✅ Getting Ready to File — Tax Year 2025

Document Uploads

• The preferred method is via our Client Portal (SmartVault) at www.gjmadvisory.com

• If you don’t have access yet, contact us and we’ll set you up.

Document Dropoff

• Prefer to drop off or mail documents? Please submit everything by March 18 to ensure a timely filing.

• Office Hours
  Kankakee Monday – Friday (9am – 5pm) & Saturday (9am – 12pm)
  Mokena | Monday – Thursday (8am – 5pm), Friday (8am – 4pm), & Saturday (8am -12pm)

Important Dates

• March 16, 2026 | Corporate Tax Deadline

• April 15, 2026 | Individual Tax Filing Day 

IP PIN (Identity Protection PIN)

• If you used an IP PIN last year, you’ll need your 2026 IP PIN to file your 2025 return.

• Please go to www.irs.gov/get-an-ippin, click "Get an IP PIN" and sign into ID.me. 

IRS Paper Check Refund Changes

• The IRS is no longer issuing paper checks for tax return refunds. Electronic direct deposit is the preferred way to receive your refund. Work with our office to ensure we have your bank account information on file!

Retirement Contributions

• Deductible IRA contributions for 2025 can be made up until April 15, 2026 (if eligible)

• Self-employed? Consider funding a SEP IRA, Solo 401(k), or other retirement plan before the deadline (April 15, 2026) 

Illinois College Savings / Bright Start 529 Plan

• Contributions must be made by December 31, 2025 to qualify for deduction

• Deduction limits: $10,000 (single) / $20,000 (joint)

• Verify qualifying conditions for your beneficiary and expenses 

Energy-Efficient Home Improvement Credit

• Eligible improvements (windows, doors, HVAC, etc.) may qualify for the 2025 federal credit. Confirm standards and limits before claiming. 

Auto Loan Interest Deduction

• If you purchased a new car (not used) in 2025, you can deduct the interest on your loan. The car must be U.S.-assembled and purchased between 2025-2028. We will need the VIN of the vehicle and your loan statement.

Required Minimum Distributions (RMDs)

• Under SECURE 2.0, the required age for RMDs is now 73

• First RMD may be delayed until April 1 of the year following your required age, but taking two distributions in one year can increase taxable income. 

1099-K Forms

• Watch for forms from Venmo, PayPal, and other third-party networks — reporting rules changed for 2025.

🔍 Notes & Reminders

• State rules (Illinois) and 529 deductions may change annually — confirm each tax year

• Law changes like SECURE 2.0 RMD rules should be monitored yearly

• Gather W-2s, 1099s, crypto records, and other documents early to avoid last-minute stress

• Filing extensions do not extend the time to pay taxes owed
  
  

🧾 Key Updates from the One Big Beautiful Bill Act

• Tax rates and standard deduction extended

• Permanent seven-bracket structure (10%–37%) and standard deduction ($29,200 joint / $14,600 single in 2025)

• