Tax Preparation for 2025: Essential Dates and Tips

As we approach tax season for 2025, it’s crucial to get ahead of the game. Proper planning and organization can help you avoid the last-minute scramble and ensure that you maximize your deductions, minimize your tax liability, and avoid any unnecessary penalties. Here’s a comprehensive guide to help you prepare for the 2025 tax season, including important dates, updates, and tips.

Call Turner Business Solutions at (316) 285-0125 for a free initial consultation.

1. Key Tax Deadlines for 2025

Mark your calendars with these important dates:

• January 16, 2025: Fourth Quarter Estimated Tax Payment Due - If you're self-employed or have other income that isn't subject to withholding, your final estimated tax payment for 2024 is due on this date.

• January 31, 2025: Deadline to Receive W-2s and 1099s - Employers and financial institutions are required to send out W-2s and 1099s by this date. Make sure you receive all the necessary forms to report your income.

• February 15, 2025: Deadline for Form W-4 - If you claimed an exemption from withholding on your Form W-4 last year, you must submit a new Form W-4 by this date to maintain your exemption.

• April 15, 2025: Tax Filing Deadline - This is the standard deadline for filing your 2024 tax return and making any tax payments. If you can't file by this date, you can request a six-month extension, pushing your deadline to October 15, 2025. However, keep in mind that this extension only applies to filing your return, not paying any taxes owed.

• April 15, 2025: First Quarter Estimated Tax Payment Due - If you're required to make estimated tax payments for 2025, your first payment is due on this date.

• June 17, 2025: Second Quarter Estimated Tax Payment Due.

• September 16, 2025: Third Quarter Estimated Tax Payment Due.

• October 15, 2025: Extended Tax Filing Deadline - If you requested an extension, this is the final day to file your 2024 tax return.

  
  

2. Gathering and Organizing Your Documents

Preparation begins with gathering and organizing all the necessary documentation. Here’s a checklist of common documents you’ll need:

• Income Statements: W-2s, 1099s (including 1099-NEC, 1099-DIV, 1099-INT, etc.), and any other income-related documents.

• Investment Information: Statements for brokerage accounts, capital gains, dividends, and any interest earned.

• Retirement Contributions: Records of contributions to retirement accounts such as IRAs, 401(k)s, etc.

• Deductible Expenses: Receipts and records for deductible expenses, including charitable contributions, mortgage interest, medical expenses, state and local taxes, etc.

• Health Insurance Information: Form 1095-A, 1095-B, or 1095-C to prove you had health insurance coverage during the year.

• Education Expenses: Form 1098-T for tuition payments, along with receipts for qualified education expenses.

  
  

3. Understanding Tax Changes and Updates for 2025

The tax code is constantly evolving, so it’s important to stay informed about any changes that could impact your tax return. Some key areas to watch for 2025 include:

• Standard Deduction Increase: The IRS typically adjusts the standard deduction annually for inflation. Check the IRS website or consult with a tax professional to see if the standard deduction has increased for 2025.

• Contribution Limits: Contribution limits for retirement accounts, such as IRAs and 401(k)s, may have increased. Make sure you're aware of the new limits to maximize your contributions.

• Tax Bracket Adjustments: Income tax brackets may be adjusted for inflation, which could affect your marginal tax rate.

• Tax Credits: Review available tax credits, such as the Child Tax Credit, Earned Income Tax Credit (EITC), and education credits, to see if you qualify.

  
  

4. Planning for Estimated Taxes

If you're self-employed or have significant income not subject to withholding, you'll need to pay estimated taxes throughout the year. To avoid penalties, ensure your estimated tax payments cover at least 90% of your tax liability for the year, or 100% of your tax liability for the previous year.

Contact Turner Business Solutions by scheduling a free consultation online or by calling (316) 285-0125 if you need assistance determining your estimated tax payments.

5. Consider Tax-Planning Strategies

Here are some strategies to reduce your tax liability for 2025:

• Maximize Retirement Contributions: Contributing to a traditional IRA or 401(k) can lower your taxable income.

• Take Advantage of Tax-Loss Harvesting: Offset capital gains with losses from other investments.

• Review Withholding: If you had a large tax bill or a big refund last year, adjust your withholding to more accurately match your tax liability.

• Consider Charitable Contributions: Donations to qualified charities can be deductible if you itemize.

  
  

6. File Early and Consider Electronic Filing

Filing your tax return early has several benefits, including a quicker refund and reducing the risk of tax-related identity theft. Additionally, consider filing electronically, as it’s faster, more accurate, and provides confirmation that the IRS has received your return.

7. Consult with a Tax Professional

Tax laws can be complex, and even small mistakes can result in penalties or missed opportunities. If you have any doubts or complex financial situations, consider consulting with a tax professional to ensure your return is accurate and optimized for your situation.

Conclusion

By staying organized and informed, you can navigate the 2025 tax season with confidence. Keep these important dates in mind, gather all necessary documents, and consider seeking professional advice to ensure you’re fully prepared. The earlier you start, the smoother your tax season will be.

Schedule a free consultation online with Turner Business Solutions.