Tax season has started! The Internal Revenue Service has started accepting and processing 2023 federal income tax returns. While nobody looks forward to filing taxes, this is unavoidable - the deadline is April 15, 2024.
Diamond Head Tax Group - OAHU Tax Planning and Tax Advisory experts are here to help with important advice for tax season particularly for Hawaii business owners.
Diamond Head Tax Group OAHU offers tax planning and tax advisory for businesses in Hawaii for the 2023 Tax Filing Season. Our team of experts boast impeccable mastery of current tax law, complex tax code and new tax regulations, making us uniquely equipped to aid businesses and individuals to successfully and legally minimize their taxes throughout the year.
Diamond Head Tax Group Honolulu - OAHU Tax Planning and Tax Advisory Experts' Advice for 2023 Hawaii Business Tax Filing & Preparation - Schedule a Consultation: 808-468-8041
Get ready for Tax Season with the HONOLULU Tax Advisory Services of Diamond Head Tax Group OAHU. Take note of the following tips for preparing your taxes:
Don't Forget the Deadline - April 15, 2024
The filing deadline for most people is April 15, 2024 unless you filed for an automatic six-month extension. Even for those who got an extension April 15 is the day by which you must pay any remaining taxes you owe for 2023, even if you don’t file by that date. There is a late payment penalty — with interest.
However if you live or do business in a federally declared disaster area, the IRS might have extended the deadline for you to file and pay.
Pull Out Last Year's Tax Return
Your 2022 tax return is a good starting point to figure out what documents you need to have handy to fill out this year’s return. If you told your financial record keepers not to send paper documents you can still retrieve the records online.
Recall Big Changes Last Year
Did you get married or divorce? Had a baby? Made a big investment? Major life transitions may change your tax liability or refund from what it was on your return from last year. But if nothing major has changed and you find a major difference in your tax liability or refund when you fill out your return then you might have to take another look at your map. Tax laws are not drastically different this year compared to last year.
Operating a Small Business?
Check if you got a 1099-K from a payment app. If you got paid through third-party payment apps like Venmo for side gigs or a small business, check your account online to see if the company issued you a 1099-K.
We provide Tax Preparation and Filing for Businesses - Privately Owned, LLCs, S-Corporations and C-Corporations.
Remember Deductions and Credits
Self-employed and small business owners are often eligible to receive certain deductions and credits that might get overlooked. You can maximize your savings by being aware of these deductions and credits. Consult with OAHU Tax Planning and Tax Advisory experts to determine which tax deductions and tax credits you are entitled to!
Review Business Debt
Thoroughly reviewing outstanding debts must be a part of your comprehensive tax planning strategy. Evaluating the status of business debts entails meticulously examining loan agreements, interest rates and repayment terms in order to understand the specifics of each debt and make informed decisions regarding repayment or refinancing. Interest on busines loans is often tax-deductible. Small businesses can improve their financial positions and get ready for a more profitable and tax-efficient future.
Speed Up Your Refunds
If you are owed a refund like the majority of tax filers, the IRS usually issues them within 21 days of accepting your return. But if you are claiming an Earned Income Tax Credit then by law the IRS cannot issue the EITC-related refund before mid-February. It is estimated that those refunds will be available for filers starting February 27, 2024.
Hire the Pros!
Business owners can't afford mistakes in filing taxes. By hiring Diamond Head Tax Group OAHU they will reap benefits of our HONOLULU Tax Advisory Services that will help them take advantage of the intricacies of local and federal tax codes to minimize taxes across the year and make the most out of legal and safe deductions in order to claim the refunds they deserve.
Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.
We are available to assist you with your Tax Needs.
Individuals ● Business ● Tax Advisory ● Payroll Services