As you gather information for your 2025 tax return, it’s a great time to review a few simple steps that can make the filing process smoother and help you take advantage of new tax opportunities. The tips below are designed to help you stay organized, protect your information, and be aware of several recent tax changes that may benefit you.

1. Set yourself up for success!
Update your Client Profile in your tax portal, complete applicable sections of your tax organizer, and upload all IRS-issued documents electronically. This helps your CPA complete your return more quickly and efficiently. If you know you are waiting for a document (e.g. 2025 K-1), you should notify your CPA.

2. Consider setting up a Trump Account when filing your 2025 tax return.
A Trump Account is a new tax-advantaged savings account for children that is generally treated similarly to an IRA but with special rules for minors.
A pilot program will also credit $1,000 to the Trump Account of eligible children born after 2024 and before 2029. Elections can also be made for the 2026 tax year here: https://www.trumpaccounts.gov/

3.  For tax year 2025, the cap on the itemized deduction for state and local taxes increases from $10,000 to $40,000 per return, before any income-based phase-out. Consider bunching or “loading” deductible state income and property tax payments into years when you can fully use the enlarged SALT cap (for example, by prepaying property taxes where allowed or timing state estimated payments) while considering the new MAGI-based phase-out rules for higherincome
taxpayers.
 
4.  Provide your accountant with your 2025 IP PIN or get an IP PIN to protect against tax fraud for you and your children.

An Identity Protection PIN (IP PIN) helps prevent someone else from filing a tax return using your Social Security number. Apply for your IP PIN online. Get to know more here: https://www.irs.gov/identity-theft-fraud-scams/get-an-
identity-protection-pin Apply for IP PIN for children using Form 15227 here:
https://www.irs.gov/dmaf/form/f15227

5. Always provide your Form 1095-A.

If you had Marketplace health coverage, your accountant would need this form to electronically file your return. A return cannot be properly filed if a Form 1095-A was issued but not reported. Please note that this form is different from Form 1095-B or Form 1095-C.

6. The IRS is phasing out paper refund checks.
Please provide accurate direct deposit information (routing and account numbers) so your refund can be received faster and more securely than by paper check. More news here: https://www.irs.gov/newsroom/irs-to-phase-out-paper-tax-refund-checks-starting-with-individual-taxpayers

7. Consider applying any overpayment to next year’s taxes instead of requesting a cash
refund if you expect to owe. This can help reduce or eliminate estimated tax penalties.

8. Set up IRS and state online accounts

• With online accounts you can securely view balances, payments, notices, and transcripts, and help protect yourself against identity theft.
•  https://www.irs.gov/
• https://gtc.dor.ga.gov/_/
• https://dor.sc.gov/

9. Auto loan interest may now be deductible.
Taxpayers may deduct up to $10,000 of auto loan interest without itemizing if
certain requirements are met.
Key requirements include:
The loan must originate after December 31, 2024.
The vehicle must be new, final assembly in the U.S., GVWR under 14,000 lbs, original use with the taxpayer, and used for personal purposes more than 50%. Income phaseouts begin at around $100,000 for single filers and $200,000 for MFJ filers.
 

10.Maximize the new “No Tax on Overtime” deduction.

Track your overtime pay separately from regular wages. Eligible taxpayers may claim up to $12,500 ($25,000 if filing jointly) for tax year 2025 under the
applicable rules.

11. Crypto activity:
Your accountant will need complete records of all your 2025 crypto activity.
Complete records include dates bought and sold, amounts, what you paid
(including fees), what you received, and any Forms 1099-DA you get from
exchanges. Crypto transactions are generally taxed like other investments, so
every sale, trade, or use of crypto to buy something can create a gain or loss that must be reported.

12. Plan cash flow to cover both balance due and estimated tax obligations 4/15/2026. Extensions give you more time to file, but not more time to pay. Any 2025 balance due must still be paid by April 15, 2026, and the first 2026 estimated tax payment is also due April 15, 2026.  It is also important to keep in mind these key dates for the 2026 Tax Season (2025 Tax Returns):

Tax Filing Deadlines:

Individuals (Form 1040): April 15, 2026 (October 15, 2026, with extension)
Calendar Year:

S Corporations (Form 1120S): March 16, 2026 (September 15, 2026, with
extension)

Partnerships (Form 1065): March 16, 2026 (September 15, 2026, with extension)

 C Corporations (Form 1120): April 15, 2026 (October 15, 2026, with extension)

One additional tax prep tip to consider…even if you file for an extension to submit your tax return, you are still required to pay any taxes owed by April 15. Paying by this date helps you avoid late payment penalties and interest. If you cannot pay the full amount, try to pay at least 90% of your estimated tax liability to minimize penalties, and pay the remaining balance when you file your return by the extended deadline.

If you have any questions about how these fit your specific situation, please contact your CPA to request advisory and tax planning services so they can work with you to develop a customized plan.
For more information about CCMG and how we can assist, go to

https://www.coastalcmg.com/.