DEADLINES
Individual/C-Corp/Trust/FBAR: April 15, 2025
Partnership/S-Corp: March 17, 2025
TAX FILING SEASON BEGIN DATE: January 27, 2025. Due to provisions in the federal tax law, some tax returns may not be eligible for e-filing until a later date. You may still submit your information to me now.
SAFESEND: You may upload documents, review and sign your return, and pay your invoice all through one platform. Instructions and demonstrational videos are available on my website. No registration required.
If you would like access to upload documents through the SafeSend Exchange portal, please let me know. You may also submit documents by mail, email, or uploading to another portal of choice (e.g. Dropbox).
ENGAGEMENT LETTERS: If an email address is on file for all taxpayers listed on return, you will receive a copy via SafeSend (noreply@safesendreturns.com); if not or as otherwise instructed, a copy will be sent to the mailing address on file. If a signed copy is not remitted to my office, submission of your documents will be deemed acceptance of the terms of the engagement letter. You may request a copy at any time.
APPOINTMENT SCHEDULING: Appointments may be made online at www.murthataxllc.com. Please follow instructions on the “Schedule Appointment” page. You may also call or email my office. If you would like to request an appointment outside of normal hours, please reach out to see if accommodation may be arranged.
FEE INCREASE: Fees will generally be increased 3% to account for inflation during 2024, in addition to any changes to your filing status or forms/schedules required to be filed.
ELECTRONIC FILING (ELF) ACKNOWLEDGEMENT: After receiving constructive feedback, all clients with an email address on file will receive an email notification when their electronically filed return or extension is accepted by the respective tax agency with which they must file (e.g. IRS, NY). Opt out by request only.
PAYMENT AND AUTHORIZATION FORMS: Clients filing through SafeSend will be prompted to make payment before the return is filed. Your return will not otherwise be filed without receipt of full payment as well as signed and dated e-file authorization forms. If there are extenuating circumstances, please contact me ASAP. Accepted changes must be documented either via email or letter.
BENEFICIAL OWNERSHIP INFORMATION (BOI): Corporations, LLCs, or any other entity created by filing a document with a secretary of state or any similar office under the law of a state will need to report BOI to FinCEN. Beneficial owners must report their name, date of birth, address, and unique identifier number from a recognized issuing jurisdiction and a photo of that document. If you are impacted, you may file the report online directly with FinCEN. Filing is voluntary for now pending ongoing litigation in the federal court system.
IRS/SOCIAL SECURITY SCAM CALLS: If someone on phone or email ever puts you under threat of arrest or demands money be sent to them immediately, do not reply. The first point of contact with the IRS will be a letter in the mail. Please do not provide your SSN or other sensitive details to someone from unverified number or email.
Major changes for 2024 tax year:
Social Security Wage Base: Increased to $168,600 (from $160,200).
401(k) max contribution: Increased to $23,000 (from $22,500); if over age 50, catchup remains $7,500.
IRA max contribution: $7,000 if under age 50 (was $6,500); $8,000 if over age 50 (was $7,500).
Form 1099-K: payment app or online marketplace is required to send to you if payments received for goods and services total over $5,000. If accept payments on different platforms, you may receive more than one.
Major changes for 2025 tax year:
Social Security Wage Base: Increased to $176,100 (from $168,600).
401(k) max contribution: Increased to $23,500 (from $23,000). If over age 50, catchup remains $7,500; however, if you will attain age 60, 61, 62, or 63 in the calendar year, catchup amount increased to $11,250.
IRA max contribution: $7,000 if under age 50; $8,000 if over age 50.
Form 1099-DA: brokers report required information for certain sale/exchange transactions of digital assets.
Form 1099-K: payment app or online marketplace will be required to send to you if payments received for goods and services total over $2,500.
DOCUMENTS AND INFORMATION TO PROVIDE
Income: Wages (Form W-2), retirement distributions (1099-R), Social Security benefits (SSA-1099), interest (1099-INT), dividends (1099-DIV), sales of stock/bonds (1099-B, Composite 1099), miscellaneous income (1099-MISC), nonemployee compensation (1099-NEC), payment card and third-party network transactions (1099-K), rental property income and expenses, Schedule K-1 (partnership, S-Corp, trust), unemployment (1099-G), alimony received, gambling winnings (W-2G), debt cancellation (1099-C), 529 savings plan distribution (1099-Q), HSA distribution (1099-HSA), sales of cryptocurrency or other property
Deductions: Out-of-pocket medical and dental expenses, health insurance premiums (Form 1095-A), long-term care premiums, mortgage interest (Form 1098), real estate and/or personal property taxes paid, charitable contribution amounts and itemized receipt if donated goods/items, student loan interest (1098-E), tuition (1098-T), estimated tax payments (dates and amounts), child care expenses, alimony paid, gambling losses
Self-employed persons: Revenue, itemized list of expenses, home office square footage, car mileage breakdown
Contributions: Retirement plan (e.g. IRA), 529 education savings plan, Health Savings Account (Form 5498-SA)
Life Events: Change/sale of residence, birth/adoption, marriage/separation/divorce, start new business, change jobs, retirement, provide room and/or money to dependent person, work multiple states, become business partner
Please provide all information as soon as practicable and, if an individual filer, especially before Friday, March 21. Please do not wait for that one last form to come in as you may be forced to go on extension and have your return filed after the original April 15 deadline. Please remember that an extension of time to file is not also an extension of time to pay so payment amount may need to be calculated and remitted also. Extended returns due October 15.