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2025 Tax Pep

By: Jordan Kuhlengel

Easy ways to prepare for the 2025 Tax Season:

Individuals

  1. Make your list of charitable contributions now! Keep a spreadsheet handy and utilize tools such as ItsDeductible.Com to track non-cash donations — Catherine Kruse, Client Service Manager
  2. Book a meeting with your CPA or Financial Advisor to project out your income through the year. HKA can do a Q4 estimate for you if you’d like to examine your potential tax liability. — Jordan Kuhlengel, Partner
  3. Estimated Tax Payments: 
    • Make your estimated tax payments so that you don’t have a balance due in April
    • Track your estimated tax payments as you make them so that you don’t have to go through a year of bank statements
    • Make estimated tax payments to avoid interest and penalties on any additional balance due
  4. Sign up for an IRS web account to make your estimated tax payments and pull tax transcripts (https://sa.www4.irs.gov/sso/?resumePath=%2Fas%2FCRWLb01vYE%2Fresume%2Fas%2Fauthorization.ping&allowInteraction=true&reauth=false&connectionId=SADIPACLIENT&REF=C3DAD0F3DBA89BE532BCC1A5B157937BDC3B252207553EC635E100000070&vnd_pi_requested_resource=https%3A%2F%2Fsa.www4.irs.gov%2Fola%2F&vnd_pi_application_name=OLA)
  5. Start a list of life changes or new accounts that could affect your tax return next year — Nick White, Bookkeeping Team Manager
  6. Submit your tax credit letters early. They take at least 45 days to process and can take longer during busier times. 

Businesses:

  1. Don’t wait until December to itemize your business expenses. If you don’t know how to get started, contact HKA about our free business expense tracker! — Dakota Trump, Partner
  2. If you received journal entries with your tax return, enter them now and reach out to HKA with any questions. — Allyssa Baker, Business Team Associate
  3. Consult your lawyer regarding whether you need to file a Beneficial Ownership Information (BOI) report. They are due on 12/31. Here is more information on who needs to file:  https://hkacpas.com/2024-legislation-update-the-corporate-transparency-act-and-boi-reporting-initiative/

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