Tax Season 2025 Has Begun
As the 2025 tax filing season is just beginning, companies are working on making tax forms such as W-2’s and 1099’s available. Wage statements must be delivered by the deadline date of January 31st. With the advancement in technology, most payroll systems allow for early access through employee’s online accounts.
Now, it is advised tax filers, that you wait until all official tax documents are received before finalizing your tax return. There is no doubt that the holiday shopping season has left a stack of bills to be paid, which creates an urgency to file as early as possible. That big tax refund is much awaited but do not risk filing an incomplete return.
Tax preparation service providers do offer some attractive products such a as refund anticipation loans, which gives access to some much needed cash early. Keep in mind, that the accuracy of your tax return is crucial to this loan amount. Let the term “loan” sink in for a moment. It is not your actual refund but funds you get access to, in anticipation for a refund.
Until the IRS and State processes the actual tax returns, no amount is guaranteed, which is why it is so important to submit an accurate and complete return. Also, filers should be careful about claiming credits and deductions. Do some due diligence regarding the eligibility criteria to claim them. Disallowed claims for credits and deductions can also reduce your intended tax refund.
During this time while you wait for your W-2 and other tax forms, you may want to consider applying for an IP PIN from the IRS. This is a great way to protect you tax data privacy. You may also want to create an online account with the IRS and state. With an online tax account, you can review have access to your tax notices, pay balances, access transcripts among other things.
For more tax tips or for assistance with preparing and filing your tax return, please reach out to me or click on the link below to book an appointment. It matters who prepares and files your tax returns, even you!
SLS Accounting & Business Consulting Services have been providing Bronx and New York City residents with expert Tax Preparation & Bookkeeping Services since 2019. For an affordable rate, you can have your tax returns prepared and your financial accounting done by an experienced Accountant and Enrolled Agent. Services are offered year-round and fully remote.