What to Know This Tax Season: Preparation Tips

For millions of Americans, the start of a new year means they should start thinking about filing their taxes. Doing so is typically required by law and may also present opportunities for financial gains. However, despite being an annual task, preparing your taxes can be a complicated and even confusing process. Understanding how to prepare and what to expect when filing your 2024 taxes can help ensure a smooth and successful tax season.

Key Tips for Filing Your 2024 Taxes

As tax day approaches, you can streamline your process and ensure you’re getting your maximum refund by considering the following steps:

• Get organized. Get your tax documents together as soon as possible. Your W-2, 1099s, receipts for business expenses and other forms may all contain critical information. If you’re using electronic versions of documents, make sure they’re backed up and stored on multiple devices.
• Understand relevant changes. The IRS frequently issues updates for each year’s tax filings. Many changes may be irrelevant to you and your family, but you should remain apprised of key details, such as the standard deduction amount and how taking it may affect your return compared with utilizing itemized deductions.
• Know your deadlines. Being late on filing your taxes can impose expensive consequences. This year, make sure you’re finished by April 15, 2025. If necessary, you may be able to receive an extension until Oct. 15, 2025, but any taxes you owe for the 2024 tax year must still be paid by April 15.
• Consider hiring a professional. You’re likely aware of how complicated tax laws and the filing process can be. To ensure compliance, maximize your refund and potentially assist with audits, enlisting the assistance of a qualified tax professional may prove to be a wise and valuable investment.

We’re Here to Help

Contact INSANDTAGS.COM in Plantation, FL, today to speak with one of our dedicated team members and learn more about navigating the 2025 tax season.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.