It’s that time of the year! Tax season is upon us, and there are multiple actions that everyone who files should be beginning to consider, whether you are filing as an individual, a couple, or a business. The following sections will contain helpful information to assist you in your preparation for filing your 2025 taxes. You will want to make sure you have all of your required documents to your preparer earlier rather than later, as it takes time for the necessary work to be completed.
Documents:
You will need to acquire and organize all of your necessary documents, which are included, but not limited to the following:
- W-2 – Wage income statements for traditional employment.
- Form 1099 – Accounts for income received from interest, dividends, capital gains, retirement account distributions, freelance income, digital payments and assets, social security income. Brokerages often provide a consolidated 1099 to you.
- Form 1098 – Statements that contain deductible amounts and adjustments, such as mortgage interest, tuition statements, student loan interest paid, HSA contributions, charitable donation receipts, records of childcare expenses you may have had.
- Form 1095-A, B, or C – Health insurance statements that may be necessary in verifying that you had health coverage for the year, ensuring compliance with the ACA.
- K-1 – Applicable if you have pass through income or losses from involvement in a business partnership, as well as trusts, estates, and other pass-through entities.
- Form 8889 – These are for reporting contributions and distributions from an HSA account, if applicable.
- Form 4562 – Used in claiming deductions for depreciation regarding business expenses.
Deadlines:
- March 16 – Deadline for S corporations and partnerships to file. This is typically March 15, but because this falls on a Sunday in 2026, the date for filing is March 16.
- April 15 – Deadline for individual returns to be filed, as well as 6-month extensions. IRA and HSA contributions for the 2025 tax year can also be made up until this date.
- October 15 – Deadline for those who filed an extension.
Additional Details:
There are some changes in regards to the 2025 tax season, many of which are tied to the One Big Beautiful Bill Act (OBBBA). Provided below are a few highly relevant updates that should be taken into consideration for the upcoming filings:
- Standard Deduction Increases – The new figures are $15,750 for single filers, $31,500 for MFJ, with an additional $2,000 (single) or $1,600 (married, each) for seniors and blind filers
- Retirement Contribution Increases – IRA contribution limits for 2025 are $7,000 per person, with a catch-up of an additional $1,000 for those 50 or older. Tax deferred 401(k) limits are $23,500, with a $7,500 catch up contribution if you are 50-59 or 64+ years old. If you are 60-63, you are subject to a greater catch up of $11,250 if your plan allows for it.
- New Senior Deduction – Under OBBBA, an additional $6,000 (per person) deduction applies for seniors aged 65 or older as of Dec 31, 2025. This can lower your taxable income, but there is a phase out for single filers with a MAGI of $75,000 and joint filers with $150,000+.
- SALT Deduction Changes – Under OBBBA, State and Local Tax deductions for filers who may itemize are updated to a $40,000 limit, which is phased out at higher incomes.
- Child Tax Credit – Under OBBBA, the federal child tax credit is now $2,200 per child, updated from $2,000 previously.
- Tip and Overtime Income Deductions – OBBBA provides a measure that deducts up to $25,000 in tip income, as well as $12,500 single/$25,000 joint overtime pay.
- Energy and Green Credits – These were largely curtailed or phased out with the new legislation, and eligibility may vary going forward.
Going forward into the 2025 tax season, make sure you are in contact with your qualified tax preparer to ensure proper handling of your filings. Stay on top of needed documents, deadlines, and any legislative changes or systemic updates that may directly impact you!