Deadlines & Date

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BUSINESS TAX RETURN DEADLINE

The tax filing deadline this year for Partnership (Form 1065) and S-Corp (Form 1120-S) returns, without extension, is March 17, 2025. C-Corp (Form 1120) returns are due April 15th, 2025 without extension. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before March 17th, please submit your tax information to us no later than February 23rd, 2025. If your information is received after February 23rd, your return may be extended and filed after March 17th. Rushed returns can be arranged for an additional fee.

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PERSONAL TAX RETURN DEADLINE

The tax filing deadline this year for personal returns (Form 1040), without extension, is April 15th, 2025. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before April 15th, please submit your tax information to us no later than March 25th, 2025. If your information is received after March 25th, your return may be extended and filed after April 15th. Rushed returns can be arranged for an additional fee.

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NON-PROFIT TAX RETURN DEADLINE

The tax filing deadline this year for non-profit returns (Form 990), without extension, is May 15th, 2025. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before May 15th, please submit your tax information to us no later than April 25th, 2024. If your information is received after April 25th, your return may be extended and filed after May 15th. Rushed returns can be arranged for an additional fee.

2025 TAX SEASON APPOINTMENTS

If you do not need to meet with me, you may submit your documents directly to our office or through our share file.  If you do not have access to the client portal or need reminded of your login, please let our team know and we’ll get you the link to upload your tax support documents for preparation.  Information may also be mailed to our office or emailed. If you choose to email your information, please take steps to ensure cybersecurity (i.e., password protecting documents, etc.). We will always follow up with you regarding any questions during the preparations of your tax returns and make sure that you have time to review your completed returns and ask any questions you may have before filing.

I find that most tax questions can be answered over email and many clients appreciate being able to refer back to written answers especially when it pertains to confusing tax law. However, there are times that phone calls and zoom meetings are necessary. And if you have new or unusual circumstances that you would prefer to discuss over the phone call us at any time.

The last day we will be taking appointments prior to the April 15th deadline is Friday March 21, 2025. Note that there are a limited number of appointments during this time frame, so please schedule early.

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FEES

Our fees for tax preparation are based on the complexity of the return and the time it takes to prepare and file it. I prefer to give you a flat fee prior to the preparation of the returns so there are no surprises when the work is completed. To do this, I will need to see the prior tax return that was filed and any details about major changes in the current tax year. If you are agreeable to the fee, give you access to the client portal, and we will get started on the work.

We accept cash, checks, and credit cards.

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CLIENT PORTAL: SHAREFILE

All tax support documents and returns will be available through our secure client portal. This portal will allow you to log in to gain access to your tax returns and other confidential documents at any time. Information regarding how to access our secure client portal will be provided when you drop off your information to process your return. We are happy to print copies of tax returns by paper if requested.

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 Please let us know if you have any questions. We highly value our client relationships. Your recommendation to an associate, friend or family member is more significant than any advertisement. We sincerely appreciate your patronage and as always, we strive to provide you with professional and efficient service.​​​

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It’s that time of year again!  It’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire soon, some form of change is likely. We continue to closely monitor any potential tax legislation and update you accordingly.

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We are here to clarify tax and financial planning opportunities and assist you in implementing strategies to reduce your tax burden. Please contact us at your earliest convenience to discuss your situation so we can develop a customized plan. In the meantime, here’s a look at some issues impacting individuals as we approach year-end.

Upcoming sunset of TCJA provisions

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As we approach the end of 2025, it is crucial to be aware of the upcoming changes due to the scheduled sunset of the provisions enacted in 2017 in the TCJA. Unless Congress acts, several key benefits will expire on December 31, 2025, impacting your tax situation starting in 2026.

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A major change will impact individual income tax rates. The lower brackets will return to pre-2018 levels, and the nearly doubled standard deduction will drop back to its former amount (adjusted for inflation). Therefore, assessing your income and itemized deductions in 2024 and 2025 could be crucial to capitalizing on existing tax benefits.

Charitable contribution planning.

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If you are planning to donate to a charity, it’s likely better to make your contribution before the end of the year to potentially save on taxes. There are many tax planning strategies we can discuss with you about charitable giving.

• Consider donating appreciated assets that have been held for more than one year, rather than cash. You benefit from a deduction for the FMV of your appreciated stock and avoid taxes on capital gains from the appreciation.

• Opening and funding a donor advised fund (DAF) is appealing to many as it allows for a tax-deductible gift in the current year and the ability to distribute those funds to charities over multiple years.

