Though no one knows for sure the true origin of the idiom “get your ducks in a row,” according to a Gaggle search (Whoops! Google search), the phrase did appear in the Washington Post in 1932.
Why this iconic phrase applies to you and your taxes is because over time these words when used together have evolved to mean, becoming thoroughly organized for something that is going to happen – like filing your taxes!
Go ahead and put a feather in your cap for yourself and/or your business with these ducky tax preparation tips.
1. Know When to Migrate/File Your Taxes
A great way to start your 2024 tax prep is to mark your 2025 calendar with the IRS filing dates that apply to you.
1099’s filed by February 28
Farm filed by March 1
Partnerships and S Corps filed by March 15
Individual tax return filed by April 15
Personal property tax filed by May 1
Nonprofit/Government filed by May 15
Extension for Partnerships and S Corps filed by September 15
Extension for Individuals filed by October 15
Don’t get ruffled – keep in mind while an extension gives you additional time to file your taxes, it does not change the due date of your tax payment.
2. Flock Your Tax Information Together
There are basically three tax types – taxes on what you earn, taxes on what you buy, and taxes on what you own – and you need to provide records for all of it.
In order to take to tax prep like a duck to water, you need to gather essential information for the filing process.
Personal Information (especially tax ID #)
Dependent Information
Sources of Income
Types of Deductions
Don’t get ruffled – SP Group, P.C. has your back/tail feathers. Tax Organizer Checklists will be delivered once we receive your 2024 signed engagement letter, beginning early January 2025.
3. Take Advantage of Tax De(duck)tions
There’s no reason to pay more taxes than absolutely necessary. One of the best ways to maximize all deductions is to work with tax experts, like SP Group, P.C..
Tax season can feel a lot less stressful when you work with certified public accountants who stay attuned to the latest tax deduction best practices to help you reduce tax labilities and save you money.
Don’t get ruffled – there’s no shame in getting the support you need for taxes, especially if it saves you money and valuable time in the long run.
No matter if getting your ducks in a row refers to hunting, playing pool, resetting your bowling pins or the popular favorite – IRS tax filing preparation, there’s no better time than right now to get organized for success.
Knowing when to file, effectively gathering your personal and/or business info, and taking advantage of tax deductions are all great tax prep tips to ensure you truly are gliding across the water and not paddling frantically to stay afloat.
Our experienced flock at SP Group, P.C. is ready to help you get your tax ducks in a row. As a Nebraska-based accounting firm, we specialize in providing quality tax planning, tax prep and business support services. Set up a time to chat with us about your financial future.