Overview
By working through your bookkeeping records on a monthly basis, we're able to provide a seamless tax process for you during tax season. On a high level, here is what you can expect during the annual tax season with Heard:
Tax Season Kickoff At Heard, we begin with the Tax Season Kickoff survey to gather information about your unique tax filing needs. In this survey, we'll ask you a few questions to confirm your tax entity type, your 1099-NEC filing requirements, and your specific filing needs for the 2024 tax year. To access the survey, go to Taxes>Annual. If this isn't completed by Jan 9, we'll require that you file an extension request. For more, see 2024 Tax Season Kickoff.
Year End Bookkeeping To prepare your 2024 books for annual taxes, we'll ask you to upload relevant year-end documents to finalize your books for the year as the first step to tax filing. This ensures that your Profit and Loss Statement more accurately reflects your true income and expenses for your annual taxes.
Bookkeeper Review Your bookkeeping team will review your books and let you know if we need anything else from you to complete your end of year accounting. Once they've completed their review, you will receive a notification letting you know that you are ready to proceed with submitting your filings to your tax preparer.
Tax Questionnaire In this checklist, we'll collect any information needed in order to begin drafting your tax return. Make updates on any important changes in 2024 and review your income and expenses.
- Upload any forms and information:
- Spouse and dependent Information
- Tax Forms
- Submit information to claim deductions such as:
- Home Office Deduction (including phone and internet)
- Healthcare Expenses
- Mileage Expenses
Tax Preparation Once your tax checklist is submitted, we’ll notify you via email to connect you with your Tax Preparer, who will review your information promptly. We ask that you be available for the next 7 business days to ensure the return is completed in a timely fashion.
Review and e-file Your tax preparer will complete and review your tax return. If everything looks good, they will ask for your signature in order to e-file it. If your return results in a balance due, your Tax Preparer will inform you of the amount owed, discuss payment plan options, and guide you on how to make the payment. If you are due a refund, your preparer will inform you and explain how you will receive it.
Why can’t I connect with my tax preparer yet?
The message portal with your Tax Preparer will become available in the Tax Preparation step in the Annual Tax Center. This is to ensure that you have uploaded tax forms and completed the checklist needed for tax filing. You will have an opportunity to have any questions answered and review and approve a draft of the tax returns.
What happens if I miss a deadline?
Throughout your Annual Tax experience, each important task has an associated deadline you’ll need to complete to ensure on-time and accurate filing with Heard. Missing a deadline may cause delays in your tax filing process, cause you to submit an extension request, and may subject you to penalties if you miss IRS or state payment deadlines.