Thanks to Keith S. Hiatt CPA, Breslow Starling Certified Public Accountants in Greensboro for sharing wisdom on filing and organizing our tax info plus tips on Estate Planning as well as starting a Financial Road Map!

Contact Keith at 336-292-6872  –  Email: KeithS.Hiatt@breslowstarling.com

Tax Filing Season

The IRS is accepting 2025 tax filings through April 15^th, 2026.

If you file your tax return electronically, you should receive your refund within three weeks.

Check out Verne’s conversation with Keith Hiatt, ‘Breslow, Starling’ Certified Public Accountants in Greensboro

Organization saves time!

*Gather (store) documents in one place.

*Pull out old returns as a guide for the next tax season

*Any changes to plan for?

Key 2025 tax return topics

Decide: standard deduction vs itemizing (especially if you pay a lot of state/local tax or give a lot to charity).

Gather paperwork early: W‑2s (including overtime and tips), 1099s, mortgage interest, property tax, charity receipts.

Check filing status and who you can claim as a dependent, since that affects credits and deductions.

Watch your income level, because some new breaks phase out once income passes certain thresholds.

The standard deduction is larger in 2025 (about $15,750 for single filers and $31,500 for married filing jointly).

90% of tax payers use the standard deduction (vs itemizing).

Many changes are especially important for seniors, workers who get tips or overtime, and people in high‑tax states.

New or expanded tax breaks to mention

Extra deduction for seniors: people 65+ can generally take an additional 6,000 deduction on top of their normal standard or itemized deductions, subject to income limits.

Worker‑friendly rules: temporary deductions or exclusions tied to certain tip and overtime income, plus the possibility of deducting some car loan interest for qualifying workers.

Charitable giving: a new permanent charitable deduction for people who do not itemize starts in 2026, so timing big donations (2025 vs 2026) can matter.

Estate and gifts: the federal estate tax exemption is set at $15 million per person, meaning most families will not owe federal estate tax, but very wealthy families still need planning.

​Helpful Links: https://breslowstarling.com/helpful-links/

Contact info: Keith S. Hiatt CPA, Breslow Starling Certified Public Accountants in Greensboro
3825 W. Market Street, Suite 200, Greensboro, NC 27407   Phone:336-292-6872  –  Email: KeithS.Hiatt@breslowstarling.com

Tax Return Preparation and Financial Planning (Keith Hiatt)

1 – Compare this year’s tax return to last year (watch for new tax law changes and differences between federal and NC tax laws). Do you generally overpay or underpay your tax each year? Should you change your withholding or tax payments?

2 – Lay it aside – once you complete your tax return, lay it aside and look at it later. You may be surprised at the questions and items of income or deduction that come to mind when you look at the return again.

3 – Include Form 1099 amounts (these forms report dividends, interest, stock sales, self employment income) – if you don’t report these you will probably get a letter from the IRS. Are these correct? (Don’t forget to consider whether you need to send Forms 1099 yourself if you have a trade or business).

4 – Report income on the correct line or on the correct form or schedule. For example, report stock sales on Schedule D. If you sold securities, did you include any additional basis from dividend reinvestments? Do you have any capital loss carryovers?

5 – Claim all the appropriate adjustments (deductions) – IRAs, student loan interest, teacher’s expenses $350, deduction for medical insurance premiums for self-employed, health savings accounts.

6 – Are you eligible for the new senior deduction, auto loan interest deduction, or tip and overtime income deductions?

7 – Is it better to itemize deductions or claim the standard deduction? Should you consider “bunching” deductions for this year?

8 – Deduct tax paid, including property tax paid on your home and car and state income tax.

9 – Deduct home mortgage interest paid – remember home equity loans, points or origination fees paid on refinancing (you can amortize these). Do you have a vacation home?

10 – Charitable contributions – remember property contributions, travel at 14 cents per mile. Make sure you have receipts and proper documentation for your donations.

11 – Qualified Business Income deduction – Do you qualify for the deduction of up to 20% of qualified business income? The deduction is applied at the individual level and so the availability of it depends on a number of factors including the business owner’s taxable income.

12 – Tax credits – American opportunity and lifetime learning, retirement plan contributions, adoption, residential energy improvements.

13 – Planning for the upcoming year – Take an Annual Financial Checkup – How can I improve my financial health? Begin planning now.

14 – Resolve to keep good records this year. Use a folder to collect your tax records.

15 – Review your investments. If you’ve let your portfolio “run free” for a while, you may not be as diversified as you thought, and allocations may be very different from what you originally planned.

16 – Boost your retirement plan contributions. Consider contributing to an IRA if you are eligible. Are family members eligible for IRA accounts? Should you consider a ROTH IRA or ROTH IRA conversion?

17 – Resolve to pay less interest. Search for lower interest rates and a lower rate credit card.