Get Ready for Tax Season 2025!
Audio version available here (1 min. 55 sec.)
Now that the New Year has come and passed, it’s time to get ready to file your 2024 taxes. While it may not be the most exciting prospect, filing your business and individual tax return is an obligation of all Americans. It’s best to be prepared and file early. How early? The IRS will begin accepting individual tax returns as early as 9am Eastern on Monday, January 27th, 2025.
Despite tax season opening at the end of the month, you already have options to get started. The IRS opened its Free File program to eligible taxpayers on Friday, January 10th. While you won't be able to submit your tax return before January 27th, you can get a head start on calculating your tax balance by participating in the program. Businesses can also get ahead, as the IRS will begin accepting all business tax returns starting 9am Eastern on Wednesday, January 15th.
Though you have plenty of time until April 15th (or March 15th for s corporations and partnerships), we highly recommend getting on top of your taxes early. At the very least, gather your documents by the end of January so you have an idea of how much work your tax return may take. It could be as simple as a single W-2 and the standard deduction; but if you have multiple income sources and wish to claim several deductions and credits, attempting to prepare your tax return the night before it’s due will be a disaster.
Documents necessary for doing your taxes include any income statements, such as a W-2 if you are an employee, or a 1099 if you are an independent contractor. Your employer(s) and/or client(s) have a deadline of January 31st to file and distribute these. You will also need all documentations/receipts for any deductions you plan on claiming. These are vital to substantiating your deductions and avoiding errors that could get you audited.
Another smart thing to do would be to reach out to your CPA now. A good CPA will work with you well before the deadline to assess your tax situation and craft a tax return that maximizes your savings. If you currently do not know a CPA to trust, reach out to XQ CPA. We are ready to assist you so you can file your tax return as soon as possible. Give us a call, or book an intro meeting at the link below.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
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Want to save $10,000 in taxes? Read XQ CPA's official tax planning guidebook! How to Grow Your Wealth Through Tax Planning.
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