At My Accounting Now, we believe in empowering business owners with the knowledge and tools they need to thrive. Our blog serves as a resource hub, offering insights into critical aspects of business finance, from effective bookkeeping practices to strategic tax planning. By staying informed and proactive, business owners can avoid common pitfalls and leverage financial strategies to fuel their growth and success.
With the 2025 tax filing season approaching, it's vital to prepare so that everything is done the right way. Below are some helpful tips for efficient filing. The tax environment is constantly evolving; knowing the updates for the 2025 tax season is paramount. One notable change will be the implementation of new tax limits. The IRS and state legislatures frequently modify the income thresholds that dictate tax brackets, so taxpayers should examine their annual income to know the correct category. Also, it should be noted that adjustments to basic deductions and tax credits could alter their payment.
The inclusion of digital assets on taxes represents a significant change in the way tax authorities approach taxation today. A digital asset is a property that is stored electronically and can be bought, sold, owned, transferred or traded. Examples include convertible virtual currencies or cryptocurrencies, for example, bitcoin, stable coins and non-fungible tokens (NFTs), which include digital collectibles.
Filing tax returns is an important task for all taxpayers and there are many ways to do this for free.
IRS Free File is one of the free options available to taxpayers, whether online or in person. This service is made possible by a public-private partnership between the IRS and Free File Inc. Beginning January 10, 2025, Free File will begin accepting individual tax returns. This year, online guided tax software products will be provided for taxpayers with an adjusted gross income (AGI) of $84,000 or less in 2024.
It's important for taxpayers to know tax filing deadlines and how to avoid tax delays. Accurate records for tax purposes not only comply with the law, but also allow for faster returns.
