What you need for tax filing this 2025

Don’t let the taxes due date catch you unprepared! Starting early the tax filing could reduce a lot of the stress from leaving it all to the last minute. Compare your paperwork with our checklist and see if you have everything ready for this year.

Have on hand:

• Social Security Number or Tax Identification Number (ITIN) and PIN
• Form W-2: The employer must provide the wages and tax retention
• Form(s) 1099: Reflecting all your income sources such as compensations and pensions 
• Various income documents that show the year’s earnings such as Banking statements, Checks received, etc.
• Paperwork for deductions: Dependent care expenses, Home mortgage, Retirement Contributions, etc.
• Have on hand last year’s Tax Return for reference.

Don’t forget these new elements:

• • Form 1099-K:If received more than $5,000 in payments for products or services through digital marketplaces in 2024 you should have received one of these Forms in January.
  • Digital Assets are taxable:Cryptocurrencies, NFT’s and other digital tokens should be included on your income section during filing.

• Increased Standard Deduction: have a look at your filing status. This year many of them got an extra 5% of deduction compared to 2023  

The IRS Makes available for tax contributors with total income (before taxes) of $84,000 or less their digital Tax Filing Platform for an easier upload of all the paperwork. Also Tax professionals can help you during this process of preparing your paperwork to avoid mistakes and giving you some deductions strategies that may be applicable to your situation. 

*The information provided in this article is generic in nature and for informational purposes only, it is not a substitute for specific advice in your own circumstances.