Tax Prep Is a Year-Round Activity
Most people think about taxes only in April, but the smartest moves happen long before that. The biggest opportunity for most employees is maximizing contributions to tax-advantaged accounts: 401(k) contributions must be made before December 31, while IRA contributions can go in until the April 15 filing deadline. If your withholding is off — either too much or too little — adjusting your W-4 mid-year avoids surprises at filing time.
During tax season (January through April), gather all your documents early: W-2s from employers (due January 31), 1099s from investment accounts and freelance income, and receipts for deductible expenses like mortgage interest, charitable donations, and medical costs. Filing early means faster refunds and reduced risk of identity theft-related fraud.
Frequently Asked Questions
Filing Form 4868 gives you until October 15 to submit your return, but any taxes owed are still due by April 15. An extension to file is not an extension to pay — so estimate and pay what you owe to avoid penalties and interest.
For tax year 2025, the standard deduction is $15,000 for single filers and $30,000 for married filing jointly. Itemizing deductions only makes sense if your total itemized deductions exceed these amounts.