Everything Customers of Cowill Tax and Financial Services Should Know from the IRS for Filing their 2024-2025 Income Tax
1/20/20252 min read
As the tax season approaches, it is important for customers of Cowill Tax and Financial Services to stay informed about the latest updates from the IRS. Filing income tax can be a complex process, but with the right information, customers can ensure a smooth and accurate filing for the 2024-2025 tax year.
1. Stay Updated with IRS Deadlines
One of the first things customers should know is the deadline for filing their income tax return. The IRS typically sets a deadline of April 15th each year, but it is crucial to double-check for any changes or extensions. By staying updated with the IRS deadlines, customers can avoid penalties and interest on late filings.
2. Understand the Different Forms
The IRS offers various forms for different types of income and filing statuses. It is essential for customers to understand which form is applicable to their specific situation. The most common forms include:
Form 1040: This is the standard form for individual income tax returns.
Form 1040A: A simplified version of Form 1040, suitable for taxpayers with less complex financial situations.
Form 1040EZ: The simplest form for taxpayers with no dependents and uncomplicated income sources.
Customers should consult with tax professionals at Cowill Tax and Financial Services to determine the appropriate form for their filing needs.
3. Gather All Necessary Documentation
Before filing their income tax return, customers should ensure they have all the necessary documentation in order. This includes:
W-2 forms: These forms report the wages earned from employers.
1099 forms: These forms report income from sources such as freelance work, self-employment, or investments.
Receipts and records: Customers should gather receipts for deductible expenses, such as medical expenses, charitable donations, and business-related costs.
By organizing and having all the required documentation ready, customers can accurately report their income and claim eligible deductions.
4. Be Aware of Tax Deductions and Credits
The IRS provides various deductions and credits that can help customers reduce their taxable income or lower their tax liability. Some common deductions and credits include:
Standard deduction: This is a fixed deduction amount that reduces taxable income.
Child tax credit: Customers with qualifying children may be eligible for a tax credit.
Earned Income Tax Credit (EITC): This credit is available to low to moderate-income taxpayers.
Customers should consult with the tax professionals at Cowill Tax and Financial Services to identify all the deductions and credits they may be eligible for.
5. Consider Filing Electronically
Filing income tax electronically offers several advantages. It is faster, more secure, and can help customers receive their refunds sooner. The IRS provides e-filing options, including free filing options for eligible taxpayers. Cowill Tax and Financial Services can assist customers in filing their taxes electronically, ensuring a seamless and efficient process.
In conclusion, customers of Cowill Tax and Financial Services should stay informed about the latest updates from the IRS to file their 2024-2025 income tax accurately. By understanding deadlines, choosing the right forms, gathering necessary documentation, being aware of deductions and credits, and considering electronic filing, customers can ensure a smooth tax filing experience.