2024 Tax Season Prep & Planning

For better or worse, the 2024 tax season is officially here.

At Evolution Tax & Legal, we specialize in: individual tax prep, US expat tax services, business tax prep, and international business tax planning. Our founder, Alton Moore, is a dually licensed CPA and international tax attorney, allowing our firm to cover the full scope of tax compliance, tax planning, and accounting under one roof. This not only helps you avoid outsourcing fees, but also provides a single, reliable point of contact to guide you through the process.

In this short article, we’ll cover important tax deadlines, our tax prep process, and frequently asked questions. Our goal is to ensure your taxes are filed accurately and on time while maximizing any potential benefits.

2024 Tax Filing Deadlines

The tax filing deadlines, not considering extensions, are:

• Individuals, Trusts, and Estates (Forms 1040, 1041): Tuesday, April 15, 2025
• C Corporations (Form 1120): Tuesday, April 15, 2025
• Partnerships (Form 1065): Monday, March 17, 2025
• S Corporations (Form 1120-S): Monday, March 17, 2025

Our Tax Preparation Process

To ensure timely filing, please complete the initial steps outlined below at least 30 days before the applicable deadline. Delays may necessitate filing for an extension.

1. Initial Consultation: Schedule a complimentary 15-minute consultation with our tax team to discuss your specific needs.
2. Engagement Letter: Sign an engagement letter and pay your retainer to formally appoint us as your tax preparer.
3. Tax Questionnaire: Complete our comprehensive tax questionnaire to provide us with detailed information about your financial situation.
4. Document Submission: Upload the completed questionnaire and all relevant documents to your secure client portal.
5. Review and Approval: Review the prepared tax return, provide approval, and sign the necessary documents for submission.

Timeline and Deadlines for Evolution Tax & Legal Clients

At Evolution Tax & Legal, we aim to file your tax returns accurately and on time. To help us meet this goal, we prioritize returns on a first-come, first-serve basis and strongly recommend completing steps 1–4 outlined above by the preferred dates below.

Meeting the preferred deadlines allows us sufficient time for thorough preparation, review, and filing. If we do not have all necessary documents and information by these dates, we cannot guarantee filing by the IRS deadline due to the high demand during tax season.

Individuals, Trusts, and Estates (Forms 1040, 1041)

• Preferred: Monday, March 3, 2025
• Final Deadline: Friday, March 14, 2025

C Corporations (Form 1120)

• Preferred: Monday, March 3, 2025
• Final Deadline: Friday, March 14, 2025

Partnerships (Form 1065)

• Preferred: Monday, February 3, 2025
• Final Deadline: Friday, February 14, 2025

S Corporations (Form 1120-S)

• Preferred: Monday, February 3, 2025
• Final Deadline: Friday, February 14, 2025

What Happens If We File an Extension?

While we strive to meet all filing deadlines, high client demand and late submissions may necessitate placing some returns on extension. Filing an extension is not a negative outcome—it’s often a strategic choice to ensure all documents are accurate and complete.

Key points to remember about extensions:

• Extensions give you an extra six months to file, but tax payments are still due by the original deadline.
• Filing an extension does not increase your risk of an audit or reflect poorly on your tax situation.
• Extensions provide us the time to explore additional tax-saving opportunities that may not be fully apparent by the initial deadline.

If you have concerns about extensions or need assistance meeting the preferred deadlines, we’re here to guide you every step of the way.

Read More: The Pros and Cons of Filing an Extension

Frequently Asked Questions (FAQs)

Q: What documents do I need to provide?

A: You will need to provide:

• Any IRS correspondence, if applicable
• W-2s, 1099s, K-1s, and other income statements
• Receipts for deductible expenses (charitable donations, medical expenses, etc.)
• Information on any investments, property sales, or major purchases
• Copies of your prior year tax returns (if you are a new client)
• Retirement account contributions or withdrawals

Q: What happens if I have international accounts or income?

A. Clients with foreign income or accounts must report them on their U.S. tax returns. This may involve filing forms such as FBAR (Foreign Bank Account Report) or Form 8938. Please let us know as soon as possible to ensure compliance.

Q: Can you help with estimated tax payments?

A. Yes, we can assist in calculating and submitting your quarterly estimated tax payments to avoid penalties and ensure you meet your obligations.

Q. Do I need to pay taxes when filing for an extension?

A. Yes, an extension only provides extra time to file, not to pay. Any unpaid taxes must be estimated and paid by the original filing deadline to avoid penalties.