Tax Season 2024
Welcome to tax season 2024, which covers returns filed for the 2023 tax year.
Some Helpful Videos to Guide You Through the Tax Prep Process
The Tax Prep Process at Brooklyn FI
1. You sign your engagement letter by January 31st.
2. You complete our tax organizer and upload your documents by February 15th to a secure checklist sent to you via email.
3. We spend a few weeks getting the return prepared and uploaded for review. If we don’t have your documents we will prepare an extension to push your filing deadline to October 15th.
4. You review the draft return and sign a Docusign authorization.
5. We submit the return to the IRS and your state.
If you have any questions at all please contact us at support@brooklynfi.com.
IRS Deadlines + Internal Brooklyn FI Deadlines
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You don’t want to miss these.
January 15th - Deadline to make your Q4 estimated payment for the prior year
January 31st- Deadline to mail 1099s to contractors
January 31st - Brooklyn FI deadline to sign your engagement letter
February 15th - Brooklyn FI deadline to complete your tax organizer and upload your tax documents
March 15th - Deadline for S-corps and Partnerships to file a tax return OR request an extension
April 15th - Deadline for individuals and C-corps to file a tax return OR request an extension
April 15th - Deadline to make IRA contributions for the prior year
April 15th - Deadline to make your Q1 estimated payment
June 15th - Deadline to make your Q2 estimated payment
September 15th - Extended deadline for S-corps and Partnerships to file a tax return
September 15th - Deadline to make your Q3 estimated payment
October 1st - Deadline for business owners to elect a safe-harbor 401(k) for employees
October 15th - Extended deadline for individuals to file a tax return
October 15th - Extended deadline for individuals to make a SEP-IRA contribution (only if the extension was timely filed by 4/15)
January 15th - Deadline to make your Q4 estimated payment
Tax Season FAQs
How do I track how many days I spent in the US if I live abroad?
You can request form I-94 which tracks when you enter and exit the US. Go to the official I-94 website and select “Get Most Recent I-94.” Upload this to your tax organizer.
If I’m married, is it better to file jointly or separately?
It really depends! For MOST people, filing jointly will result in a smaller tax bill. Here are some of the credits and and advantages you LOSE when you file separately: the child and dependent care credit, the Earned Income Credit, the deduction for student loan interest, education and tuition credits, Roth IRA contributions. That said, it can make sense to file separately if one spouse has significant medical expenses (more than 7.5% of the income for the year) or other itemized deductions. When we prepare your tax return we will inform you if it might make sense to file separately (it’s rare!).