Essential 2024 U.S. Tax Filing Guide: Quick Refernce Sheet

This guide serves as a concise yet comprehensive overview for U.S. taxpayers preparing for the 2024 tax season, detailing key deadlines, payment options, required documents, and essential tax considerations, including special filings like the FBAR.

Critical Deadlines

April 18, 2024: Deadline for filing returns and making tax payments.

June 17, 2024: Automatic extension for expatriates to file.

October 15, 2024: Extended deadline for taxpayers who requested additional time.

December 16, 2024: Final extended deadline for special cases, by request.

Please note extensions only extend the filing date and not the due date of any tax. Tax is due on April 18th, 2024.

How will I know if I am due a refund or have tax to pay?

Once we have prepared your return we will let you know how much tax is either due or to be refunded. 

While most tax refunds are issued within 21 days, some may take longer if the return requires additional review.

You can track your refund on this link.

How to pay any tax due: 

IRS Direct Pay: Direct, fee-free bank payments.

Credit/Debit Cards: Accepted through approved processors; fees apply.

Instalment Agreement: Available for taxpayers unable to pay in full.

EFTPS: Free, enrollment-required service for regular payments.

How will I know if my tax return has been received by the IRS?

• If Expecting a Refund:

• Use the IRS Where’s My Refund tool online. It allows you to check the status of refunds for the past 3 tax years.

• For All Filers (Owing or Refund):

• Access your IRS online account to view the status of your return.

• Other Methods:

• Call the IRS: Be prepared with your Social Security number, birthdate, filing status (single, married, or head of household), and any prior IRS communications.

• E-filing Acknowledgment: Check for email updates or status notifications from your e-filing service.

• Mail Delivery Confirmation: If mailed, use the tracking service (e.g., USPS Certified Mail) to confirm delivery.

Required Documentation

The documents we will need to prepare and optimise your return. Please note there maybe other documents required in given circumstances

The documents we will need to prepare your US tax return

Fill out our client details form to send in your personal information

Personal Information

• SSNs for you and any dependents.

• Your Current Address

• Your Date of Birth 

• Your Filing Status (Single or Married) 

• Copy of Passport

• Job Title/ Occupation

• If you rent or own the property you live in 

• The date you moved to your current country of residence

• Your place of birth 

All documents must cover the given tax year, for the US 2023 tax year it is 1st January 2023 to 31st December 2023 

Income Documentation

• Employment income (W-2s, P60s, P45s, Payslips)

• Pension Contributions from your employer 

• Any Investment Income (interest, dividends, shares and sales)

• Cryptocurrency and trading income

• Property income and expenses 

• Any other worldwide income

• Copy of last US tax return ( where applicable) 

• Dates in the US, of those how many were work days for the given tax year

• Donations 

• Medical Expenses 

• Health Insurance Forms 

• IRA contributions

• Estimated tax payments 

FBAR filing FAQ 

You are required to file an FBAR if you held more than $10,000 across all your bank accounts outside the US during the year. This applies to all U.S. persons, including individuals and entities, with financial interest in or signature authority over foreign financial accounts.

Below are the documents we will need to prepare your FBAR:

•  Account name, account number and highest balance during the year for all foreign bank accounts 

• Including accounts in your name, joint accounts and accounts where you are a signatory (e.g. a business account or where you have power of attorney)

• Including the balance on pension accounts for each year

• Including balances on cryptocurrency accounts

FBAR Deadline: April 15, 2024, with an automatic extension to October 15, 2024, aligning with the tax return extension.
Filing status: Joint vs Single Filing considerations 

There are several factors to consider to identify whether it is most beneficial to file as a Joint or Single filer.

Variables to consider include:

• Income Levels: Joint vs. individual incomes.

• Deductions and Credits: Availability and benefits based on filing status.

• Tax Liability: Overall tax implications for each status.

• Medical Expenses: Potential for higher deductions when filing separately.

• Educational Credits: Eligibility variations between statuses.

• Child Tax Credit: Impact on credit eligibility.

• Student Loan Interest: Deductibility differences.

• Investment Income/Losses: Treatment based on filing status.

• Social Security Benefits: Taxation changes with filing status.

• IRA Contributions: Deductibility based on how you file.

• AMT Susceptibility: Filing status influence on Alternative Minimum Tax.

• Marriage Penalty/Bonus: Financial impact of filing jointly.

• State Taxes: State-specific considerations.

• Future Planning: Long-term tax strategy implications.

We offer in depth consultation to assess the best filing status for you- book call 

Please note that is is a general overview and circumstances will vary - get in touch for any support filing your US 2023 tax return