Your Complete Guide to a Smooth and Stress-Free Tax Season
tax season faq
Welcome to our 2024 Tax Preparation FAQ page! We understand that tax season can be overwhelming, so we’ve compiled this comprehensive guide to answer your most pressing questions. Whether you’re scheduling your appointment, preparing documents, or navigating extensions and refunds, we’re here to simplify the process for you.
SCHEDULING RELATED
Over the past few years, we have seen tremendous growth in our firm. With that, it becomes increasingly important to effectively manage the work. This is also even more important when there is a compressed tax season. In order for us to ensure each one of our clients is provided excellent service, we switched to a scheduling system for 2025.
Additionally, this gives clients clarity that they need on timing (i.e. when we will get started on your return) and also clients can know for sure when to have the documents ready.
The Calendly platform will show specific time slots. The intention is for you to pick a slot. This does NOT mean that we will start your return at that exact time. What it does mean is that during that week, we will plan to start the return. For example, if you picked Wednesday, February 5th, what that means is that we will plan to start the return that week (week of February 3rd)
If you have more than 1 return, please block 1 slot for EACH return. This means if you have an individual return, a partnership return, and an S Corp return, you will need to block 3 slots on Calendly.
Not necessarily. Booking a slot in Calendly essentially means that you are saying that you will have your documents uploaded and the organizer finished by the week of your slot. However, as we are working on the return, we kindly request that you are available for any communications, should we need clarifying information on your return
- Sign the Engagement Letter
- Pay the deposit invoice
- Complete the organizer
- Upload the supporting documents to the portal
- Essential Forms: W-2s, 1099s (interest, contract, dividend, etc.), K-1s, and 1098s (mortgage interest).
- Healthcare Forms: 1095-A, 1095-B, or 1095-C if you received them.
- Bank Details: Accurate account information for direct deposit of refunds or payment withdrawals.
- Business/Rental Financials: If you give us just your credit card or bank statements, we will request you get them compiled as financials or engage us to compile them for you (aka do your accounting)
- Helpful Notes/Tips:
- Double-Check Everything: It’s easy to overlook a stray 1099 or an extra document if you changed jobs or investments during the year. Ensuring completeness avoids last-minute delays or IRS letters that come 6-18 months after filing.
- Due Dates: Most of these 1099 and other IRS source documents are due 1/31. It’s not uncommon that they are late. Please
- IRS Transcripts: Checking your ****IRS transcripts is the #1 way to make sure you don’t miss anything that the IRS is expecting for you. They detail every document received on your behalf. 2024 transcripts will become available around May to June. Filing an extension and waiting to file after downloading your transcripts is an effective strategy to make sure nothing is missed and you avoid any potential IRS letters for forgetting basic documents like a 1099-k or 1099-b or 1095.
You will need to make sure you will have all documents ready or you will need to reschedule.
Other
- Partnership & S Corp return: Mar 15,2025 , Extension: Sep 15, 2025
- Individual return: Apr 15, 2025, Extension: Oct 15,2025
- Partnership & S Corp return: Mar 15,2025
- Individual return: Apr 15, 2025
- Note: Filing for extension does not move your payment deadline to a later date like filing
If your return is extended, it only means that your return FILING is going to be extended. However, you will still need to PAY the tax by the tax payment date (point 11 above) failing to do so will acquire interest.
If you’re expecting a tax payment due, you can ask us for an estimation payment so you can make a payment by the tax payment deadline.
Usually, you should expect your refund within 2-4 weeks; however, we do not know when you will exactly receive your refund, as it depends on IRS/State processing times. The IRS and many states have tools you can use to track your refunds.
The balance due for your tax return and each state return will be shown on the returns themselves, but also on the transmittal letter that is included in your copy of the return. It is imperative that you carefully read the cover letter and ask us any questions you may have. The cover letter provides instructions on what is needed to file the return.
For questions regarding estimated payments included on the transmittal letter, see the FAQ on estimated payments.
Extensions
During tax season, we only have so much capacity to do returns by the deadline (March 15th for partnership and S-Corp returns) and April 15th for all other returns. Extending your return allows us up to 6 months of additional time to complete your return.
Filing an extension in of itself does not lead to penalties. However, if you have a balance due on your return that was extended, you will incur a failure to pay penalty which is 0.5% per month of the balance due and charged interest (states also have penalties and interest as well).
As April 15th approaches, we will reach out for anyone that wants an extension calculation done. The intent of these calculations is to give a rough estimate of the payment that needs to be made to cover your estimated tax liability.
The IRS assesses penalties that are set by Congress. The following penalties apply for balances due that are past the extension deadline:
Failure to Pay: This is 0.5% of the unpaid balance per month or any part of a month. For example, if you owe $1,000 and file the return on May 16th, you would owe $10 in Failure to Pay penalties, which is computed as follows: $1,000 x 0.5% x 2 months.
Interest: Interest is assessed on the unpaid balance at a rate of 8% per year; however, this does change as interest rates change.
Filing an extension avoids the most costly penalty, which is the Failure to File penalty. This penalty is 5% per month up to a maximum of 25%. This is why it is important to file an extension, even if you can not pay anything.
Deliverables and E-Filing
Once your tax return is completed and reviewed, it will be uploaded into the portal for your review. The return will be locked until the final invoice is paid. Once you review it, you will need to sign the Form 8879, which authorizes us to e-file.
Please remember, once you sign the 8879, you are certifying that your return is complete and ready for us to efile. We are required to file once signed.
Yes, all client copies will have a transmittal letter that is printed on Priceless CPA letterhead. Please take your time and read the instructions, as it will let you know of any payments that need to be made and where to send them.
The tax return software we use automatically defaults to printing estimated payment vouchers if they are needed. In general, it is strongly encouraged to make the estimated payments, as you can be penalized for underpayment of taxes.
In general, the IRS does not apply underpayment penalties if you do any of the following
1.) Your balance due is under $1,000
2.) Your W-2 withholding and timely estimated payments exceed 100% of your prior
year tax (110% if your income exceeds $150k)
3.) Your W-3 withholding and timely estimated payments exceed 90% of your current year tax
Estimated payments are considered timely if paid by their due dates (4/15/25, 6/15/25,9/15/25 and 1/15/26)
The estimated vouchers will be calculated for 2025 based on your 2024 tax liability.
Federal and state laws typically require us to e-file tax returns. When you sign the Form 8879, we will e-file the return. If it is rejected by the IRS and/or state tax agency, we will reach out with additional information that may be needed to get your return successfully e-filed.
If that does not resolve the issue, we will print government copies of the returns that you will need to print, sign and then mail to the address that will be stated in the transmittal letter. We STRONGLY encourage any tax returns that can’t be e-filed to be mailed via certified mail and that you go to the post office to obtain proof of mailing.
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