The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives.
Gather up and organize your tax documents
Compile your tax documents and organize them. Print off digital documents so they are all together (unless you are e-filing) for a more manageable filing year.
Determine your filing status
Your filing status is the rate at which income is taxed. There are five filing statuses:Single
- Married filing separately
- Married filing jointly
- Head of household
- Qualifying widow(er) with dependent child
Check if you qualify for tax exemptions, deductions, or credits
- Tax deductions: Reduce taxable income (examples: medical expenses, property taxes, charitable contributions).
- Tax exemptions: Income or transactions free from tax (examples: non-profits, disabled veterans, municipal bonds, 401(k)s).
- Tax credits: Directly reduce your tax bill (examples: earned income tax credit, saver’s credit).
Consider filing electronically (e-File)
The IRS partners with companies like TurboTax, H\&R Block, and TaxSlayer for electronic filing.
Consult a financial professional
A financial professional can help you maximize benefits and avoid costly mistakes.
2025 Tax Rates
Single Filers:
- 10%: $0–$11,925
- 12%: $11,925–$48,475
- 22%: $48,475–$103,350
- 24%: $103,350–$197,300
- 32%: $197,300–$250,525
- 35%: $250,525–$626,350
- 37%: $626,350+
(Married filing jointly and head of household brackets also included in the document.)
Additional Key Limits & Credits for 2025
- AMT exemption: $88,100 (phases out at $626,350).
- Earned Income Tax Credit: Up to $8,046 for 3+ children.
- Investment income limit: $11,950.
- Health FSA limit: $3,300.
- Annual gift exclusion: $19,000.
- Lifetime gift & estate tax exemption: $13,990,000.
- Foreign-earned income exclusion: $130,000.
- Adoption credit: Up to $17,280.
- Lifetime Learning Credit: Up to $2,000 (phase-out starts at $80,000 single / $160,000 joint).
Protecting Yourself from Tax Identity Theft
- Secure your devices and passwords.
- Keep your Social Security number private.
- Monitor accounts regularly.
- Beware of phishing scams.
- Use trusted tax preparers only.
- Respond promptly to IRS notices.
In the meantime, take charge of your tax planning with our comprehensive checklist. Use the checklist as a guide to help you get a clear roadmap for navigating tax season this year. Access the tax planning checklist here.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
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