February 2025 Newsletter

FEBRUARY 2025 NEWSLETTER

With the new year under way and a change in administration, I just wanted to repeat myself and say please don't pay any attention to the fear mongering media. They have proven to be incompetent, bias, and only promote their agenda. If you have any questions at all, please call the office for honest, objective advice. While getting ready for tax season be prepared to gather the following documents and information:

Personal Information

Social Security Numbers (SSN) for yourself, spouse, and dependents

Date of birth for all individuals on your tax return

Bank account details for direct deposit of any refund

Income Documents

W-2 Forms from all employers showing wages and taxes withheld

1099 Forms for other income (freelance, interest, dividends, retirement distributions, etc...)

Any other income documents (e.g., rental income, gambling winnings, alimony)

Deductions and Credits

Child and Dependent Care: Records of payments to care providers for tax credits

Education: 1098-T for tuition, 1098-E for student loan interest

Mortgage and Property Taxes: 1098 for mortgage interest and property tax records

Charitable Donations: Receipts for charitable contributions

Medical Expenses: Receipts if you plan to deduct medical costs

Retirement Contributions: Documents showing IRA or 401(k) contributions

Other Relevant Documents

Previous Year’s Tax Return for reference

Health Insurance: 1095-A for Marketplace coverage, or employer-provided insurance forms

Estimated Tax Payments: Records of any quarterly payments made

Self-Employment Income: Documentation of business income, expenses, and deductions

Rental Property: Income and expense records for rental properties

By gathering these documents and reviewing them for accuracy, you can streamline the tax filing process, reduce errors, and maximize any potential refund or minimize taxes owed.

On a personal note, Nick’s hard work and perseverance continues to pay off. He got his first division 1 college start against Princeton University and it was a great one. He played absolutely unbelievable with a shut out going through regulation, but we unfortunately lost in overtime, 1-0. It was a dream come true and an emotional day for all of us. To go out there and deliver that kind of performance in his college debut was incredible. Lexi has all her acceptance letters and scholarship offers to her top schools. She wants to visit her top 3 choices one more time before she makes her decision. I am so glad they are all in New England, so I am only a car ride away from my baby girl.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. There is no