What Individuals Need to Do Before Tax Season Starts
Tax season is approaching. Here's your actionable checklist to get organized now, gather documents, and prepare for smooth filing.
John C Thompson, EA
Tag: Individual Tax
13 posts
What to Expect for 2025 Tax Filing Season: Complete Guide
Navigate the 2025 tax filing season with confidence. Learn about new OBBBA provisions, filing deadlines, Form 1099-DA, document requirements, and realistic refund timelines for filing in 2026.
John C Thompson, EA
Married Filing Separately vs. Jointly: Making the Right Choice for Your Tax Situation
Should married couples file jointly or separately? Understand the tax implications, credit limitations, and strategic scenarios where filing separately saves money despite higher rates.
John C Thompson, EA
Selling Your Home: Tax Treatment and Exclusions Explained
Learn how home sales are taxed and when you qualify for the $250K/$500K capital gains exclusion. Understand basis calculations, reporting requirements, and strategies to minimize taxes when selling your primary residence.
John C Thompson, EA
Understanding Tax Credits: Major Credits for Individuals and Businesses
Learn about major tax credits including Child Tax Credit, EITC, education credits, and business credits. Understand refundable vs non-refundable credits and how to maximize your tax savings.
John C Thompson, EA
New Auto Loan Interest Deduction: Up to $10,000 Tax Break for Vehicle Purchases
The new auto loan interest deduction allows up to $10,000 in annual tax savings for qualifying vehicle purchases made after 2024. Learn the requirements, income limits, and how to claim this temporary benefit.
John C Thompson, EA
Understanding Tax Filing Status: A Complete Guide
Master tax filing status choices including Single, Married Filing Jointly, Head of Household, and more. Learn how your status affects tax brackets, deductions, and credits.
John C Thompson, EA
How Tax Brackets Work: Debunking Common Myths with 2025 Examples
Debunk the myth that earning more money puts you in a higher tax bracket and reduces take-home pay. Learn how progressive taxation actually works with real examples.
John C Thompson, EA
Understanding Tax Forms for Individuals
Master individual tax forms including Form 1040, schedules, and supporting documents. Learn which forms you need and how to complete them correctly for accurate filing.
John C Thompson, EA
Do You Really Have to File a Tax Return?
Learn when you're required to file a tax return based on income thresholds, filing status, and special situations, plus when filing might benefit you even if not required.
John C Thompson, EA
Why Do We Pay Taxes?
Explore the fundamental reasons we pay taxes including funding public services, infrastructure, national defense, and social programs that benefit society as a whole.
John C Thompson, EA
Common Tax Filing Mistakes to Avoid Before the Deadline
Avoid costly tax filing mistakes including missing deadlines, incorrect information, overlooked deductions, and math errors. File accurately to prevent delays and penalties.
John C Thompson, EA