2025 Tax Filing: What to Expect & Why to Prepare Before This Year Ends

Key Tax Season Dates for 2026 

The IRS typically begins accepting tax returns in late January, with the 2026 tax season expected to open around late January 2026. The filing deadline for your 2025 tax return will be Tuesday, April 15, 2026. If you need more time, you can request an automatic six-month extension, pushing your filing deadline to October 15, 2026, though this doesn't extend your payment deadline. 

For those who make quarterly estimated tax payments, the fourth quarter 2025 payment is due January 15, 2026. Missing these deadlines can result in penalties and interest charges, so mark your calendar now. 

What's New for Taxes This Year: The One Big, Beautiful Bill Act 

The biggest tax news for 2025 is the passage of the One Big Beautiful Bill Act, signed into law in July 2025. This legislation makes permanent many provisions from the Tax Cuts and Jobs Act while introducing several new temporary deductions that could significantly impact your tax situation. 

Game-changing news for those 65 and older: If you're 65 or older, you may qualify for an additional $6,000 deduction per person ($12,000 for married couples where both spouses are 65+). This new deduction is available from 2025 through 2028 and comes on top of both the regular standard deduction and the existing additional standard deduction for seniors. 

Here's what this means in practice: A married couple both age 65 or older could potentially claim a combined standard deduction of up to $46,700 in 2025, which includes the base standard deduction of $31,500, plus the existing additional deduction of $3,200, plus the new $12,000 senior deduction. 

However, this generous deduction does phase out. It begins to reduce for single filers with modified adjusted gross income over $75,000 and married couples filing jointly over $150,000, phasing out completely at $175,000 and $250,000 respectively. Strategic planning opportunities for seniors: This temporary increase in standard deductions creates unique planning opportunities for those 65 and older, particularly for 2025-2028. Consider strategies such as: 

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Roth conversions: With higher deductions available, converting traditional IRA funds to Roth IRAs could be done at lower effective tax rates during this window. 

Income timing: If you have control over when you receive income, concentrating it during these years when deductions are higher could reduce your overall tax burden. 

Capital gains realization: The increased deductions create more "tax space" to realize capital gains while staying in lower tax brackets. 

Essential Documents You'll Need 

 One of the biggest obstacles to timely tax filing is scrambling to locate necessary documents at the last minute. Start gathering these items now: 

Income documentation: W-2 forms from employers, 1099 forms for contract work, investment income statements, retirement account distributions, Social Security benefits statements, and any other income sources. 

Deduction and credit records: Mortgage interest statements, property tax bills, charitable donation receipts, medical expense records, student loan interest statements, childcare provider information including their tax ID number, and education expenses. 

Personal information: Social Security numbers for yourself, your spouse, and dependents, bank account and routing numbers for direct deposit, and your adjusted gross income from last year's return. 

A helpful tip: pull out last year's tax return as a reference guide. It shows what types of income you reported and any carryforward items like capital losses or charitable contribution carryovers that may still apply. 

Smart Preparation Strategies 

Organize digitally: Consider creating a dedicated folder on your computer or cloud storage for tax documents. Organize by year and category with subfolders for income, deductions, and investment records. This makes retrieval easy when you're ready to file. 

Review life changes: Did you get married, have a child, change jobs, buy a home, or experience other significant life events in 2025? These changes can substantially impact your tax situation and may qualify you for additional deductions or credits. 

Maximize retirement contributions: If you haven't already maxed out your IRA contributions for 2025, you have until the April filing deadline to make contributions that can reduce your taxable income for the year. 

Consider tax-loss harvesting: If you have investment losses, they can offset capital gains and potentially reduce your taxable income. Review your portfolio with your financial advisor to understand how this strategy might benefit you. 

Working with a Financial Professional 

While tax software has made DIY filing more accessible, working with a qualified financial advisor or tax professional offers distinct advantages. Our wealth management professionals at WHZ stay current on ever-changing tax laws (and there are plenty of the this year). They can also help to identify deductions and credits you might miss, and help you develop strategies that optimize your tax situation not just for this year but for years to come. 

A financial advisor can also help you coordinate your tax planning with your broader financial goals, whether that's retirement planning, college savings, estate planning, or business succession. This holistic approachensures that tax considerations don't exist in isolation, but support your overall financial strategy. 

Start gathering your documents today, review your financial situation for the year, and consider scheduling a consultation with a WHZ financial advisor to discuss tax-efficient strategies for both this year and beyond.Don't let tax season catch you off guard. By taking these steps now, you'll position yourself to file accurately and maximize your deductions and credits.  

Ready to take control of your tax planning and overall financial strategy? Contact WHZ Strategic Wealth Advisors today to schedule a complimentary consultation. Our team of experienced financial advisors will work with you to develop a comprehensive approach that addresses your tax concerns within the context of your broader financial goals. Visit whzwealth.com or call us at 860-928-2341 to get started. 

Authored by WHZ Managing Partner, Advisory Leisl L. Langevin CFP® CDFA®. AI may have been used in the research and initial drafting of this piece. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084, 860.928.2341. http://www.whzwealth.com. These materials are general in nature and do not address your specific situation. Diversification does not assure a profit or protect loss in declining markets and cannot guarantee that any goal or objective will be achieved. For your specific investment needs, please discuss your individual circumstances with your financial advisor. WHZ Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice.