A Flurry of Tips to Prepare for a Smooth 2025 Tax Season:
Individuals
- 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
- 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
- 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
- Sign up for an IRS web account to make your estimated tax payments and pull tax transcripts (IRS Web Account)
- Start a list of life changes or new accounts that could affect your tax return next year — Nick White, Bookkeeping Team Manager
- Submit your tax credit letters early. They take at least 45 days to process and can take longer during busier times.
Businesses:
- 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
- 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
- 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/