The start of a new year is full of opportunities and excitement, but amid this annual fresh start, you need to remain mindful of yearly responsibilities, such as filing your taxes. While this process may often seem tedious and even stressful, it’s a necessary obligation. Failing to take this task seriously could leave you with a suboptimal tax return or even facing potential penalties, audits and legal proceedings. Ahead of the 2025 tax season, the team at Luna Insurance Agency is happy to offer guidance.

Things to Consider When Filing Your 2024 Taxes

Preparation is critical when approaching tax season. Each year your personal situation and how it relates to changing tax laws may require you to adjust your process. This year, consider the following to ensure you’re appropriately prepared to successfully file your 2024 taxes:

• Standard deduction—This figure may change annually and can differ depending on certain factors, such as if you’re filing as an individual or together with a spouse. Taking the standard deduction may be more convenient than itemizing deductions, but the latter may be worth it if they amount to a greater sum.
• Itemized deductions—If you’ve invested in enough tax-deductible expenses throughout the last year, you may benefit from taking this approach toward your taxes. Consider various rules before committing to this approach.
• 1099-K Changes—Gig work has become increasingly popular in recent years, and officials are adjusting tax laws accordingly. When filing taxes, you may receive Form 1099-K if you’ve received over a certain amount in payment for goods or services using third-party platforms (e.g., Venmo, PayPal, Zelle and the Cash App).
• Deadlines—It’s critical to meet tax filing deadlines. For the 2025 season, most people must file their taxes by April 15, 2025. If you owe any taxes for the 2024 tax year, they must be paid by this date. It may be possible to request a tax filing extension, which will set a new filing deadline of Oct. 15, 2025; however, the payment deadline remains April 15.
• Professional assistance—Given the potential complexity of filing your taxes and ensuring compliance, it may be advisable to enlist the help of a qualified tax professional. These knowledgeable experts can select the ideal approach to maximize your return and make the best use of credits and deductions. Additionally, they may also offer crucial assistance should you be audited.

We’re Here to Help

Contact Luna Insurance Agency today to learn more or to speak with one of our dedicated team members.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.