Taxes and Treats
“The scariest part of tax season is waiting until it's too late .” - HB Financial Group
Taxes & Treats: Don’t Get Spooked This Tax Season!
Happy Halloween from HB Financial Group! While ghosts and goblins might be haunting your doorstep this season, there’s something even scarier lurking in the shadows...
Tax Season.
But don’t scream just yet – we’ve got your back. Let’s unwrap some early treats to keep your finances sweet, your tax liability low, and your Q4 stress-free.
Your Q4 Tax Checklist: Stay Ahead of the Spooks
Before the ball drops on 2025, here are a few things you can do right now to make tax time easier (and cheaper):
* Organize Your Documents: Start a digital folder labeled "2024 Taxes" and begin collecting receipts, invoices, income records, and deduction-related documents.
* Review Your Income: Did you earn more this year? Congrats, boss! But that could mean a higher tax bill. Let’s get ahead of it.
* Max Out Retirement Contributions: Consider contributing to your IRA, 401(k), or SEP-IRA if you're self-employed.
* Make Last-Minute Business Purchases: Need equipment or tools? Investing now could count as a 2024 deduction.
* Book a Tax Planning Session: Schedule a one-on-one with our team to strategize before year-end. Call or text to book! 865-359-0228
2025 Tax Season Sneak Peek: What’s New & Noteworthy
As we head into a new tax year, there are several updates that could affect how you file and what you owe — especially if you’re a business owner, side hustler, or parent.
Here’s what’s changing and what it means for you:
📈 1. Higher Standard Deduction
The IRS is adjusting the standard deduction again to account for inflation:
💡 What to do: This may make itemizing less necessary — but still review your deductions to see what saves you more.
🚗 2. New IRS Mileage Rates
Mileage deductions are getting a small bump. This is key if you're a business owner, gig worker, or self-employed.
💡 What to do: Track every mile using an app or log. Don’t leave money on the road.
💻 3. 1099-K Changes for Side Hustlers & Digital Payments
The IRS is now enforcing the $600 reporting threshold for third-party payment processors (Venmo, PayPal, etc.).
If you receive over *$600** via any single platform, you may get a 1099-K.
💡 What to do: Separate your business and personal accounts now to avoid tax headaches.
👶 4. Child Tax Credit Adjustments
There are ongoing legislative proposals to expand the Child Tax Credit, but for now:
Make sure you are keeping documentation to show you qualify for the CTC, this can be a school form showing the child lived with you all year, medical records, report cards, daycare expenses. The IRS is really coming down on documentation to back up EVERYTHING on your return, especially when claiming credits.
Let HB Make It Easy
This Halloween, we’re serving up treats, not tricks:
* Early Bird Filing Discounts for clients who upload docs before January 31
* New & Improved Client Portal launching in January 2025
* Free "Prep & Plan" Tax Guide (dropping soon!)
Final Word:
Don’t let tax season creep up on you. A little planning now = major peace of mind later. If you’re not sure where to start, that’s what we’re here for.
> > Book your Q4 Tax Check-In today and let’s turn your tax prep into a treat.
From our HB family to yours — have a safe, sweet, and spooky Halloween! 🎃
