What To Expect For 2024 Tax Season With Tulsa CPA

As we get closer to 2024, tax season is right around the corner. There are some changes coming that you need to be aware of.

Kaitlin Flinn is a Certified Public Accountant with CCK Strategies here in Tulsa and she helped us know what to expect.

What are some examples of tax documents that we need to gather?

"So first of all, you're gonna start getting charitable contribution statements in the mail. There might be summaries of how much you contributed during the year. You'll gather property tax statements, and if you itemize medical expenses. Then come January, you're going to see all the W-2s and the 1099s roll in. Especially for individuals, if you're using the marketplace insurance, make sure you hold on to that 1095-C," Flinn said.

What changes are coming to Oklahoma tax law that affects parents whose kids are in private school or home school?

"There is the Oklahoma Parental Choice Tax Credit. It's called a tax credit, because it's based on adjusted gross income. For those that have their children in private school, you could get a tax credit between $5,000 to $7,500 per student. For those that are homeschooled, you could get one up to $1,000," Flinn explained.

Flinn said it's called a tax credit only because it doesn't go on your tax return. You actually apply through ParentalChoice.OK.gov and that starts December 1.

She said to make sure you get that application in, because it's first come, first serve if you qualify for that credit. CLICK HERE for more information.

What's some general words of advice for people who use Venmo, Paypal and more -- especially if that's how they're getting income?

"At first, we thought that the threshold would be $600. So if you received business income from Etsy, PayPal, all the companies that you mentioned, you would receive a 1099-k, if you earned over $600. Then they changed it to a threshold of 20,000. And we thought that in 2023, it was going back to $600. Well, they changed again. It's now $20,000 for another year. Then in 2024, we'll see it go down to $5,000," Flinn said.

Flinn recommended paying attention to what you're earning in general, and making sure that you're tracking how much you're receiving for your business and how much you're receiving personally.