% for single individuals up to $11,600; for married individuals filing jointly up to $23,200; for heads of households up to $16,550

• 12% for single individuals $11,601 to $47,150; for married individuals filing jointly $23,201 to $94,300; for heads of households $16,551 to $63,100

• 22% for single individuals $47,151 to $100,525; for married individuals filing jointly $94,301 to $201,050; for heads of households $63,101 to $100,500

• 24% for single individuals $100,526 to $191,950; for married individuals filing jointly $201,051 to $383,900; for heads of households $100,501 to $191,950

• 32% for single individuals $191,951 to $243,725; for married individuals filing jointly $383,901 to $487,450; for heads of households $191,951 to $243,700 

• 35% for single individuals $243,726 to $609,350/$365,600; for married individuals filing jointly $487,451 to $731,200; for heads of households $243,701 to $609,350

• 37% for single individuals $609,351/$365,601 or more; for married individuals filing jointly $731,201 or more; for heads of households $609,351 or more

Social Security

• Social Security Maximum Taxable Earnings $168,600

• Social Security Tax Rate: Employers 6.2%

• Social Security Tax Rate: Employees 6.2%​
   

Medicare:

• Medicare Maximum Taxable Earnings Unlimited

• Medicare Tax Rate: Employers 1.45%

• Medicare Tax Rate: Employees 1.45%​

• Social Security and Medicare Tax Rate: Self-Employed 15.3%

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Social Security & Medicare:

• Social Security and Medicare Tax Rate: Self-Employed 15.3%

The length of time you should keep a document depends on the action, expense, or event which the document records.

 

Below is a guide to help you keep the necessary documentation required by the IRS.

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• Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.

• Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

• Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

• Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

• Keep records indefinitely if you do not file a return.

• Keep records indefinitely if you file a fraudulent return.

• Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

A list of IRS forms and publications have been added here with links for your convenience.

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Employment Forms:

• Form W4 Employee’s Withholding Allowance Certificate - CLICK HERE

• Form I-9 Employment Eligibility Verification - CLICK HERE

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Tax Payer Identification Number Forms:

• Form W9 (US Residents) - CLICK HERE

• Form W-8BEN (Non-Residents) - CLICK HERE

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