Tax season can be a stressful time, but with a little preparation, you can file your taxes smoothly and efficiently. Knowing how to file income tax returns properly will help ease your tax preparation and frustration, now and later.
This guide by our tax experts at Lewis CPA addresses common questions about the tax return filing process, including "When will I get my tax return?" and "When is tax season?" along with who needs to file and how to prepare for tax season successfully.
Who Is Required to File a Tax Return in 2025?
The tax return filing requirements depend on your filing status and income. We’ve provided a summary for 2025, but you can always verify this information with the latest IRS guidelines:
- Single (Under 65): File if your taxable income is at least $13,850 ($15,450 if 65 or older).
- Married Filing Jointly (Both Under 65): File if your taxable income is at least $27,700 ($29,300 if one spouse is 65 or older; $30,900 if both are 65 or older).
- Head of Household (Under 65): File if your taxable income is at least $20,800 ($22,400 if 65 or older).
- Qualifying Surviving Spouse (Under 65): File if your taxable income is at least $27,700 ($29,300 if 65 or older).
You should also file if you:
- Owe special taxes
- Used money from your health savings accounts
- Had net self-employment earnings of at least $400
When Is the Deadline to File Taxes in 2025?
Tax season for 2024 tax returns begins in late January 2025. The filing deadline for federal federal income tax returns in 2025 is typically April 15th. However, if this falls on a weekend or holiday, the deadline is extended to the next business day. You can request an extension using Form 4868 which will give you until October 15th to file.
A few other important dates to keep in mind:
- January 31, 2025: Deadline for employers to send W-2s.
- April 15, 2025: Deadline for 2024 tax returns and tax payments.
- October 15, 2025: Deadline if you received a filing extension.
How to File Your Taxes
It’s essential that you know how to file income tax returns no matter where you work. Knowing the steps and what you need to file taxes can reduce unnecessary delays and confusion, as well as decrease the chances of making mistakes.
Keep Security in Mind
You’ve heard it before: identity theft happens all the time. Normally, people do so by stealing a credit card, but during tax season the major danger lies in tax returns filed in your name so the thief can steal your refund. Filing early can help prevent this problem. There are also identity theft monitoring services that can help catch fraud.
Check That Your Numbers and Forms Are Correct
Staying organized during tax season is essential because even the smallest mistakes can lead to much bigger problems down the road, including being audited. Carefully review all tax forms to ensure they are complete and accurate. Also, don’t forget to check whether the numbers, like income and returns, are correct.
Use Tax Software
Tax rules and regulations are ever-changing, and it’s easy for small details to be missed. Software services like TurboTax and H&R Block can make filing taxes a painless process. Not only can you say goodbye to headaches, but you can also be sure that you’re doing everything you can to avoid fines and audits.
Documents You Need to File Your Taxes
Gathering your tax documents well in advance saves significant time and frustration later. Here’s a breakdown of the key documents you'll need. Remember, this isn’t an exhaustive list; additional documentation may be required depending on your individual circumstances.
Core Documents
These are the foundational documents you will almost certainly need, regardless of your specific financial situation.
- W-2 Form: You’ll receive this from your employer and it summarizes your wages and tax withholdings.
- 1099 Forms: These cover various types of income, including 1099-K (payment processing), 1099-MISC (miscellaneous income), 1099-INT (interest income), 1099-NEC (for non-employee compensation), and others to report interest, dividends, retirement plan distributions, and miscellaneous income.
- 1098 Forms: These include Form 1098 (Mortgage Interest Statement) and Form 1098-E (Student Loan Interest Statement).
Supporting Documentation (If Applicable)
Depending on your individual circumstances, you might need these additional documents:
- Records of Charitable Donations: Keep detailed records of your donations to eligible organizations, including receipts, bank statements showing transfers, or other verification. Be prepared to report the actual costs and confirm your eligibility for the charitable donations deduction.
- Records of Business Expenses (for Self-Employed Individuals or Business Owners): Maintain meticulous records of all business-related expenses incurred throughout the year. Be aware of the business expenses you can deduct.
- Records of Investment Income: Keep track of all investment-related income, such as dividends, capital gains, and interest. If you have investment income, it should be carefully documented and reported.
- Records of Rental Property Income: If you own rental property, keep accurate records of all income and expenses related to your rental properties.
- Records of Self-Employment Income: If you are self-employed, ensure you meticulously track all self-employment income received, including income from all sources and any eligible deductions.
- Records of Gambling Winnings: Report any gambling winnings, keeping thorough records of your winnings and losses.
From charitable contributions to business expenses, accurate record-keeping directly impacts your tax liability. Keep in mind that the IRS scrutinizes charitable deductions, particularly those involving significant amounts and real estate donations. Improper documentation can lead to disallowed deductions and substantial penalties that could have been avoided altogether.
Documentation for Tax Credits
Many individuals and business owners are eligible for specific tax credits. If you’re not sure where to start, first ensure you have all the necessary documentation:
- Documentation related to Tax Credits: This includes documentation proving eligibility for tax credits such as the child tax credit, retirement savings contributions credit, and premium tax credit.
- Health Insurance Marketplace Statement (1095-A): If you obtained health insurance through the marketplace, you will need this statement.
- Records of Unemployment Benefits: If you received unemployment benefits, keep records of the payments received.
- Records of Advance Payments: If you received advance payments of certain tax credits, you’ll need to reconcile these payments on your tax return. This includes details of advance payments you received.
With your tax documents gathered and reviewed, don't forget the final steps: confirm your filing status and provide your banking details for direct deposit if desired.
Additional Tips for a Successful Tax Year
Following these additional tips that our Lewis CPA team has assembled can help ensure a smooth and efficient process. We’re here to help you minimize stress and maximize your tax benefits.
- Organize: Gather all tax documents (W-2s, 1099s, receipts, etc.) and organize them logically. Make sure to schedule a meeting with your tax professional to review everything.
- Clarify: Discuss your specific tax situation and any unique circumstances with your tax advisor. Review carryover items (capital losses, PALs, NOLs) and basis adjustments for sold assets.
- Report Accurately: Provide complete information on all securities transactions (1099s, etc.). Remember that transferring shares within the same mutual fund family is a taxable event.
- Separate Business and Personal: Keep business and personal finances separate for easier tax preparation, especially for pass-through entities.
Don't skimp on professional help or underestimate its worth! Even with careful preparation, seeking professional guidance is invaluable. Our team at Lewis.cpa is here to help however you need it. If you feel confused or overwhelmed, or you simply don’t have time to prepare for the upcoming tax season, trust the Lewis.cpa team to provide expert guidance and assistance with every step of the tax preparation process.
Streamline Your Taxes with Lewis.cpa
The earlier you do your taxes, the better, and tax season is right around the corner. Whether you're a freelancer, a small business owner, or simply looking for expert tax guidance, Lewis.cpa is here for you. Our team of tax professionals will answer your questions and help to maximize your tax refund.
Contact us for top-quality accounting and tax services that are personalized for your individual needs!
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