How To Get Ready For Tax Season in Susquehanna

February 13, 2025

A Brand New Year also means another Tax Season. Though with a little preparation, you’ll be able to:

Save Time
Avoid Mistakes
And Maybe Keep a Little Money in your pocket…

Whether you’re a local business owner or trying to get your personal taxes in order, here’s how to stay ready for taxes in Susquehanna.

Knowing The Deadlines

We all know the IRS Tax Deadlines for Most Individuals is April 15th & March 15th for certain business owners.

Here you can add this deadline to your Calendar to stay aware of the Tax Deadline for Years to come – so it doesn’t creep up on you

Gathering Information

Before you can file, you need to ensure you have all the proper information ready to file. This can vary depending on the person, but here’s some of the common Documents needed to file:

✅ W-2s

– If you’re an Employee

✅ 1099-NECs & 1099-MISCs

– For Freelancers/Contractors/Side-Hustlers, & people collecting Rent/Royalties

✅ 1099-INTs

– If you have a Savings Account or Certificate of Deposit

✅ Business Income/Expenses

– If you run a Small Business

✅ Property Tax Statements

– To claim Deductions (If you want to Itemize)

✅ Charitable Donation Receipts

– For Tax Credits

✅ Student Loan or Tuition Statements (1098-T, 1098-E)

– For Education Deductions

✅ Last year’s tax return

– To reference past Deductions/Credits & Information

Maximize Your Deductions & Credits

When getting ready for tax season, it’s best to explore the opportunities offered by PA and Federal Tax Codes that could lower your taxable income.

Below are a couple of ideas:

PA Tax Forgiveness – If Your Income is below a certain threshold, you may qualify for a state tax reduction.

To see if you qualify, you can see the tax tables by clicking here.

Small Business & Freelancer Write-Offs – Home Office Deduction & Vehicle Expenses

If you work out of your home as your main business operations, you may be able to claim the Home Office Deduction.

Which allows you to deduct $5 per sq ft up to $1,500.

Retirement Contributions – Contributions to an IRA can reduce Taxable Income

Contributing to a Traditional or Roth IRA not only helps you save for retirement but it can also be a tax write-off!

Common Tax Mistakes To Avoid

❌ Filing Late – Penalties add up, avoid this Today!

❌ Keeping Records – For Business Owners, keep records for at least 6 years in case of an Audit

❌ Missing Deductions – Don’t skip over deductions to just get taxes over with! Avoid Overpaying!!!

Work With A Local Tax Expert

If Taxes is overwhelming you and consuming your time and attention, it’s time to start working with a Local Tax Professional.

Braun FAS offers a top-quality service for both individuals and businesses in Susquehanna at an affordable rate, schedule a FREE meeting with Mike Today.