Category Archives: Taxes

January 31st is behind us. W-2s and 1099s have landed, and now February becomes the most overlooked—but most critical—phase of tax prep for small businesses. This is your chance to catch missed deductions, reconcile your records, and ensure accuracy before the March and April filing deadlines. Done right, this review can save you money and stress. 

At Lightening the Load (LTL), we call this the “tax-wise window.” Here’s how to make the most of it. 

Why February Matters 

By now, most income documents are in your hands, but the filing deadline hasn’t arrived yet. That means you have time to review your books without the pressure of last-minute scrambling. A thorough reconciliation now prevents costly errors, missed deductions, and IRS notices later. Think of it as your final checkpoint before the finish line. 

Key Steps to Maximize Deductions 

1. Reconcile Income and Expenses
   Match your bank statements, invoices, and1099s against your books. Look for discrepancies—especially payments from contractors or vendors. Even small mismatches can trigger IRS attention. 
2. Review Big-Ticket Deductions
   Don’t overlook major deductions like depreciation, home office expenses, and business mileage. These often get missed whenyou’re focused on day-to-day operations. 
3. Check Above-the-Line Opportunities
   Consider contributions to retirement accounts or HSAs. These can still be made before the filing deadline and reduce taxable income without requiring itemization.
4. Update Records for Year-End Purchases
   Did you buy equipment or software in December? Make sure those expenses are properly recorded. Late-year purchases often slip throughthe cracks. 
5. Verify Vendor and Contractor Info
   Ensure that1099s align with your records. Incorrect taxpayer IDs or payment amounts can lead to IRS mismatches and delays. 

Avoid Common Pitfalls 

Rushing through reconciliation is the biggest mistake. Duplicate entries, missing receipts, and misclassified expenses can cost you deductions—or worse, trigger an audit. Take the time now to review carefully, and if your situation is complex, professional guidance is worth every penny. 

The Bottom Line 

February isn’t just a quiet month between deadlines—it’s your opportunity to close the books smartly and maximize deductions before filing. LTL is here to help you make this process smooth, accurate, and stress-free. 

Let us lighten your load.

If you’re hoping for a quick tax refund this year, February is your sweet spot. Filing early often means fewer delays and a better chance of getting your refund within the IRS’s 21-day window. But speed isn’t just about timing—it’s about accuracy and preparation. Here’s how to make sure your return sails through without a hitch. 

Why February is Prime Time 

Filing in February has big advantages. The IRS isn’t yet bogged down by the late-season rush, so returns move faster. Early filing also helps protect against identity theft—getting your return in before fraudsters try to file under your name. Plus, it gives you peace of mind knowing your taxes are done and your refund is on its way. 

Steps to Speed Up Your Refund 

Want to hit that express lane? Follow these five practical steps: 

1. Gather All Documents Now
   Make sure you have every form—W-2s, 1099s, and any other income statements. Missing documents can lead to errors or amended returns, which slow everything down. 
2. Double-Check Personal Info
   Your name, Social Security number, and banking details must match IRS records exactly. A typo can trigger a manual review and delay your refund. 
3. Choose Direct Deposit
   It’s the fastest way to get your money. Paper checks take longer and can get lost in the mail. 
4. E-File Instead of Paper Filing
   Electronic filing is processed much faster than mailing a paper return. Plus, it reduces the risk of mistakes. 
5. Avoid Common Errors
   Math mistakes, missing signatures, and incorrect credit claims are top reasons refunds get delayed. Review your return carefully—or better yet, let a professional handle it. 

Bonus Tip: Know Your Credits 

Before you hit “submit,” check for credits like the Earned Income Tax Credit or Child Tax Credit. Missing these can cost you money and trigger IRS follow-up questions, which slow down processing. 

Ready to File Smart? 

A little preparation now can mean a faster refund and a stress-free tax season. At Lightening the Load, we make sure your return is accurate, complete, and filed on time—so you can relax while your refund arrives. 

Let us lighten your load. 

The deadline for employers and payers to issue W-2s and 1099s is January 31st. For most taxpayers, it’s a signal to start preparing their return—but what happens when those forms sent contain errors? Waiting for the IRS to flag a mistake can lead to delays, penalties, and unnecessary stress. The good news? You can take action now to correct issues before they become problems. 

Why Errors Trigger IRS Attention 

The IRS uses your W-2 and 1099 forms to match reported income with your tax return. When numbers don’t line up, or personal details are wrong, the system flags your return for review. Even small discrepancies—like a missing digit in your Social Security number—can cause processing delays or generate a notice. Acting quickly is the best way to keep your filing on track. 

Common Mistakes to Watch For 

Before you file, review your forms carefully. Here are the errors most likely to cause trouble: 

1. Incorrect Social Security Numbers or Taxpayer IDs
   A single typo can prevent the IRS from matching your income to your account. Double-check every digit. 
2. Wrong Income Amounts
   Compare the amounts on your W-2 or 1099 to your pay stubs or statements. Over- or under-reporting income can lead to IRS inquiries. 
3. Misclassified Payments
   Were you treated as an employee when you were actually a contractor—or vice versa? Misclassification affects both taxes and deductions. 
4. Missing or Incorrect State Information
   If you worked in multiple states, make sure state wages and taxes are reported accurately. Errors here can complicate state filings. 
5. Duplicate or Missing Forms
   Receiving two forms for the same income or not receiving one at all can throw off your return. Confirm you have everything you need. 

