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With the 2025 tax season just around the corner, it’s crucial to take action now to ensure your 2024 tax return goes smoothly. The IRS has enhanced its digital tools to simplify the process, and now is the perfect time to take advantage of them. Here are some essential tips from the IRS to help you get ready for tax season:
Create Your IRS Online Account
An IRS online account allows you to access key details like your adjusted gross income, request an Identity Protection PIN, and view your tax transcripts. You can also make payments, set up payment plans, and check over 200 IRS notifications. If you don’t have an account yet, sign up today to streamline your filing process.
Get an Identity Protection PIN (IP PIN)
The IP PIN is a six-digit number that protects your personal and financial information, preventing others from filing a return using your Social Security Number (SSN) or Taxpayer Identification Number (TIN). For the 2025 tax season, if you’re filing a return with a dependent previously claimed on another return, the IRS will accept your return if it includes a valid IP PIN. Get your IP PIN easily through your IRS online account.
Organize and Review Your Tax Documents
Ensure you have all necessary documents for filing your taxes, such as W-2, 1099, 1099-K forms, and any other income records. An organized system—whether digital or paper—will make the preparation process much easier.
Report Digital Asset Income
If you conducted transactions with cryptocurrencies or digital assets in 2024, you must report this income. Keep detailed records of all transactions, including the market value of assets received in U.S. dollars.
Review 1099-K Updates
If you received more than $5,000 in payments for goods and services through online platforms or payment apps, you will receive a 1099-K form. Be sure to review this form and use it along with other records to report your income accurately.
Make Your Final 2024 Estimated Payment Before January 15, 2025
If you have non-salary income, such as unemployment benefits or self-employment earnings, you may need to make additional estimated payments. Use the IRS Withholding Estimator to check if you need to make a payment before the deadline.
Prepare Your Digital Assets for 2025 Filing
Remember that all digital asset income must be reported. Whether you received, sold, or traded cryptocurrencies, NFTs, or other digital assets, ensure you have all records and calculate your capital gains or losses correctly.
Avoid Refund Delays
While most refunds are issued within 21 days, some may require additional review if there are errors or missing information. Also, if you’re claiming credits like the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS won’t issue your refund until mid-February.
Maintain an Efficient Document Organization System
A well-organized record-keeping system is key to making tax season easier. Ensure all your tax documents are ready, including W-2 forms, 1099s, and digital asset transaction records.
Get Ready Today for the 2025 Tax Season!
Taking action now can reduce stress and ensure a smoother filing process next year. At Toro Taxes, we’re here to help you navigate the tax season. Whether you need advice on optimizing your return or have questions, our team of experts is ready to offer the support you need.
Don’t Wait Any Longer!
If you’re ready to take the next step and be part of a franchise that supports you every tax season, consider investing in a Toro Taxes franchise. Join our family of franchisees and access a proven business opportunity with the training and support you need to succeed. Contact us today for more information and take the first step toward business success! Call +1 800 867-6829 or visit our website: https://torotaxesfranchise.com
