Get ahead this tax season with our essential checklist! Learn how to gather documents, maximize deductions, avoid common mistakes, and stay compliant before February hits.
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As we approach February, tax season is officially in full swing. For individuals and businesses alike, this is a crucial time to prepare for filing 2024 tax returns and ensuring compliance with IRS deadlines. Whether you're an early filer or someone who tends to put off tax preparation, taking action now can save you time, stress, and potentially even money. Here’s what you need to do before February hits to stay ahead this tax season.
One of the first and most important steps in preparing for tax season is gathering all required documents. By the end of January, you should have received most of the necessary tax forms, including:
💡 Organizing these documents ahead of time will make filing your taxes smoother and help you avoid last-minute scrambling.
Every tax season brings new changes, and it’s essential to understand how they may impact your return. Some of the key updates for 2025 include:
💡 Understanding these changes now can help you make necessary adjustments before filing.
Related: Form 1099-K Explained
To minimize your tax liability, it’s crucial to take advantage of available deductions and credits. Some common tax breaks include:
Related: Home Office Deduction for Business Owners
One of the biggest tax decisions you’ll need to make is whether to take the standard deduction or itemize your deductions. Generally:
💡 Before February, review your expenses to determine the most beneficial option.
Common tax mistakes can lead to delays, audits, or even penalties. Avoid these errors:
Depending on the complexity of your taxes, you may choose to:
If you expect a refund, decide how you want to receive it. Options include direct deposit (fastest), check by mail, or applying it to next year’s taxes. If you owe taxes:
✅ Start early to avoid last-minute stress.
✅ Double-check all documents for accuracy before filing.
✅ Use electronic filing for faster processing and fewer errors.
✅ Set up direct deposit for a quicker refund.
✅ Keep copies of your return and supporting documents for at least three years.
A: The deadline to file your 2024 federal tax return is April 15, 2025 (April 17, 2025, for taxpayers in Maine and Massachusetts).
A: Yes, you can make contributions until April 15, 2025, for the 2024 tax year.
A: You can set up a payment plan with the IRS to pay your tax liability over time.
A: Use the "Where’s My Refund?" tool on the IRS website.
Taking action before February ensures a stress-free tax season and helps you maximize deductions, avoid mistakes, and file on time. Whether you're expecting a refund or need to make a payment, proactive tax planning is the key to staying ahead. If you need assistance, consulting a tax professional can provide valuable guidance and peace of mind. Don’t wait—start organizing your tax documents today!
Being audited is comparable to being struck by lightning. You don't want to practice pole vaulting in a thunderstorm just because it's unlikely. Making sure your books are accurate and your taxes are filed on time is one of the best ways to keep your head down during tax season. Check out Vincere's take on tax season!
This post is just for informational purposes and is not meant to be legal, business, or tax advice. Regarding the matters discussed in this post, each individual should consult his or her own attorney, business advisor, or tax advisor. Vincere accepts no responsibility for actions taken in reliance on the information contained in this document.
For business tax planning articles, our tax resources provides valuable insights into how you can reduce your tax liability now, and in the future.
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