• Qualified charitable distributions (QCDs) are another beneficial option for those over age 70 1/2 who don’t typically itemize on their tax returns. If you have a required minimum distribution (RMD) from your retirement accounts, this could be a great strategy for you.

It is essential to maintain proper documentation of all donations, including obtaining a letter from the charity confirming that no goods or services were provided in exchange for donations of $250 or more.

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Required minimum distributions (RMDs)

You cannot keep retirement funds in your account indefinitely. RMDs are the minimum amount you must annually withdraw from your retirement accounts once you reach a certain age (generally age 73). Failure to do so can result in significant penalties. There are also opportunities to roll retirement funds to a qualified charity to satisfy your RMD without incurring taxes. We can assist you in calculating your RMDs and planning for potential tax exposure. Also, with the anticipated end of the TCJA, now might be a good time to convert some traditional IRA funds into Roth IRAs before higher tax rates are implemented.

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Digital assets and virtual currency

Digital assets are defined as any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins.

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The sale or exchange of virtual currencies, the use of such currencies to pay for goods or services or having such currencies that you hold as an investment, generally have tax impacts –– and the IRS continues to increase its scrutiny and reporting requirements in this area. We can help you understand the tax and investment consequences.

If you hold and transact with digital assets, you should be aware of a safe harbor that allows for the allocation of unused basis before the end of the year if you used the universal method to determine the cost of those assets.

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Energy tax credits

“Going green” continues to offer significant tax incentives. The Inflation Reduction Act of 2022 included new and expanded tax credits for solar panels, electric vehicles (EVs) and energy-efficient home improvements. While the rules are complex, there is time to benefit from these credits in the current year. It’s important to note that these credits have specific eligibility requirements and limitations.

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The tax credits for energy efficient home improvements recently underwent significant changes. This credit now has an annual limit rather than the lifetime limit that was in place previously. This change allows homeowners to benefit from the credits year after year if they continue to make energy-efficient upgrades. The energy efficient home improvements credit covers a wide range of improvements, including installing windows, doors, insulation, and various types of heat pumps. 

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Additional tax and financial planning considerations

We recommend you review your retirement plans at least annually. That includes making the most of tax-advantaged retirement saving options, such as traditional individual retirement accounts (IRAs), Roth IRAs and company retirement plans. It is also advisable to take advantage of health savings accounts (HSAs) that can help you reduce your taxes and save for medical-related expenses.

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Here are a few more important tax and financial planning items to consider and discuss with us:

• Life changes –– Let us know about any major changes in your life such as marriages or divorces, births or deaths in the family, job or employment changes, starting a business and significant expenditures (real estate purchases, college tuition payments, etc.).

• Capital gains and loss harvesting–– Consider tax benefits related to using capital losses to offset realized gains. Think about selling portfolio investments that are underperforming before the end of the year. Net capital losses can offset up to $3,000 of the current year’s ordinary income. The unused excess net capital loss can be carried forward to use in subsequent years.

• Estate and gift tax planning –– Be sure you are appropriately planning for estate and gift taxes. There is an annual exclusion for gifts ($18,000 per donee in 2024, $36,000 for married couples) to help save on potential future estate taxes. Review lifetime gift and generation skipping transfer (GST) opportunities to use additional exclusions and exemption amounts.

• State and local taxes –– Remote working arrangements or moving your residency could potentially have tax implications to consider. We can help you with your state income, sales and use tax questions.

• Education planning –– Save for education with Sec. 529 plans. There can be income tax benefits to do so, and there have been changes in the way these funds can be used. We can help you with any questions.

• Updates to financial records –– Determine whether any updates are needed to your insurance policies or beneficiary designations.

• Roth IRA conversions –– Evaluate the benefits of converting your traditional IRA to a Roth IRA to lock in lower tax rates on some of your pre-tax retirement accounts.

• Estimated tax payments –– With underpayment interest rates currently at 5% for federal, it is a good idea to review withholding and estimated tax payments and assess any liquidity needs. If you have income flowing through from a business, you may benefit from a state’s Pass-Through Entity (PTE) provisions.

Whether it’s working toward a tax-optimized retirement or getting answers to your tax and financial planning questions, we’re here for you. Please contact our office today at 318-251-2196.  As always, planning ahead can help you minimize your tax bill and position you for greater success. 

Sincerely,
Tonya & Stephanie

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