Tax Season Tips

Tax season is upon us! Check out some tips from enrolled agent John Warren.

When is tax time?

28 February 2025 - ORLEANS, MA - As tax time arrives, enrolled agent John Warren shares some tips for filing your 2024 returns and planning for the upcoming tax year. With the April 15 filing deadline right around the corner and the IRS accepting returns, Warren says it's go-time.

Will federal policy change for this year's planning?

Both the 2024 current filing and the 2025 year in planning should be very similar, said Warren. That's because we are in the final two years of legislation put into place in 2018. This means the same general guideline for planning last year will be in place for the current year as well. The next year 2026, will likely bring some sort of change.

What should people be aware of with children and tax filing?

One area around which Warren advises awareness is the age of your children. Both federal and state taxes offer credits for children, but the amount varies with the age of children. A common place people trip up is forgetting to plan that your child is reaching an age threshold that triggers changes in your taxes, such as turning 13, 17, or finishing college.

Will I get a refund?

Another point of awareness is the withholding structure, which changed from the traditional simplified options that often ended up with extra tax withheld and refund at year's end. The current structure tried to more accurately predict withholding - but changes to your withholding could also translate into an unpleasant tax surprise. While your take home pay might be larger, you could end up owing taxes rather than getting a refund. "Don't assume your withholding was the same as it was the previous year, " Warren saaid.

How else can you check your filing?

If you file your own taxes, Warren suggests visiting the IRS FreeFile section - https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free. He also recommends comparing last year's filing to the one in progress, using it as a check list to be sure all reported items are there and that the numbers make consistent sense from one year to the next.