Filing Taxes In 2024 — What Filers Should Know

Filing taxes in 2024 is no different than any other year — it’s unfortunately still a drag. But this year, we’re here to be your tax co-pilot. We want to make them as quick, straightforward, and painless as possible. 

Here are some things to do (and some things not to do) to make filing your taxes easier this time around.   

Filing Taxes in 2024 — what not to do 

• Wait until the last minute: The IRS says that 20% to 25% of Americans wait until the last two weeks to file their taxes. This can easily create an atmosphere of stress and rush around filing taxes, often forcing filers to make less-than-optimal decisions that cost them money.

• But also, don’t file too early: “Many taxpayers want to file quickly to get their return quickly. Sometimes that leads to accidentally filing before important paperwork arrives - paperwork regarding charitable deductions, student loan interest, etc. Without these documents, you may end up getting a smaller refund than you deserve and have to amend your return later to get the full refund.” — Matt Shapiro, Origin Certified Financial Planner™

• Rush your filing process: Waiting until the last minute often leads to a rushed tax filing process that’s prone to errors and oversights. Mistakes like — forgetting a document, misreporting income and expenses, missing out on deductions and credits, and a lot more. All of these mistakes are costly to you and your finances, and some can even increase the risk of an audit.

• Come to the tax table unprepared: Don’t wait until you meet with your tax planner or log into your tax software to be told what documents and information you’ll need for filing taxes in 2024. Get a jump on the situation by proactively seeking out information, organizing your documents, and bookmarking resources that help inform your tax filing.

• File your taxes without a plan in place: This is an expansion on the prior point — being informed of and prepared for your tax situation will allow you to make the most optimized choices about your taxes, and likely save you time, stress, and money in the process. 

What you should do — Origin’s top tips

• Make sure you don’t qualify for free filing before you pay: Lots of tax services are advertised as free, but many filers quickly find themselves disqualified the moment they mention a 1099 or the sale of stocks. Some people do qualify though, but it’s best to be sure before you start the filing process and come up against a fee you weren’t prepared to pay.   If you’re looking for a tax preparation service without the hidden costs, you can file your federal and state returns with Origin for just $12.99/mo. We accept all tax scenarios and even let you talk to our team of tax experts at no additional cost. 

• Keep track of documents as they come in — have your docs ready to go before it's time to file. Stay organized by promptly tracking incoming tax documents, and ensure a smooth filing process by having all necessary documents ready in advance.

• Use a checklist to help you get organized: Leverage a tax checklist to help you get organized and stay on track.  If you're working with a tax preparer, share the checklist with them.

• Make IRA and HSA contributions for the 2023 tax year: The deadline for contributing to an IRA or HSA for 2023 is April 15th, 2024.  Don't wait until you get your taxes in to tackle those tasks. If you want to deduct your HSA or IRA contribution from your tax return for last year, you'll need to make that contribution before you file your return this year.

• Take stock of your situation and see if itemizing suits it: The vast majority of filers will be best suited by just taking the standard deduction, but for the select few who do have enough deductible expenses to itemize, knowing that is worth it, and can end up saving you a lot on your tax bill. Don’t know what qualifies? Don’t worry, we’ve covered that.

• A bonus tip for next year’s tax preparation — Make proactive decisions throughout the year. As you become more aware of the impact taxes have on your finances, make sure to use that knowledge to make prudent money moves in 2024 that lend themselves to tax advantages.

Conclusion

In a perfect world, filing your taxes should be affordable, efficient, and come with an all-in-one money management platform to help you incorporate tax planning into your holistic financial picture. Oh, wait — that already exists, right here on Origin. 

Regardless of your tax situation, you can file your federal and state taxes seamlessly right in Origin. Origin’s embedded tax filing solution is powered by Column Tax, an IRS-vetted filing software that comes with a 100% accuracy and maximum refund guarantee. The best part? Filing your taxes with Origin is free for subscribers, so there are no hidden upsells or fees and no limits on tax scenarios accepted. Click here to learn more about Origin Tax. 

Disclaimers:

Maximum Refund Guarantee. Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. To be eligible for such reimbursement, the difference must be solely due to calculations, not due to entering any additional information or taking any different tax positions. To be eligible for such a reimbursement, you must file your federal (and if applicable state) income tax returns using the other tax preparation provider and must submit a copy of such return within sixty (60) days of filing via letter to 228 Park Ave S, PMB 22299, New York, New York, 10003, US or via email to support@columntax.com. You must also provide proof of payment for the other tax preparation provider and Column Tax will reimburse you for that amount (up to $250). Column Tax reserves the right to request additional information to support your claim that the other tax preparation provider calculated a lower tax liability or larger refund amount and that any such difference was not the result of different information.

Accuracy Guarantee. Column Tax will reimburse you for up to $10,000 of IRS or state interest and/or penalty that is imposed as the result of a computational error on a form prepared using Column Tax. If you believe that such an error occurred and you wish to seek reimbursement, you must submit a request for reimbursement via letter to 228 Park Ave S, PMB 22299, New York, New York, 10003, US or via email to support@columntax.com. Such a request for reimbursement must be submitted within thirty (30) days of the payment of interest and/or penalty and you must include (i) any correspondence assessing such interest and/or penalty, and (ii) proof that you paid the assessed interest and/or penalty. This Section 7.2 (Accuracy Guarantee) applies only to computational errors made by Column Tax; it DOES NOT apply to any errors that are the result of, among other things, any incomplete, inaccurate, or inconsistent information provided by you, any uncertain position you decide to take, your choice not to claim a deduction or credit, conflicting tax laws or guidance, or any changes to federal or state tax laws after January 1, 2023.