Tax Season 2024

Tax Year 2023 Prepared in 2024

March 1, 2024-April 30, 2024 at 11:59:59pm (“midnight”)

2023 was a year of flux. We saw many delightful changes, and some expensive results. Inflation took center stage as we saw the prime rate move from historic lows during the pandemic to 7.5% by September 2023. The supply chain recovered as inflation was directly addressed. The historical “normal” to remedy inflation is to increase the interest rates. If money is more expensive, people will be less likely to spend it. This theory has been proven to be flawed, but until they come up with a better plan, this is what we have: high interest rates

High interest rates mean high mortgage rates. The real estate market was very high during the pandemic and many people bought expensive homes. Housing is in a crunch. Rental homes are a multiple of what they used to be price-wise, buying a home is seven digits: $1 million or more. Renting a home is far more than what minimum wage can afford. Those who purchased at the edge of their budgets during the pandemic may be finding they are currently or are close to foreclosure. Those who rent require far more than minimum wage or multiple jobs.

Interest rates, prices and cost of living rose significantly. Wages rose, yes, but nothing compared to the cost of inflation. Inflation had an original target of 2%, but has been around 3.3% for summer 2023. The cost of most things has risen significantly, such that going for dinner at a restaurant can carry a prohibitive cost. The nation and world need to adjust to the new normal.

Tax Year 2023 prepared in 2024

Let’s get to the nitty gritty on those income taxes. Tax season runs from late February to April 30, 2024. It is *always* best to get your taxes filed as close to the beginning as possible.

*sage advice* Don’t leave it to the last minute. It is important to leave a little extra time just in case there are questions for which you need to dig to find answers. It happens. Every year, it happens.

So – where and how do you get started?

The Easiest Route
1. Call CityCat at 250-592-1313
2. Sign to Authorize CityCat at Level 2 on a T1013 (Greek lingo for “Authorization to Represent”)
3. Sign a T183 (more Greek lingo meaning “submit via efile for me”)

That’s it. You’re done. No more steps to follow. You can relax and wait 2 weeks before your pockets are potentially filled with mega-bucks. Easy, right? It’s the easiest.

BUT… What if you haven’t filed 2020, 2019 or 2018 yet? 2017? Or 2016? Or any other year…. We can help. Give us a shout and we will get you caught up.