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Summer Tax Tips to
Keep You Cool

Like you, our associates at Schell & Hogan are knee-deep in the currents of our Southern summer. We wish all our clients the happiest of long and laid-back days, picnics and gatherings, vacations, summer camps, and visitors coming to see you.

We are sure tax planning is not high on your summer list, but we do have a few helpful tips to keep in mind.

  • Show You the Money!
    Are you working seasonally to bring in additional income? That’s great! The IRS requires everyone to pay taxes on any income, whether it’s a primary career or profits earned from the gig economy. If you are self-employed (e.g. an independent contractor) and earn taxable income that is not subject to withholding, remember to pay estimated quarterly taxes to the IRS. The next date is September 15, 2024. If you sell goods or services via online marketplaces or payment apps, make sure you understand the new reporting requirements about the Form 1099-K that went into effect for 2024. When you take direct payment by payment app, credit card, or bank card for selling goods or providing services, you'll get a Form 1099-K from your payment processor or payment settlement entity no matter how many payments you received or how much they were for.
  • Getting Married? Newly married couples report name changes to the Social Security Administration (SSA) and your employer, if applicable. Your new married name must match your Social Security number to prevent delays in processing your tax return in 2025.
    • Report a name change to the SSA online or call 800-772-1213.
    • Change of address:Notify the IRS with Form 8822 if you move.

    Getting married affects your filing status and could change your tax bracket. Schedule a meeting with us to analyze how you plan to file jointly, separately, or one or both in federal and state taxes.

  • Save for College Now.

    Summer is a great time to consider starting a college savings plan for children. Check out our College Budget Planning site to learn about the Education Savings Account (ESA) or the Education IRA. You can set up a consultation with us by clicking on Schedule an Appointment listed beneath the profile of the tax associate you would like to meet with. Try the College Savings Calculator to give you an idea of goal setting.

  • That Tax Extension You May Have Filed This Year …

    Just a reminder to file your income tax return as soon as possible. Since we are mid-year, filing sooner is wiser than waiting until the New Year’s Eve fireworks start popping.

    Have you used our Personal Organizer? With a tax preparation checklist, you can reduce stress and get the most out of your tax return. All current Schell & Hogan clients receive a pre-filled personal organizer from our office at the end of each tax year.

    • If you are interested in becoming a client and would like a personal organizer to get you started, please request here.

    This year’s tax extension deadline is October 15, 2024. Summer challenge: Can you file before the first school bell? Enjoy a safe and profitable summer. We look forward to seeing you again soon.

Schell & Hogan, LLP works with individuals and businesses throughout Southeast Georgia and North Florida. Our 57 years in business and collective expertise ranges from tax management and accounting services to more in-depth services, such as audits, financial statements, and financial planning.