This year's tax filing officially started on January 27. If you haven't prepared yet, take your time and gather your documents carefully for accurate reporting.

Preparation for 2024 Tax Filing

Collect Important Documents

  • Prepare income and deduction-related documents such as W-2, 1099, and 1098.
  • W-2 must be provided by the company by January 31, so if you haven't received it yet, please wait.
  • Statements for stock or cryptocurrency transactions (1099-B, 1099-K) generally come out around February, so don't rush.

Check Deduction Items

  • Gather deduction documents such as medical expenses, education expenses, donations, and mortgage interest payments.
  • Check for deductions you may qualify for, such as the Earned Income Tax Credit (EITC) and Child Tax Credit.

Report Investment Income and Cryptocurrency Transactions

  • If you have stock or cryptocurrency transactions, you must report them.
  • Wait for the tax reporting documents issued by exchanges (1099-B, 1099-K, etc.) before filing.

Improvements in the IRS System for the 2025 Tax Filing Season

Upgraded "Where's My Refund?" Tool

  • Check refund status in real-time
  • If the IRS needs additional information, they will notify you through mobile alerts

Expanded E-filing Options

  • 20 new forms have been added, allowing for more diverse online filings

Enhanced IRS Online Account Features

  • Schedule and cancel future tax payments
  • Submit responses to IRS correspondence online

Important Considerations for Taxpayers

Adhere to Deadlines

  • Business (corporation) tax filing: March 15, 2025
  • Individual tax filing: April 15, 2025
  • If you need to apply for an extension, be sure to apply before the deadline

Maximize Deductions and Credits

  • Education expense deductions (American Opportunity Credit, Lifetime Learning Credit)
  • Child Tax Credit
  • Mortgage interest deduction (Home Mortgage Interest Deduction)

Seek Help from Tax Professionals

  • For complex tax issues such as business income and investment income, it is advisable to seek help from a CPA or tax professional
  • Tax laws change every year, so it is essential to reflect the latest information

As the tax filing season has begun, make sure to gather the necessary documents and prepare at your own pace.