December 5, 2025 | Financials
We’ll talk about year end closing in another post, but I wanted to share with you the Intuit and IRS checklists for doing your 2025 taxes in early 2026.
The checklists are largely not a surprise:
* You’ll need your personal information (SSN, DOB for you and dependents),
* Your W-2 forms (you should receive by 2/1/26),
* Your 1099 and 1098 forms,
* Your K-1 business income (sole prop or S-corp/LLC draws),
* Your other income (gambling? Alimony?),
* Your receipts for everything (donations, medical exp, mortgage interest, state & local/real estate taxes paid), and
* A copy of your 2024 year tax return.
Changes include some ways non-traditional income is taxed. Make sure you have all 1099s and documentation of wages and taxes taken out of your paychecks for abut contract wrk, cryptocurrency transactions, self-employment, and investment transactions. In addition, have any documentation on any expected deductions or credits (e.g. home energy, electric vehicle, child/dependent care expenses).
Other changes from the Trump OBB Act include:
– new deductions for the over 65 for tips, overtime pay, and vehicle loan interest.
– changes in the standard deduction, tax tables for individuals, and the elimination of personal exemptions.
– changes in limits for charitable deductions, changes to the child tax credits, and changes in how some 529 education accounts can be used.
Talk with your tax preparer about how these changes will impact you.
Look over the detailed Intuit checklist here:
Here is the more detailed IRS guidance:
https://www.irs.gov/filing/gather-your-documents
End of year; Remember to wrap up any purchase or donations you want to deduct for 2025 and remember to use any remaining funds in any health FSA accounts !
Keep us in mind: Although we do NOT do tax preparations, we can assist in getting your books ready for your filing and we work directly with your accountants to make sure your financials are accurate and complete before your IRS filing. Call us today if we can help.
Good Luck and may the universe bless you with patience !
A. Parks / ParksPacific Bookkeeping
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