What You Need to Know to Get Ready for Tax Season 2025
It’s that time of year again, tax season is officially upon us! As of January 27, the IRS has started accepting and processing tax returns, and for many individuals and businesses, it’s time to get serious about filing. Whether you're a first-time filer or a seasoned pro, this is the perfect time to start preparing.
At 4Wealth, we know that tax season can feel overwhelming, but with the right guidance and preparation, it doesn’t have to be stressful. Here’s a quick guide to help you navigate the season with confidence.
1. Know the Key Dates
The IRS has started accepting returns, but there are important deadlines to keep in mind:
Tax Filing Deadline: April 15, 2025 (or the next business day if it falls on a weekend or holiday).
Extended Filing Deadline: If you file for an extension, your new deadline will be October 15, 2025.
Quarterly Estimated Taxes: For business owners and self-employed individuals, remember that your quarterly tax payments for 2025 will be due on April 15, June 15, September 15, and January 15, 2026.
2. Gather Your Documents Early
One of the best ways to minimize stress during tax season is to get organized early. Make sure you have all the necessary documents to file your return. Some of the most common items you’ll need include:
W-2 forms (for employees)
1099 forms (for freelancers, contractors, and other non-employees)
Proof of any deductions or credits (e.g., charitable donations, mortgage interest, student loan payments)
Bank statements, investment reports, and receipts for business expenses if applicable
The sooner you have everything together, the easier and faster the filing process will be.
3. Consider Your Filing Status
Your filing status can impact your tax rate and eligibility for certain credits and deductions. Be sure to review your options, especially if there have been any life changes in the past year, such as:
Getting married or divorced
Having a child or claiming dependents
Changing your employment or business status
Consulting with a CPA can help you determine the most advantageous filing status for your situation.
4. Look Out for Tax Law Changes
The tax landscape can change from year to year, and 2025 is no different. Make sure you’re aware of any updates that may impact your return. Some potential changes to watch out for this year include:
Adjustments to tax brackets
Changes to deductions and credits (including the Child Tax Credit, earned income tax credit, and standard deduction)
Updates to retirement account contribution limits
Our team at 4Wealth stays up-to-date on all of these changes and can help you understand how they affect your situation.
5. The Benefits of Working with a CPA
While tax software can certainly help you file your return, working with a certified CPA can give you peace of mind knowing that your taxes are being handled by an expert. Our team has the knowledge and experience to ensure that you take full advantage of all available deductions and credits, avoid costly mistakes, and meet all deadlines. Plus, if you’re facing a more complex tax situation—such as owning a business, filing in multiple states, or dealing with investments—a CPA can provide personalized advice and strategy.
6. Avoiding Common Tax Mistakes
Mistakes on your tax return can lead to penalties, delays, or even an audit. Some of the most common errors include:
Missing or incorrect Social Security numbers
Failing to report all sources of income
Filing with incorrect or outdated forms
Not signing your return or missing required documentation
Let us help you avoid these pitfalls and ensure your return is accurate and complete.
7. Don’t Wait Until the Last Minute
One of the biggest mistakes taxpayers make is procrastinating until the last minute to file. Not only does this add unnecessary stress, but it also limits your ability to make changes or correct errors. The earlier you get started, the more time you’ll have to address any concerns or questions that come up during the filing process.
Ready to Get Started?
Tax season is in full swing, and we’re here to make it as smooth as possible for you. Whether you’re filing as an individual or a business, 4Wealth is ready to help you navigate this year’s tax season with confidence. Contact us today to schedule a consultation and get started on your 2025 tax return.
Let’s make this tax season your best one yet!
About 4Wealth
At 4Wealth, we specialize in providing comprehensive tax preparation, planning, and consulting services for individuals and businesses. Our team of experienced CPAs is dedicated to helping you optimize your financial strategy, reduce tax liabilities, and ensure compliance with all IRS regulations. Whether you need help with personal taxes, business accounting, or financial planning, we’re here to guide you every step of the way.
