Tax Time Survival Guide: What You Need to File + Deductions & Credits You Don’t Want to Miss!

It’s that time of year again—tax season! Whether you’re a small business owner, freelancer, or filing personal taxes, staying organized is key to a stress-free filing experience.

To help you out, I’ve put together a super simple tax checklist + a list of deductions and credits you might not know you can claim. Keep reading to make sure you’re not leaving money on the table!

Step 1: Gather These Essential Documents Before Filing

✔️ Personal Information

• Social Security Numbers (for you, spouse, and dependents)

• Bank account and routing number (for direct deposit of refunds)

✔️ Income Documents

• W-2 Forms (if you’re employed)

• 1099 Forms (if you did contract, freelance, or gig work)

• Interest or investment income statements (1099-INT, 1099-DIV, 1099-B)

• Social Security benefits statements (SSA-1099)

• Unemployment benefits (1099-G)

• Rental income records (if applicable)

✔️ Deductions & Credits You May Qualify For

• Mortgage interest (Form 1098)

• Student loan interest (Form 1098-E)

• Charitable donations (receipts required!)

• Medical expenses (if they exceed 7.5% of your AGI)

• Childcare expenses (Form 2441)

• Retirement account contributions (IRA, 401k)

Step 2: Special Tax Credits & Deductions for Individuals & Families

Not a business owner? You can still claim deductions and credits that could lower your tax bill or boost your refund! Here are some to check for:

✅ Earned Income Tax Credit (EITC) – Available to lower-to-moderate-income workers; can result in a big refund!

✅ Child Tax Credit (CTC) – If you have kids under 17, you may be eligible for up to $2,000 per child.

✅ Child & Dependent Care Credit – Helps offset the cost of daycare, babysitters, or after-school programs.

✅ American Opportunity Credit & Lifetime Learning Credit – If you or a dependent is in college, you could get a credit for tuition and fees.

✅ Energy-Efficient Home Credit – You may qualify for credits if you made energy-efficient improvements, like installing solar panels, new windows, or HVAC systems.

✅ Medical & Dental Expenses – If these exceed 7.5% of your income, they may be deductible.

Step 3: Tax Filing Deadlines You Need to Know

🚨 Tax Deadline: April 15, 2025 (for most individuals and businesses)

📅 Quarterly Estimated Tax Payments (for self-employed individuals):

• Q1 (Jan - March): April 15, 2025

• Q2 (April - June): June 15, 2025

• Q3 (July - Sept): September 15, 2025

• Q4 (Oct - Dec): January 15, 2026

🔄 Need an Extension? File Form 4868 for an automatic 6-month extension, but this does NOT delay your payment—only the paperwork!

Step 4: Don't Miss These Commonly Overlooked Deductions for Business Owners!

Small business owners, every deduction counts! Here are some often-overlooked write-offs that can save you money:

✅ Home Office Deduction – If you work from home, you may be able to deduct a portion of your rent/mortgage, utilities, and internet.

✅ Mileage & Vehicle Expenses – Business travel, client meetings, and work-related trips can be deducted.

✅ Office Supplies & Software – Everything from printer ink to QuickBooks subscriptions can count as a business expense.

✅ Business Meals – Meals with clients or business partners are 50% deductible—just keep the receipt!

✅ Professional Development – Online courses, training, and certifications related to your business can be written off.

✅ Marketing & Advertising – Costs for your website, social media ads, business cards, and branding materials are deductible.

✅ Phone & Internet Bills – If used for business, a portion of these costs can be written off.

💡 Pro Tip: Keeping track of your expenses throughout the year makes tax time SO much easier! If you don’t already have a bookkeeping system in place, now is the time to get started.

Step 5: Need Help Getting Organized?

If tax season has you feeling overwhelmed, you're not alone! The best way to avoid stress next year? Stay organized year-round with professional bookkeeping.

📌 Need a bookkeeping system that works for YOU? Ledger & Light can help you:

✅ Keep your records clean & IRS-ready

✅ Maximize deductions so you don’t overpay

✅ Track income & expenses effortlessly

💬 Want to make next tax season easy? Let’s chat! Message me today for a free bookkeeping consultation.