Maximize Accuracy and Efficiency in Tax Filing This January with G&S Accountancy

January is a pivotal month for tax filing, bringing a series of critical deadlines that both businesses and individuals must meet. At G&S Accountancy, we understand that juggling these obligations alongside daily business operations can be challenging. That’s why our expert team is here to help you navigate every stage of the tax filing process—ensuring compliance, accuracy, and peace of mind as you kick off the new year.

Below is a comprehensive guide to January’s deadlines, how recent disaster declarations may affect your obligations, and when the IRS officially begins accepting e-filed returns.

Key January Tax Filing Deadlines

January 15, 2025

• Fourth-Quarter Estimated Tax Payments (2024): Businesses and individuals must submit their final estimated tax payments for the 2024 tax year on time to avoid penalties and interest.

January 31, 2025

• Form W-2: Employers must provide Form W-2 to all employees and file copies with the Social Security Administration.
• Form 1099-NEC: Businesses must issue Form 1099-NEC to non-employee compensation recipients and submit copies to the IRS.
• Form 1099-MISC: For all other reportable payments (not covered by 1099-NEC), issue Form 1099-MISC to recipients.
• Sales Tax Returns: Monthly, quarterly, and annual sales tax returns are due in many states, including California.
• California Tire Fee: The fourth-quarter 2024 fee is due for applicable businesses.
• IFTA (International Fuel Tax Agreement): Fourth-quarter 2024 returns are due for motor carriers.
• Form 940: Employers must file the 2024 Federal Unemployment Tax Return.
• Form 941: Employers must file the fourth-quarter 2024 Form 941, reporting income tax, Social Security, and Medicare taxes withheld.

The Effect of the Declared Disaster

For businesses and individuals in Los Angeles County affected by the January 7, 2025, wildfires and straight-line winds, the IRS has extended tax filing deadlines. Eligible taxpayers now have until October 15, 2025, to file federal tax returns and make payments normally due between January 7, 2025, and October 15, 2025.

If you’re unsure whether you qualify for this tax filing relief, G&S Accountancy can help verify your eligibility and ensure you meet all extended requirements.

IRS E-Filing Opens January 27, 2025

The IRS has announced January 27, 2025, as the official start date for e-filing 2024 tax returns. Filing early not only expedites potential refunds but also helps prevent processing delays. Our team at G&S Accountancy is ready to help you get a head start on your tax filing preparations, so you can stay ahead of the curve this season.

How G&S Accountancy Simplifies Your Tax Filing

1. Sales Tax Returns: Simplifying Complexity

Sales tax filing often involves determining which parts of your revenue are taxable versus non-taxable. At G&S Accountancy, we:

• Analyze revenue streams to identify taxable income.
• Ensure accuracy in reporting based on your state’s unique regulations.
• File sales tax returns on time to help you avoid unnecessary penalties.

2. IFTA Filings: Precision in Every Mile

For businesses operating fleets, IFTA tax filing can be complex. Our approach includes:

• Extracting mileage and fuel data for each truck to compile precise reports.
• Meeting all jurisdictional requirements by paying close attention to the details.
• Submitting IFTA filings promptly to keep your operations running smoothly.

3. 1099s: Comprehensive Vendor Reporting

Accurate 1099 reporting is crucial for maintaining strong vendor relationships and avoiding IRS scrutiny. We handle your 1099 tax filing by:

• Compiling vendor payment reports directly from your accounting records.
• Verifying which payments require reporting under current IRS guidelines.
• Filing 1099 forms on your behalf, so you can focus on running your business.

Why Partner with G&S Accountancy for Your Tax Filing Needs?

1. Customized Solutions: We tailor our services to fit your unique tax filing requirements.
2. Client Education: We keep you informed about key deadlines, ensuring you remain compliant year-round.
3. Regulatory Updates: Tax laws change constantly. Our team monitors these updates to keep you prepared and ahead of the game.
4. Stress-Free Process: From compliance checks to meeting deadlines, we handle every aspect of your tax filing so you can focus on growing your business.

Don’t Navigate January Tax Filing Alone—Partner with G&S Accountancy!

Staying compliant with January’s critical tax filing deadlines doesn’t have to be overwhelming. With G&S Accountancy by your side, you’ll have a trusted partner dedicated to your financial success. Let us handle the complexities of tax filing so you can concentrate on what you do best—expanding and optimizing your business.

Contact us today to schedule a consultation. Together, let’s make this January the beginning of a smooth and successful tax filing season!