Getting Ready for Tax Season 2025: Key Updates, Essential Tips, and BOI Reporting Delays
Alice Kaneyia, CPA and Fractional CFO
We help real estate investors and businesses save $120K+ in taxes, scale profits, and grow with outsourced fractional CFO, accounting, advisory & tax services.
As we approach 2025, real estate professionals should begin preparing for tax season now. Early preparation ensures compliance, reduces stress, and maximizes your tax savings. At Gold Accounting Tax, we specialize in helping real estate investors, property managers, and businesses navigate the complexities of tax law.
Key Tax Updates for 2025
1. Adjusted Tax Brackets and Deductions
? The standard deduction has increased to $13,850 for single filers and $27,700 for joint filers.
? Inflation-adjusted tax brackets may impact your tax planning.
2. Phaseout of Bonus Depreciation
Eligible property improvements now qualify for 80% bonus depreciation, down from 100%.
3. Tax Credits for Energy-Efficient Investments
The Energy Efficient Home Improvement Credit and Residential Clean Energy Credit offer opportunities to reduce taxes for property upgrades completed in 2024.
Essential Tax Filing Tips
1. Organize Records: Collect rental income statements, property expenses, and updated depreciation schedules.
2. Review Entity Structure: S-Corps and LLCs can offer significant tax advantages—consult your CPA for guidance.
3. Plan for Capital Gains Taxes: Consider strategies like 1031 exchanges to defer taxable gains.
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4. Leverage Tax-Advantaged Accounts: Contribute to SEP IRAs or solo 401(k)s to lower taxable income.
BOI Reporting Delays Under the CTA
On December 26, 2024, the 5th Circuit Court temporarily halted Beneficial Ownership Information (BOI) reporting requirements. This injunction means businesses are not required to file BOI reports until further court decisions.
We’ll continue to monitor this evolving issue to provide timely updates for your business.
Why Partner with Gold Accounting Tax?
Our expertise ensures:
? Tailored Tax Strategies: Designed to maximize deductions and minimize liabilities.
? Regulatory Guidance: Updates on compliance issues like BOI reporting.
? Year-Round Support: Comprehensive solutions to support your success.
Start 2025 Right—Contact Gold Accounting Tax Today!
Let us help you prepare for a seamless and profitable tax season. Schedule a consultation now to ensure your financial success.
Gold Accounting Tax: Your trusted partner in real estate accounting and tax advisory.
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