In this episode of MorphMinutes, Katrena from StudioM Financial discusses the importance of preparing for the 2025 tax season. She emphasizes the need for organization and understanding of necessary tax documents, including W-2s, 1099s, and investment forms. The podcast also covers standard deductions versus itemization, providing insights on how to maximize tax benefits. Katrena encourages listeners to gather their documents early and consult with tax professionals for effective tax preparation. Takeaways - Tax season preparation is crucial to avoid last-minute stress. - Gather all necessary documents as soon as they are available. - Understanding the difference between standard deductions and itemization is key. - Keep track of all income sources, including freelance and investment income. - Be honest in reporting to the IRS to avoid audits. - Recognize tax forms like 1099 for various income types, including dividends and interest. - Consider the new tax laws affecting vehicle loan interest deductions. - Document charitable contributions for potential tax deductions. - Consult a tax professional for personalized advice and strategies. - Create a checklist to streamline the tax preparation process.

H&R Block checklists:

Self Employed checklist - Product based with contractors no property (H&R block): https://bit.ly/4jkjCw1

Partnership Checklist (H&R block): https://bit.ly/3KY3X97

Self Employed checklist - Service based https://bit.ly/4piC6hW

Until we meet, keep working on the change.