Tax season is a good time to pause, take stock, and make sure nothing gets overlooked as you prepare your 2025 tax return. Remember that you have until Wednesday, April 15, to file your tax returns and pay any tax due. 

Here are a few timely reminders as you gather documents and meet with your tax professional.

What’s New

Tax rules and IRS processes continue to evolve. As you prepare your tax return, you may notice a few updates this filing season:

• Expanded IRS online account access may make it easier for some taxpayers to view balances, payments, and tax records
• The IRS is phasing out paper tax refund checks, and direct deposit is encouraged as the fastest way to receive a tax refund
• Additional reporting for digital assets may result in new 1099 forms for some taxpayers
• Recent legislation includes several new deductions and credits that may reduce tax bills or increase refunds.

Review Your Tax Documents Carefully

As W-2s, 1099s, and other tax forms arrive, review them for accuracy. Small errors can create delays or require amended filings later. If something does not look right, flag it early so it can be corrected before you file.

Take Advantage of Deductions and Contributions

You may still be able to make contributions for 2025 to certain accounts, including IRAs and HSAs, up until the tax filing deadline. These contributions can help lower taxable income while supporting long-term goals. Your tax professional can help confirm eligibility and contribution limits based on your situation.

Required Minimum Distribution Reminder

If you turned 73 in 2025, your first required minimum distribution from eligible retirement accounts generally must be taken by April 1, 2026. Missing this deadline can result in penalties.

How We Can Help

While BridgePort Financial Solutions does not provide tax advice, we are here to help you approach tax season with clarity and confidence. If you have any questions, please feel free to reach out to the BridgePort team.

As always, your tax advisor remains your best resource for filing guidance and tax-specific questions. They can also help identify planning opportunities that may carry into future years, not just this filing season.

Wishing you a smooth and stress-free tax season!