As the 2025 tax filing season approaches, now is the perfect time to take proactive steps to ensure a smooth and stress-free experience. At Lipsey & Associates, we’re committed to keeping our clients informed and prepared for filing their 2024 federal income tax returns. By staying ahead of the game, you can minimize stress and maximize your refund. Here are some essential tips and updates from the IRS to help you get ready.
1. Leverage the IRS Online Account for Easy Tax Management
The IRS has enhanced its digital tools to make tax filing easier than ever. Setting up an IRS Online Account now can save you time and safeguard your tax information. With an online account, you can:
- View key details from your most recent tax return, including adjusted gross income (AGI).
- Request an Identity Protection PIN (IP PIN).
- Access account transcripts, including wage and income records.
- Sign tax forms like powers of attorney or tax information authorizations.
- Manage your communication preferences and view electronic notices.
- Make, cancel, or set up payment plans, and check your account balance.
Visit IRS Online Account to set up your account and streamline your tax season preparations.
2. Protect Your Identity with an IP PIN
An Identity Protection Personal Identification Number (IP PIN) is a critical tool for securing your tax return against fraud. This six-digit number prevents unauthorized individuals from filing a federal tax return using your Social Security number or Individual Taxpayer Identification Number.
What’s New for 2025? The IRS will now accept Forms 1040, 1040-NR, and 1040-SS even if a dependent has been claimed on a previously filed return. This change helps reduce processing times and speeds up refunds for individuals with duplicate dependent claims—provided they include a valid IP PIN on their return.
The easiest way to sign up for an IP PIN is through your IRS Online Account. For those unable to create an account, alternative methods include in-person authentication at a Taxpayer Assistance Center. For more details, visit Get an IP PIN.
3. Use the IRS ‘Get Ready’ Page for Practical Tips
The IRS’s “Get Ready” page is a valuable resource packed with tips to help you prepare for tax season. It includes guidance on:
- Collecting and organizing necessary documents.
- Understanding changes to tax laws.
- Exploring deductions and credits for which you may qualify.
Taking action now to organize your tax records and learn about recent updates can make the filing process much smoother. Visit Get Ready for more information.
How Lipsey & Associates Can Help
Preparing for tax season can feel overwhelming, but you don’t have to do it alone. At Lipsey & Associates, we specialize in helping small business owners and individuals with complex tax returns navigate the filing process with ease. Here’s how we can support you:
- Personalized Tax Planning: Stay ahead of tax law changes and optimize your filing strategy.
- Identity Protection Assistance: We’ll guide you through the process of securing an IP PIN to safeguard your financial information.
- Expert Tax Preparation: Our seasoned professionals ensure accurate and timely filing to maximize your refund and minimize liabilities.
Take the Stress Out of Tax Season
The sooner you prepare for tax season, the better equipped you’ll be to handle any surprises. Whether it’s setting up your IRS Online Account, securing your IP PIN, or understanding key updates, Lipsey & Associates is here to help every step of the way. Contact us today to schedule a consultation and experience the difference of working with trusted tax professionals.
Don’t wait—start preparing now and make 2025 your most seamless filing season yet!