Tax Season 2025: What You Need to Know & How to Prepare (Now)
February marks the start of the traditional tax season which means filers and preparers are starting to get organized to get ahead of “Tax Day” stress. The faster filers start preparing, the smoother the preparation process will be - that sounds like a riddle, but I promise it’s easier than it looks. In this guide, we'll break down what you need to know to tackle the 2025 tax season with confidence. Let’s dive in.
Gather Your Tax Documents
Whether you identify as a young student (Student Loan Interest), a seasoned retiree (Retirement Contributions & Distributions), a homeowner (Mortgage Interest Statement), business owner (1099), or somewhere in between, there’s a tax document for you to file. Employees and contract workers should start to receive your W-2 or 1099 forms in February. Tip: Reach out to your employer if you haven’t secured these documents yet. Start to collect your charitable donation receipts, rental income, investments, and other taxable records in advance - bonus points if it’s before March!
Organize Your Expenses and Deductions
A tax deduction is an amount you subtract from your income when you file taxes. Deductions come in many shapes and sizes including standard, itemized, work-related, retirement, and more. Common deductions include home office deductions for those that “WFH,” business expenses such as office supplies, 401-k contributions, and even some medical expenses that exceed a certain percentage of your gross income. Organize these taxable expenses in order to share with your preparer ahead of this upcoming season.
Upload Your Documents to TaxDome
Once you have categorized and organized your tax documents, it’s time to share these files with your tax pro. Wildalea clients can easily and safely upload their documents into our tax portal, TaxDome. TaxDome is our secure, client portal that helps streamline that communication ensuring your sensitive tax information gets to our team in the safest way possible. Learn how to upload your documents in TaxDome via our YouTube channel here.
Getting organized now can save you time, money, and unnecessary stress. Take the time this February and March to get ahead of tax preparation woes and put your tax-related records and receipts in order. From gathering key documents to maximizing deductions, Wildalea is here to support you every step of the way.
Get a head start on your 2025 tax season at www.wildalea.com. Wildalea is a full-service provider of tax strategy and strategic tax preparation to make sure that you are only paying your fair share of taxes. It’s our goal to remove surprises, communicate effectively and minimize your tax bill within the clear lines of the tax code. Keeping you educated, informed and compliant.
