As 2024 has come to a close, experts say it’s time to prepare for filing your 2024 tax return with the Internal Revenue Service (IRS). Certified public accountant Cloreece Davis Knight says it’s time to gather all necessary documents, including W-2s, 1099s, receipts, and records of deductible expenses.
As the owner of Knight CPA Services, Davis Knight says getting organized is her first tip to taxpayers. As Sean Richardson with the Louisiana Radio Network (LRN) reports, Knight says getting organized can help reduce stress and ensures no details are overlooked. “You don’t have to be a meticulous, you know, record keeper but you have to have some paper system in place, because you’d be surprised how many tax returns are reviewed after comparing them to actual records, there are always a decent amount of deductions that weren’t met.”
Knight’s second tip it to prepare early. She advises taxpayers to review their financial records, familiarize themselves with any tax law changes, and calculate their potential tax liability to avoid surprises. Davis Knight also says you can still make contributions to your IRA till April 15th. “If you do it early enough, this will put you in a better situation to be prepared for that, and who wouldn’t want to keep their money instead of giving it to the government or the IRS?”
The third tip that Knight offers is to hire a tax professional, who can help maximize deductions, ensure compliance, and minimize errors. “So get professional assistance. It’s better to be safe than sorry and often times they can assist with educating you and giving you tax tips in areas that you have no knowledge about.”
