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With the end of the year fast approaching, it’s a good idea to look ahead and think about when your tax returns will be due the following year. With the holiday season and the start of the new year, it can be very easy to lose track of time and have the tax deadlines come as a surprise. Here is an overview of the federal tax deadlines for tax year 2024, as well as some potential documents we’ll need to file your returns:

2024 1099-NECs:

Practice owners must file Form 1099-NEC by January 31, 2025, for payments made in 2024 to individuals who are not practice employees. If a tax professional is handling these filings, be sure to provide them with a completed Form W-9 and the total amount paid to each recipient in 2024.

2024 1120-S/1065:

For practice owners who have an entity type that is either a Partnership or an S-Corporation, these business filings will be due on March 17, 2025. While this is not a complete list for all, some documents that may be helpful to share with us would be the business’s:

• Balance Sheet
• Income Statement (Profit & Loss)
• General Ledger
• December bank, credit card, and loan statements
• 2024 sales taxes paid in 2025
• 2024 payroll documents, such as employee earnings summaries, Form W-3, and W-2s

2024 1120:

For practice owners whose entity classification is a C-corporation, your business tax return will be due on April 15, 2025. The list of documents to provide is similar to the one above. While not a complete list for all practices, it will provide a starting point for gathering documents.

2024 1040:

The last tax filing would be the individual tax filing, also known as Form 1040, which is also due on April 15, 2025. For business owners that had a tax filing form 1120-S or form 1065, these returns will need to be completed before filing form 1040. When it comes to the list of personal documents required, the list varies for all. Below is a general list of documents you may need:

• W2s
• 1099-Int (Interest Income)
• 1099-Div (Dividend Income)
• 1099-B (Brokerage Statement)
• 1099-R (Retirement Account Distributions)
• Self-Employment Income/Expenses
• Rental Income/Expenses
• 1098-Mortgage Interest
• 1098-E (Student Loan Interest)
• 1095-A, 1095-B, 1095-C, HSA Contributions
• Personal Charitable Contributions

Many individuals will not have all these documents, and some may have more documents necessary to complete their tax filings. Don’t hesitate to contact any of our Granite Peak team members if you have any questions about your 2024 tax filing deadlines or the documents necessary to complete your return.

Written by DJ Jablonski, CPA, MSA