Bridges Financial Group

Filing Deadline for W-2 and 1099 Forms

Taxpayers who paid employees or independent contractors in 2023 are reminded to file all required payment reporting forms by January 31, 2024.

If you operate a business and pay employees, you generally must file a Form W-2 for each employee with the Social Security Administration (SSA) by January 31. You must also send each employee a copy of their W-2

January 31 is also the deadline for 1099 forms if you are required to file 1099-MISC and 1099-NEC forms.

If you are an employee, you should expect to receive your W-2 from your employer soon, if you have not received it already.

Open Filing Season for 2023 Tax Returns (1/2)

The IRS will begin accepting and processing 2023 tax returns on January 29, 2024, marking the official opening of tax filing season.

After January 29, taxpayers who have filed their returns may use the IRS "Where's My Refund?" tool (link below) to check the status of their tax refunds. The newly updated tool now works seamlessly on mobile devices, and will provide clearer and more detailed information than past versions. For example, it will notify taxpayers if the IRS needs more information from them in order to process their returns.

Although the IRS will not confirm receipt of tax returns until January 29, you may file at any time. A tax professional can help you complete and submit your return electronically, so you get your refund as quickly as possible.

IRS Where's My Refund Tool: https://www.irs.gov/refunds

Giving Tuesday and Charitable Donations - Did You Know?

Millions of Americans will contribute to their favorite charities on Giving Tuesday (November 28), and throughout the holiday season. Charitable donations are often described as tax-deductible, but whether you can claim a deduction for your contribution depends on several factors.

You generally must itemize deductions on your tax return to claim a deduction for charitable donations, therefore your donation will not be deductible if you use the standard deduction. If you do itemize deductions, you may generally deduct donations of money or property to any eligible tax-exempt charity. If you are unsure whether an organization qualifies to receive tax-deductible donations, the IRS Tax-Exempt Organization Search tool (link below) can help.

Tax-Exempt Organization Search: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search