Updates for 2025 Tax Returns
There are several changes to the tax code that are in effect for the year 2025. I would like to address a few of these: For many individuals age 65 and older, you will be entitled to an additional deduction of $6,000 each. This deduction will be taken automatically on your return. The amounts for qualified tips and/or overtime will be accounted for on many employee’s W-2. If you are unsure if you're W-2 has all the pertinent information, please provide a copy of your final pay stub. For those who financed the purchase of a qualified new vehicle in 2025, your lender is required to provide a statement of interest paid. I will need this statement in order to claim the interest deduction. In future years, they will send you a Form 1098-VLI to report this interest. Please understand that this deduction only applies to certain new vehicles purchased in 2025 and beyond.
As always you have the choice of setting up an appointment, dropping off your information, or completing your return via correspondence. If you prefer a more secure way of sending me documents than email, simply let me now and I will send you a link to an encrypted folder that we can share privately. Please make sure your information is complete and line items are totaled before delivery or setting up an appointment. Feel free to utilize the enclosed organizer if that is your preference.
Please also be mindful that additional fees remain in place for those who schedule appointments or transmit their information to me in April. Additionally, I will also be filing an extension for these individuals as I will not be able to guarantee the completion of the tax return by the tax deadline. Exceptions will be made for those with brokerage statements and K-1 forms. Additional fees will also apply to those who transmit their documents via email.
As a reminder, an extension to file your taxes does not grant you an extension to pay the tax that is owed. All tax is due on the tax deadline whether or not an extension is filed. An extension on its own will only help avoid late-filing penalties but not late-payment penalties unless a payment is sent along with the extension.
I look forward to seeing you all soon.
-Brandon Johnston, EA
As always you have the choice of setting up an appointment, dropping off your information, or completing your return via correspondence. If you prefer a more secure way of sending me documents than email, simply let me now and I will send you a link to an encrypted folder that we can share privately. Please make sure your information is complete and line items are totaled before delivery or setting up an appointment. Feel free to utilize the enclosed organizer if that is your preference.
Please also be mindful that additional fees remain in place for those who schedule appointments or transmit their information to me in April. Additionally, I will also be filing an extension for these individuals as I will not be able to guarantee the completion of the tax return by the tax deadline. Exceptions will be made for those with brokerage statements and K-1 forms. Additional fees will also apply to those who transmit their documents via email.
As a reminder, an extension to file your taxes does not grant you an extension to pay the tax that is owed. All tax is due on the tax deadline whether or not an extension is filed. An extension on its own will only help avoid late-filing penalties but not late-payment penalties unless a payment is sent along with the extension.
I look forward to seeing you all soon.
-Brandon Johnston, EA