As the new year approaches, so does one of the most critical times for individuals and businesses alike: tax season. Beginning in January 2025, taxpayers across Rockwall, TX, and the surrounding areas will start preparing their financial documents and filing their tax returns for 2024. With evolving tax laws, new deductions, and the complexity of the tax code, this is the perfect time to seek expert help from Richard Brozewicz, CPA.
What’s New for the 2024 Tax Year?
Before diving into tax preparation, it’s essential to understand what changed in 2024 that could impact your return:
- Changes in Standard Deductions: The IRS has adjusted standard deductions for inflation. While these increases can lower taxable income for many, it’s essential to determine whether itemizing might be more beneficial.
- Clean Energy Tax Credits: If you made eco-friendly upgrades to your home, such as installing solar panels or purchasing an electric vehicle, you might qualify for federal tax credits. Understanding these credits can significantly impact your tax liability.
- Child Tax Credit Adjustments: The Child Tax Credit has seen modifications in income thresholds and payout structures. Families should review their eligibility to maximize benefits.
- Self-Employment Deductions: Entrepreneurs and freelancers may find additional opportunities to save through adjusted thresholds for health insurance premiums, home office deductions, and retirement contributions.
- Remote Work Considerations: If you worked remotely in 2024, you might face state income tax implications depending on where your employer is based.
Why Choose a CPA for Your Tax Preparation?
Filing taxes can be overwhelming, especially when you’re navigating new laws and deductions. A professional CPA like Richard Brozewicz offers expertise that can save you time and money while reducing the risk of errors or audits. Here’s why:
- Maximizing Deductions: A CPA understands every deduction and credit available to you. From business expenses to education credits, Richard ensures you don’t leave money on the table.
- Minimizing Errors: Tax mistakes can be costly and time-consuming to fix. A CPA meticulously reviews your return for accuracy and compliance.
- Strategic Planning: Beyond filing your taxes, Richard provides strategic financial advice, helping you make smart decisions for the year ahead.
- Peace of Mind: Knowing a trusted professional is handling your taxes reduces stress and gives you confidence in your financial future.
Tax Filing Tips for 2025
To make this tax season smooth and successful, consider these tips:
- Gather Your Documents Early: W-2s, 1099s, mortgage statements, and charitable donation receipts are just a few of the documents you’ll need. Start organizing them now.
- Track Life Changes: Marriage, divorce, the birth of a child, or purchasing a home can all affect your tax return. Ensure these changes are communicated to your CPA.
- Plan for Estimated Taxes: If you’re self-employed, ensure your estimated taxes align with your income to avoid penalties.
- Review Retirement Contributions: Maximizing IRA or 401(k) contributions before the tax deadline can lower your taxable income.
- Consider Extensions if Necessary: If you’re unable to file by the April deadline, your CPA can help you request an extension while minimizing penalties.
Why Rockwall Residents Trust Richard Brozewicz, CPA
Located conveniently in Rockwall, TX, Richard Brozewicz has built a reputation for exceptional service and personalized attention. Whether you’re an individual filer or a business owner, his commitment to understanding your unique financial situation ensures tailored solutions that meet your needs.
With the tax code becoming increasingly complex, it’s more important than ever to have a trusted professional in your corner. Richard’s local expertise means he understands the specific financial concerns and opportunities in Rockwall and the surrounding communities.
Don’t Wait—Contact Richard Brozewicz CPA Today
Tax season may not officially start until January 2025, but proactive planning now can save you headaches and money later. Contact Richard Brozewicz, CPA, in Rockwall, TX, to schedule a consultation. Whether you need help filing a return, advice on tax planning, or support for your business’s financial needs, Richard is here to help.
Prepare for tax season with confidence—reach out today and discover the difference a professional CPA can make! 972-210-3467
