As we approach the 2024 tax filing deadline, here are a few important considerations to ensure a smooth and accurate tax season.
Filing Deadline and Extensions
The official tax filing deadline this year is April 15th, 2025. If you need more time to prepare your return, you can request a free, automatic six-month extension by filing Form 4868.However, it’s crucial to remember that an extension only gives you more time to file—not more time to pay. If you owe taxes, you’ll still need to make your payment by April 15th to avoid late payment penalties.
Staying Up to Date with Tax Alerts
The IRS regularly updates its Important Tax Alert and News page with helpful information, including special alerts for those preparing or awaiting the processing of their tax return. Checking this page can help you stay informed about any changes or updates that might affect your filing.
How Tax Season Is Going So Far
Timeliness and accuracy are top priorities within our company. As LPL advisors, we are proud to share some of LPL Financials' tax stats so far this year:
1099-R forms were delivered on January 17th, with 1,134,010 sent compared to 990,321 last year.
Consolidated 1099 tax forms continue to be delivered weekly through March 7th. So far, 2,007,539 forms have been delivered, representing about 96% of the total estimated volume, a slight improvement over last year’s 95% at the same time.
Preliminary 1099 tax forms were also made available electronically this year. Clients who did not receive their original 1099 by February 14th were issued a preliminary draft copy, which reflects any securities still awaiting income reclassification. These forms are electronic-only and were not mailed.
One of the best ways to avoid the hassle of refiling your tax return is to ensure the accuracy of the forms you receive. Last year, LPL achieved an industry-leading correction rate of just 0.47%, and early trends indicate that this tax season’s correction rate should remain below 1%.
We are here for you.
While Harvest Point® does not provide tax advice, we are still here as a resource and can help you find necessary documents. In our recent 'Tax Tips' webinar, Cameron Jensen walks you through how to find your documents online (36:00 min mark). Additionally, you can always give our office a call if you are confused about what to do with your documents.
As the tax deadline approaches, taking a thoughtful and well-prepared approach can make all the difference. By staying ahead of key dates, verifying the accuracy of your tax documents, and using the resources available, you can help ensure a smooth and efficient filing process.
Are you looking for a financial advisor? Get in touch with our team by filling out our Discovery Form to schedule a 30-minute introductory call. We would love to discuss your legacy, values, and goals to determine if Harvest Point® would be a good fit to help you accomplish them.
Disclosures:
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
Harvest Point® Wealth Management and LPL Financial do not provide specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.