I’m an Accountant: 3 Tax Tips Everyone Should Follow in 2025

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Tax seasons is upon us, and while there are no drastic overhauls this tax year, it’s still wise to be aware of the current deadlines, changes to credits and deductions, and common reasons your tax return could be rejected.

GOBankingRates spoke with Sherri Laudenslager, a CPA and expert with TurboTax, about the tax tips you should follow this tax season.

Know This Year’s Due Dates

“An important item to keep in mind during this time of year is tax due dates,” Laudenslager said. “This is important for every taxpayer, but especially important for small-business owners.

“The first step for a business owner is to understand the entity type of your business,” she continued. “A limited liability company (LLC) can be one of four entity types, and this is determined by your state and IRS registrations. Tax due dates are different based on entity type.”

Here are the tax dates individuals and business owners need to keep in mind for 2025:

• March 17: Due date for partnerships (Form 1065) and S corporations (Form 1120-S). “Keep in mind, the due date is generally the 15th day of the third month, unless the due date falls on a weekend,” Laudenslager said.
• April 15: Due date for C corporations operating on a calendar year (Form 1120), sole proprietorships and single-member LLCs (Form 1040 – Schedule C).
• April 15: Due date for all personal tax returns (Form 1040).

Be Aware of the Changes for Tax Year 2024

“Tax changes for 2024 primarily relate to increased limits based on taxpayer filing status,” Laudenslager said.

Here are a few limits that have changed for this tax year:

Increased standard deduction:

• Single and married filing separate: $14,600 ($750 increase)
• Married filing jointly or qualifying surviving spouse: $29,200 ($1,500 increase)
• Head of household: $21,900 ($1,100 increase)
• Taxpayers who are 65 and older or are blind increase standard deduction as follows:
  • Single or head of household: Additional $1,950
  • Married filing jointly or qualifying surviving spouse: Additional $1,550

Earned Income Tax Credit: The maximum amount for 2024 is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase from $7,430 for tax year 2023. Income thresholds and phase-outs still apply in calculating taxpayer EITC.

Marginal rates:

• 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly)
• 35% for incomes over $243,725 ($487,450 for married couples filing jointly)
• 32% for incomes over $191,950 ($383,900 for married couples filing jointly)
• 24% for incomes over $100,525 ($201,050 for married couples filing jointly)
• 22% for incomes over $47,150 ($94,300 for married couples filing jointly)
• 12% for incomes over $11,600 ($23,200 for married couples filing jointly)
• 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly)

For a more comprehensive list of changes, Laudenslager recommended visiting the IRS website.

Make Sure You Are Filing All Required Forms

A common reason for your tax return being rejected when you file electronically is that you are missing Form 8962, Laudenslager said.

“Form 8962 is required for all taxpayers who have health insurance coverage through a health insurance marketplace,” she said. “Form 8962 is required if the taxpayer, their spouse or anybody they claim as a dependent is enrolled in this type of health insurance. Form 1095-A (health insurance marketplace summary) summarizes important information about the coverage provided.”

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