Embedded Files
Tips for Your Tax Appointment
Must bring DRIVERS LICENSE or other valid ID for each taxpayer.
Please bring your PRIOR YEAR TAX RETURN.
COLLEGE CREDITS: Must provide FORM 1098-T for education credits.
Bring your tuition statement to MAXIMIZE education credits (We can often INCREASE your refund with detailed billing statements)
Bring your DEPENDENT'S TAXES
Dependent who file on their own often claim themselves, causing a delay in the parent's return.
Ask about family plan pricing.
Tips for Year-End Tax Savings
Sell Stock before December 31st;
Losses can be used to offset gains on other sales;
You may also write-off an additional $3,000 against other income.
IRA Contributions can be made until April 15, 2025.
Make your fourth estimated tax payment by January 15, 2025.
Tips for Maximizing Credits & Deductions
HSA Contributions you make are tax deductible.
Qualified Business Income receives a 20% deduction for qualified passthrough income from such sources as schedule C's on your 1040, partnerships and S-Corps.
Several new energy credits; particularly electric cars - up to a $7,500.00 credit.
Certain energy efficient home improvements qualify for a credit.
Long-term care costs may be deducted as itemized medical deductions.
Long-term care insurance premiums are also tax deductible and a credit on state return.
Donations made to personal websites like "GoFundMe.com" are not deductible.
Businesses cannot deduct expenses that result in forgiveness of paycheck protection loans.
Summer day camp qualifies for child care credit for your dependent.
Other Tips
Divorces completed after 12/31/2018 - Alimony is no longer deductible by payor and not income to recipient.
529 College Saving Plans can now pay for K-12 education.
Social Security wage base has risen to $168,600 for 2024, and $176,100 for 2025.
State payments (Medicaid) to individuals providing care for disabled relatives are not taxed.
Employers can help pay down up to $5,250.00 in workers' college loans.
Distributions from IRA avoid the 10% penalty if used for health (medical) and higher education of taxpayer, spouse, or dependent only.
Page updated
Report abuse