We hope you all had a wonderful and relaxing summer! As we transition into the cooler days of autumn, it’s the perfect time to start thinking ahead—especially when it comes to tax preparation. Whether you’re looking forward to the fall festivities or planning your year-end financials, staying proactive is always the best strategy. In this edition, we’ll cover some key tips and updates to help you get a head start on your tax prep and keep your financials in top shape. Let’s make this upcoming tax season the smoothest one yet!
Happy reading!
Be on the lookout for a personalized letter mailed first of October for new updates about Not Just Numbers Inc!
Understanding Social Security Taxation
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. Make sure to check where you stand to avoid surprises.
Standard Deductions for 2024
- Single or Married Filing Separate: $14,600
- Head of Household: $21,900
- Married Filing Joint or Qualifying Spouse: $29,200
Keep these amounts in mind as you prepare your filings to ensure you’re taking advantage of the deductions available to you.
Checklist for Itemized Tax Filing – Make sure you have the following items ready if you plan to file an itemized return:
- Social Security numbers for yourself, spouse, and dependents.
- W-2 forms from all your employers.
- 1099 forms for any additional income received.
- Documentation of retirement account contributions.
- Property tax and mortgage interest statements.
- Records of charitable donations.
- State and local tax payments.
- Proof of educational expenses.
- Unreimbursed medical bills.
Having these documents on hand will help streamline the filing process and maximize your deductions.
Important Update: EFTPS Now Requires Multi-Factor Authentication
The Electronic Federal Tax Payment System – more simply referred to as EFTPS – recently announced their implementation of multi-factor authentication for all EFTPS payments.
For those who do not know, EFTPS is a secure, free service from the U.S. Department of Treasury through which federal taxes can be paid. Certain federal taxes, such as payroll tax deposits, are required to be submitted through EFTPS, which makes this announcement especially important for business owners.
What This Means for You
To maintain a high-level of security in this ever-changing online environment, and to maintain compliance with U.S. Department of Treasury requirements, the EFTPS has now implemented multi-factor authentication (MFA) for all EFTPS payments, effective mid-October 2023, going forward.
Now, every time you log in to EFTPS, you are first redirected to a page through which you “authenticate,” or verify your identity. Once authenticated, you are then directed back to EFTPS to input your EIN or SSN, PIN.
- If you are not a business owner, your federal tax payments, or estimated payments such as your 1040-V, can be paid through different online systems found on IRS and My Account, to proceed as usual.
