Tax season in the United States
During this annual period taxpayers must prepare and file their federal income tax returns with the Internal Revenue Service (IRS).
Beginning of the tax season:
January 27, 2025
Deadline to file tax returns:
April 15, 2025
TAX SEASON TIPS
EARLY PREPARATION
Gather all the necessary documents, such as:
- Forms W-2
- Form 1099 NEC
- Other income and deduction records
CONSIDERS THE JOINT PRESENTATION
If you are married, filing a joint return may offer additional tax benefits, such as a larger standard deduction and access to more tax credits.
PROTECTION AGAINST SCAMS
Beware of scams and fraud during tax season. The IRS never asks for personal information or immediate payments over the phone or social media.
EARLY PREPARATION
Gather all the necessary documents, such as:
- Forms W-2
- Form 1099 NEC
- Other income and deduction records
CONSIDERS THE JOINT PRESENTATION
If you are married, filing a joint return may offer additional tax benefits, such as a larger standard deduction and access to more tax credits.
PROTECTION AGAINST SCAMS
Beware of scams and fraud during tax season. The IRS never asks for personal information or immediate payments over the phone or social media.
BUSINESS TAXES
LIMITED LIABILITY COMPANY
If you own a sole proprietorship, it is important to understand how taxes work. A sole proprietorship is the simplest type of business structure, and taxes are filed directly on your personal return.
CORPORATION S
An S Corporation is a company that has elected a special tax option under the U.S. Internal Revenue Code. to avoid double taxation
Instead, the profits and losses of the business are “passed through” to the shareholders, who report this income on their personal returns.
CORPORATION C
A C Corporation is a legal entity that is separate from its owners (shareholders). This means that the corporation is responsible for its own taxes, and the income generated by the business is subject to corporate taxes.
The income generated by the company is subject to the corporate income tax.
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