February 3, 2025

Tax Preparation Tips

Organizing your documents ahead of tax season can save time and ensure you don’t miss out on potential deductions. Be sure to gather key items like:

• Pay stubs
• Mortgage payment records
• Receipts for itemized deductions
• Mileage logs for business-related vehicle use
• 1099-G forms for state and local taxes
• 1099 forms for dividend or other income

Proper preparation makes it easier for your tax preparer to maximize your savings.

How Long to Keep Tax Records

It’s essential to retain your tax records for the appropriate length of time:

• Three Years: Keep records for three years from the filing date or two years from the date taxes were paid, whichever is later.
• Seven Years: If you claimed a loss from bad debts or worthless securities, keep those records for seven years. Proper record-keeping protects you in case of audits or discrepancies.

2025 Child Tax Credit

Families can take advantage of the Child Tax Credit for the 2025 tax year. The credit provides $2,000 per child, with up to $1,700 refundable, offering significant financial relief. This credit reduces tax liability and ensures eligible families receive additional support.

Omni 360 Advisors is here to help with all your tax planning needs, offering expert guidance to ensure you’re prepared and maximizing every opportunity. Whether you need assistance organizing documents, navigating deductions, or understanding tax credits, our team is ready to support you. Contact Omni 360 today to simplify the tax process and gain peace of mind.