Tax filing instructions for the 2024 tax season🌻
January 15: The due date for fourth quarter estimated tax payments for the 2023 tax year.
January 24: The IRS begins the 2024 tax filing season and begins accepting and processing 2023 personal tax returns.
January 31st is the due date for W2 and 1099 uploads
April 15: Deadline to file your 2023 tax return, or request an extension and pay any taxes owed.
October 15: Deadline to apply for an extension to file your 2023 tax return.
(In addition to the basic information, the following information only needs to be submitted on demand)
🌻Basic information about individuals and family members
1. Valid ID, driver’s license or passport, etc. Social Security Card SSN
2. Home address: family member’s name, birthday, social security number, relationship
3. phone number phone number email email
4. Bank checking account: name bank number routing number account number Account number
(You can view or cancel a copy of the check in mobile banking for direct bank transfer for tax refund or tax repayment)
5. New users please provide tax returns for the past year
🌻Income proof materials
Salary (W-2)
Self-Employed Independent Contractor Casual Labor Income (1099 NEC)
Interest (1099-INT)
Dividend distribution (1099-DIV)
Stock Buying and Selling (1099-B)
Unemployment, Retirement (1099-G)
Withdraw health account amount (1099-SA)
IRA retirement plan withdrawals and annual amounts (1099-R)
Regular unemployment benefits (1099-UC)
Gambling Income (W-2G)
Other income (1099-MISC)
rental income
Corporate and Partnership Income (K-1)
Virtual digital currency trading
🌻prove
Proof of child’s college tuition
Form 1098-T provided by the school
School-provided Student Loan Interest Form 1098-E
Proof of expenses for child’s kindergarten or after-school care
DayCare/Afterschool name, address, phone number and tax ID (TAX ID) Copy of payment receipt or payment check.
Proof of medical insurance
Federal Form 1095 provided by the insurance company. If you have not received it yet, you can request/inquire from your insurance manager.
For health insurance plans, please see what income bracket you can get.
🌻Materials for self-occupied or rented houses
Self-occupied: Provide property tax bill, if there is a loan, provide loan interest form 1098
rent:
1. Rental address, rental days, purchase date, amount, and past depreciation amount
2. Loan Provision Interest Form 1098
3. House tax bill
4. Rental housing also needs to provide rental expenses: water, electricity, gas, maintenance, garbage fees, management fees, car fees, insurance, cleaning fees, advertising fees, etc.
If yes, please fill in the form below:
RENTAL house rental income expense table for tax reporting 2024.xlsx
🌻If you have self-employment income, the following expenses can be deducted
Expenses EXPENSES
ADVERTISING ADVERTISING
CAR EXPENSES CAR AND TRUCK EXPENSES
COMMISSIONS AND FEES
Contract labor wages (open 1099) CONTRACT LABOR
INSURANCE
Interest INTEREST
Loan MORTGAGE
LEGAL AND PROFES SIONAL SERVICE
OFFICE EXPENSE
PENSION AND PROFIT SHARING
CAR, TOOL RENTAL VEHICLES MACHINERY AND EQUIPMENT
Shop and factory rent RENT OR LEASE
REPAIRS AND MAINTENANCE
Daily necessities expenses SUPPLIES
TAXES AND LICENSES
TRAVE MEAL
MEAL MEAL
Water, electricity, coal UTILITIES
WAGES
CELL PHONE
Network INTERNET
Gift Giving GIFT
Inventory at beginning of year
inventory at end of year
other other
Car name (manufacturer)
Year and model of car
car depreciation
car mileage
Please fill in the following form:
🌻Overseas financial financingProduce
(overseasThe company's total value exceeds $10,000 at any time during the year and must be reported to the tax return and the Bureau of Finance)
Targeted assets: Various types of financial accounts outside the United States, including but not limited to:
1. Bank savings account
2. Stock securities trading account
3. Stocks of overseas companies outside the account
4. Other financial accounts such as Yu’e Bao, WeChat change, etc. Information that needs to be reported and retained for each account:
- Name of holder
-account number
- Name and address of the bank
- Type of account
- Maximum amount for the year
- Derived income and placement on tax form
Notes: 1. If the assets in the overseas account are in other currencies, the exchange rate on December 31 of that year based on the Treasury reporting rates of exchange needs to be used.
2. The types of assets that need to be declared in Form 8938 have a great degree of overlap with FBAR FinCEN-114, but they are not exactly the same. Assets that do not need to be declared in Form 8938 may need to be declared in FinCen, and vice versa.
🌻Who needs to file tax returns to the United States?
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U.S. citizens.
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Foreign residents with legal right of residence.
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Those with permanent residency, such as green card holders.
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Residents holding E status.
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Residents holding H status.
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Those who have spent more than 183 days in the United States within three years (non-US immigrants, but have US income).
🌻Income tax bracket
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The seven tax rates for the 2023 tax year are consistent with previous years, namely:
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10%, 12%, 22%, 24%, 32%, 35% and 37%
The above refers to the personal income tax rate. If the income is earned income, a total of 15.3% of payroll tax will be paid. Unearned income does not need to pay payroll tax.