Please consider the following when you are scheduling your tax return appointment.
If you are willing, please drop off your tax data to help us stay in top form through to the due date of 4/15/2024 in light of all the illnesses and rsv that are going around. Remember, there are hundreds and hundreds of you versus just a few of us in the office. We really appreciate your help in this endeavor to stay well to the tax date deadline.
There are no advance child tax credit payments or stimulus payments to worry about for the 2023 tax year.
Note: Most tax returns can be completed in one hour or less, but PLEASE let us know if you need more than one hour, i.e. you have a business, rental properties, or are needing multiple dependent returns done at the same time, or you have a complex tax situation. If more time is needed past your appointment time, we may ask you to leave your information for us to finish and we’ll call you when it’s complete.
The IRS usually does not accept e-filed returns until the end of January, however, most companies won’t be mailing out W-2’s, 1099’s etc. until 1/31. Some documents may take longer, so please be patient.
This tax season, the IRS will begin accepting e-filed returns January 29th, and we will update you as we are made aware of any delays. We begin taking appointments once we have the updates to the tax software installed, beginning the last week of January, or the first week of February.
Refund Alert: The IRS is not giving timeframes for receiving direct deposit of refunds anymore as they did previously. Typically refunds are received within 10 – 21 days from the date of e-filing. And as before, if you are claiming the earned income tax credit (EITC), please be aware that the IRS is likely to hold refunds again possibly until the last week of February, and you will likely not receive your refund until then. Just an FYI.
2023 Forms to bring:
If you are new to us this year, please bring a copy of your prior year tax return
- All income received, in the form of W2s, 1099’s, self-employed business income/expense summary and/or 1099 forms, gambling winnings, prizes won, Bitcoin or other virtual currency investment sales and 8949 sales summary if sold any in 2023, etc. You can access the 8949 forms needed from the app that tracks your currency transactions. You will need to include these with your other tax documents to report any sales made in the prior year.
- If you are self-employed and receive the Earned Income Credit, include a bank statement, copy of business license, or some type of document verifying your business at the time of your tax appt or with your dropped off data. If you received a 1099-K, include it with your other tax forms
- All Tax forms received marked “Important Tax Documents” including any brokerage forms/investment “year-end” tax forms – sometimes these don’t go out until mid-to-late March and/or FINAL revision forms are sometimes mailed out after an initial mailing
- If you have shareholder shares in a Partnership or S Corporation, you will need the Schedule K-1 to report your share of the profits or losses on your return.
Deductions or Credits:
- Parents: If you have kids in college ages 19 – 23 that you are claiming as a dependent, you will need the 1098-T from the educational institution showing tuition paid for to claim the education credits on your tax return. You may need to have your child log on to their school account to access/print it off. Bring with your other forms.
- If itemizing: Sales tax paid on any vehicles purchased in 2023; along with usual mortgage interest and property taxes paid, donations, medical out of pocket paid (limitations apply) etc.
- If itemizing: Your last paycheck stub for 2023 if you have a donation payroll deduction and are itemizing (not taking the Standard deduction)
- If itemizing: Donations summary on items donated on the Goodwill/Salvation Army valuation form, found under General on the Forms page here on the website
- For businesses required to issue 1099 forms for services provided to your business by an unincorporated non-employee, there is a penalty increase for intentional disregard to file. If you need help getting these submitted by 1/31, contact us ASAP with completed/signed W9’s and the amount you paid them in 2023. This applies if you paid any attorney’s (any amount) or unincorporated sub-contractors over $600 for services performed in 2023
- If you had health insurance through the Marketplace: bring the 1095-A form received. If you don’t have the 1095-A, it should be in the Messages section of your Healthcare.gov account to download/print by Mid-January, AND possibly mailed out by 1/31, if you got your coverage through the Marketplace (formerly known as Obamacare). If you receive your health insurance through your employer, bring your 1095-B and/or 1095-C forms. If you have Medicare, it will be listed on your Social Security benefit statement.
- If you were deemed exempt from the Marketplace, bring your ECN certificate (required)
- If a policy is shared, the taxpayer who received Form 1095-A should provide a copy to the other taxpayers, as needed, also if dependency for a child changed to the other parent during 2023
- There is no longer an ACA penalty for not having minimum essential health insurance 🙂
Please call if you have any questions on any of the above.
See you during tax season! Peace! Michelle & the Peace Staff
The office is located at:
Accounting Peace Inc.
311 S Railroad Ave
Pekin, IL 61554
309-620-8295 office phone