With 2024 here, that can only mean one thing: Tax season!

While the process isn't exciting, it is essential to knock it out and either receive a refund or pay the amount you owe. Here are some key things to remember.

1. The last day for quarterly payments for 2023 is January 16, 2024.

Businesses need to report Income Tax, Social Security, and Medicare Taxes withheld from employees to the government by that date.

2. The $600 Form 1099-K reporting threshold is delayed until 2024.

Customers now make payments with more than just the traditional form of a Debit or Credit Card. The option of using Apple Pay, Cash App, Venmo, and others is now a form of transferable payment.

The IRS created a law that you must report those payments if they exceed $600. That requirement was delayed until 2024, giving frequent users of those apps one less thing to worry about when filing their taxes this year. However, it will begin in the tax year 2024.

3. W-2s are due to you by January 31. You must receive your W-2s from your employer by January 31. Chances are that they will have them available for you before then, so don't hesitate to ask!

4. IRS Electronic Tax Filing is available for free instead of paying a fee for someone to do your taxes, all eligible Texans can electronically file directly to the IRS at no charge.

Direct filing will eliminate paying a third party to prepare your taxes. If you're staying in SPI but live in another state, you may still be eligible for the program. Check this link to see if you qualify.

Happy returns, and welcome to 2024!