Gifted and Talented Company

Monday January 29, 2024 IRS Opens

The Internal Revenue Service has announced that Monday, Jan. 29, 2024, is the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

However, those receiving certain tax credits may not receive their refund until the end of February. "Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. Where’s My Refund? should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return."

Official IRS Tax Due Dates

Form/Type	Tax Day	Extension Deadline
1040 & FBAR Individuals/ Sole Prop/SMLLCs	April 15, 2024	October 15, 2024
1120: C Corporations	April 15, 2024	October 15, 2024
1120-S: S Corporations	March 15, 2024	September 16, 2024
1065: Partnerships/ MMLLCs	March 15, 2024	September 16, 2024
1041: Trusts/Estates	April 15, 2024	September 30, 2024
990: Exempt organizations	May 15, 2024	November 15, 2024
W-2s & 1099-NECs	January 31, 2024 both IRS/SSA & TPs	Form 8809 – 30 days

Extension Deadline ends October 15, 2024

Did you file and exstension to get prepared for
filing your tax return? We understand that life is busy. Wait no further, give us a call or schedule a consultation to see what your business needs are. We are working around the clock to take care of our clients.

Did you know that if you are self-employed 90% of taxes should be paid as income is earned or received? If not, you could owe penalties and interest. If you want assistance with managing your self-employment tax, schedule your free consultation now!

Who Must Pay Estimated Tax

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

January 1 to March 31 due April 15
April 1 to May 31 due June 15
June 1 to August 31 due September 15
September 1 to December 31 due January 15 of the following year

Sales and Use Tax

Texas sellers must collect sales tax on taxable items, including shipping and delivery charges, sold online in Texas. Texas sellers are engaged in business if they have a physical Texas location or make online sales in Texas. The state sales and use tax rate is 6.25 percent and the local sales and use tax cannot be more than 2 percent.

As a small business owner, you are busy running your business and shouldn’t have to remember if you paid your sales tax on time or not. Gifted and Talented is here to assist you with managing all your tax needs. We can assist you with filing and submitting payment for your company's monthly, quarterly or annual sales tax. We are trained and continue to stay up to date with all updates, so you don't have to do it yourself. For more visit comptroller.texas.gov below.

Franchise Tax

You have registered your articles of formation with the Secretary of State and now have your LLC. What's next? As a small

business owner, you are probably busy running your business. Gifted and Talented is here for you. We can assist you with filing and submitting payment for your company's annual franchise tax. We are trained and continue to stay up to date, so

you don't have to do it yourself. Schedule your consultation today!

Gifted & Talented, LLC