Receipts, Regrets, and Refunds: A Tax Season Post-Mortem
- The Liberty Team
- 22 hours ago
- 3 min read
Liberty Financial Solutions, LLC: We worry about the IRS so you don't have to...
Receipts, Regrets, and Refunds....
Receipts, Regrets, and Refunds...
Post-Mortem: What to Reflect On
Now that April 15th has come and gone, we wanted to do a post-mortem and highlight some of the more prevalent questions and concerns from our clients.
What caused stress or delays?
Late 1099s, messy receipts, or unclear deductions? Or perhaps, you were unclear what documents you needed to provide to your CPA.
Did you owe more than expected or get a smaller refund?
This may be one of the biggest issues facing our clients; especially our self-employed clients. You see, when you're self-employed, you often don't have anyone withholding taxes for you as you go. However, even self-employed individuals must still prepay their taxes. This is done through making estimated tax payments. Now might be a great time to reach out to us at Horton & Dennis LLC to make sure you're withholdings are correct or to help you get set up on quarterly estimated tax payments.
Were there missed deductions or credits?
Think HSA contributions, education credits, home office, etc. Did you get any of these in 2024? If not, now's a great time to think about the 2025 tax year.
Were any forms or docs a surprise?
Crypto activity, side income, stock sales? Did you have any income you had to report that you weren't ready for? If so, now's a great time to reach out to us and make sure you're prepared for such things in 2025.
Your premier tax resolution company
Tips for the New Tax Year
So, how can you make sure that 2025 is your best tax year yet?
1. Get Organized Early
Create a digital “2025 Taxes” folder now (drive, Dropbox, etc.)
Start dropping in pay stubs, receipts, donation records, etc.
2. Review Your Withholding
Use the IRS Withholding Estimator.
Especially if you had a big bill or refund this year.
3. Track Income in Real Time
Got side gigs or freelance income? Set up a monthly tracker for revenue & expenses.
Use apps like QuickBooks Self-Employed, Wave, or even a Google Sheet.
4. Maximize Retirement Contributions
Set calendar reminders for IRA or 401(k) contribution deadlines.
If you’re self-employed: consider a SEP IRA or Solo 401(k).
5. Think Quarterly if You’re Self-Employed
2025 estimated tax deadlines: April 15, June 16, Sept 15, Jan 15 (2026).
Avoid penalties by paying in throughout the year.
6. Log Deductions As You Go
Mileage, meals, home office, subscriptions, etc.
Apps like MileIQ or Stride can help with mileage tracking.
7. Check on New Tax Laws
Stay aware of potential changes to child tax credit, SALT caps, energy credits, etc.
If anything big passes, we'll keep you posted. For 2025, there's a possibility that tips and social security may not be taxed much longer.
8. HSA & FSA Strategy
HSAs are triple tax-advantaged – max it out if you’re eligible.
For FSAs, make sure you’re not overestimating and losing funds.
9. Charitable Contributions
Donating this year? Keep documentation.
Consider donor-advised funds for more strategic giving.
10. Work With Horton & Dennis, LLC
Make sure you reach out to us now. We have many more options at our disposal right now than we do in April of 2026. Call 817-995-5008 for your FREE CONSULTATION today!
Cheers!
©2025 Liberty Financial Solutions, LLC & ©2025 Brad R. Horton.
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P.S. Make sure you get your FREE copy of our SPECIAL REPORT: "The 8 Secrets The IRS Does NOT Want You To Know!" (simply click on the link in the previous sentence, scroll down to the second section of our home page, and download your copy today!)
Or, email us at: info@libertytaxdefenders.com for your FREE copy.
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