Page 124 - South Mississippi Living - January, 2025
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TAX PREPARATION
PREP TIPS
As the new year begins, it’s the perfect time to prepare for the 2025 tax season. Filing taxes can be stressful, but a few proactive steps can help make the process smoother and more efficient. Here are some essential
tips to ensure you’re ready to tackle your 2024 tax return in 2025.
GET ORGANIZED EARLY
Start by gathering all the documents you’ll need for filing. This includes W-2s, 1099s, receipts for deductible expenses, and records of charitable donations. Keeping everything in one place will save time and reduce stress when it’s time to file. Use a folder or digital system to sort documents by category.
UNDERSTAND TAX CHANGES
Each year, tax laws can change, impacting deductions, credits, or income brackets. For the 2025 filing season, review updates from the IRS or consult a tax professional to understand how these changes might affect your return. For instance, adjustments to standard deductions or child tax credits could significantly impact your filing.
124 | January 2025
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