1099-Misc and/or W2 – If you are required to issue any of these forms, they are due to the recipient by January 31.  If 10 are more, they MUST be E-filed this year. Returns filed 30 days late are subject to $50 per form; 31 days or more $100 per form/per month.  A new form 1099-NEC will be used for Contract Labor.

Tax Rates for 2025 are 10%, 12%, 22%, 24%, 32%, 35% and 37%.  Corporations 21%   

Standard Deductions:    

 Single/MFS  $14,600; Head of Household $21,900 and Married Filing Joint: $29,200.

Child Tax Credit – Individuals claiming children under age 17 may qualify for a $2,000 tax credit and if not, all applied to tax liability the difference up to $1,500 can be refundable.   There is a $500 credit for other dependents on the 2024 Return.

Itemized Deductions (Limited) –

Medical Expenses: The first 10% doesn’t apply towards Deduction. Mortgage Interest, Real Estate Taxes, & Contributions are still eligible.

2% Misc. Deductions for Employees has been written out of the Tax Code:  

EXTENSIONS – You could be assessed $210 late payment fee for filing an extension and owing a balance.  Extensions are not designed to delay payment only to FILE.   

DEADLINES:  Partnerships and S-Corps are due March 15.   Personal Returns & C-Corp. Due April 15.

Tax Credits

Tax Credits for new clean vehicles up to $7,500 towards tax liability. In 2025, you can apply credit toward new vehicle.

Energy Efficient Home Improvement. 

Tax Credit up to $1,200 is available if you make qualified energy improvements to your home.

TAX Reduction Ideas

Maximize your HSA Contributions

Contribute to Retirement Accounts

Donate Appreciated Assets

Student Loan Interest

Student Tuition (Need 1098-T)

Mileage Rate for 2024 is $0.67

UPDATED DOCUMENTSPlease bring in Taxpayer/Spouse Drivers License/ID and each person’s Social Security Card to ensure they are on file