How to Fix Them Fast 

If you spot an error, don’t wait. Contact the issuer immediately and request a corrected form—called a W-2c for employees or an amended 1099 for contractors. Keep copies of all correspondence and corrected forms for your records. Once you have the right information, file your return promptly to avoid delays. 

Bottom Line 

Mistakes happen, but quick action can prevent IRS headaches. Review your forms now, correct any errors, and file with confidence.  

Let us lighten your load. 

With the standard deduction at an all-time high, many taxpayers assume there’s nothing else they can claim. That assumption can cost you real savings. Even if you take the standard deduction, there are valuable “above-the-line” deductions and credits that reduce your taxable income or tax bill. These opportunities are often missed—and they add up. 

At Lightening the Load (LTL), we believe tax season isn’t just about filing—it’s about making sure you don’t leave money behind. Here’s what you need to know. 

Why These Deductions Matter 

Above-the-line deductions reduce your taxable income before calculating your adjusted gross income (AGI). Credits, on the other hand, directly lower your tax bill. The best part? Many of these apply whether you itemize or take the standard deduction. That means you could still save hundreds—or even thousands—just by knowing where to look. 

5 Commonly Missed Opportunities 

1. Student Loan Interest Deduction
   If you paid interest on qualified student loans, you may deduct up to \$2,500—even if youdon’t itemize. Income limits apply, so check eligibility before claiming. 
2. Educator Expenses
   Teachers and eligible educators can deduct up to \$300 for classroom supplies.It’s a small amount, but every dollar counts when you’re investing in your students. 
3. Retirement Contributions (Traditional IRA)
   Contributing to a traditional IRA can reduce your taxable income. Even ifyou’re not itemizing, this deduction is available—subject to income and plan participation rules. 
4. Health Savings Account (HSA) Contributions
   If you have a high-deductible health plan, HSA contributions are deductible and grow tax-free.It’s a triple benefit: deductible contributions, tax-free growth, and tax-free withdrawals for qualified expenses. 
5. Earned Income Tax Credit (EITC)
   This credit is often overlooked by those with fluctuating income or who think they earn too much. Eligibility changes yearly, soit’s worth checking—even a small credit can make a big difference. 

Bonus Tip: Before you file, review big-ticket itemized deductions like mortgage interest or charitable contributions. If they exceed the standard deduction, itemizing could be worth it. 

How to Make Sure You Don’t Miss Out 

Tax rules change, and so do your circumstances. Review eligibility every year, keep documentation handy, and don’t assume last year’s choices apply this year. Professional guidance can help you uncover opportunities you didn’t know existed. 

Let us lighten your load. 

If you’re 65 or older, there’s a new tax benefit you need to know about—and it could save you thousands of dollars on your 2025 tax return. 

The “One Big Beautiful Bill Act,” signed into law in July 2025, created an additional $6,000 deduction for seniors. This isn’t a replacement for anything you’re already getting—it’s a brand new deduction that stacks on top of your existing tax benefits. 

Understanding the New Senior Deduction 

Here’s what makes this deduction special: it’s available whether you itemize or take the standard deduction, and it’s in addition to the existing extra standard deduction that seniors already receive. 

For 2025, a single taxpayer age 65 or older can now claim a total standard deduction of up to $23,750 (that’s the regular $15,750 standard deduction, plus the existing $2,000 senior addition, plus the new $6,000). A married couple where both spouses are 65 or older can claim up to $46,700. 

Who Qualifies? 

To claim this deduction, you must be 65 or older by December 31, 2025. The deduction is available per eligible individual, so if both spouses qualify, you can claim the full $12,000 combined amount. 

There’s an income cap to be aware of. The deduction begins to phase out for taxpayers with modified adjusted gross income (MAGI) over $75,000 for single filers or $150,000 for married couples filing jointly. It phases out completely at $175,000 for individuals and $250,000 for joint filers. 

One important note: this deduction is not available to married couples filing separately. 

The Power of Stacking Deductions 

What makes this particularly valuable is that it works regardless of whether you itemize. If you have significant medical expenses, charitable contributions, or state and local taxes that push you into itemizing territory, you can still claim this $6,000 deduction on top of your itemized deductions. 

For example, a 67-year-old single filer with $35,000 in itemized deductions and income under $75,000 could deduct a total of $41,000 from their taxable income ($35,000 itemized + $6,000 new senior deduction). 

Important Timing: Available Through 2028 

This deduction is temporary. It’s available for tax years 2025 through 2028, after which it’s currently set to expire. That makes planning ahead even more critical if you’re approaching retirement or making decisions about income timing. 

What This Means for Your Tax Planning 

This new deduction changes the landscape for seniors navigating tax planning decisions. It may affect when you take retirement account distributions, how you structure investment income, or whether Roth conversions make sense for your situation. 

At Lightening the Load, we’re helping clients understand exactly how this new deduction impacts their unique tax situation. We’ll calculate your eligibility, determine the phase-out impact if your income exceeds the thresholds, and help you make strategic decisions to maximize this benefit while it’s available. 

Whether you’ve been filing your own returns for years or working with another preparer, now is the time to have a conversation about how this substantial new deduction fits into your overall tax strategy. 

Let us lighten your load.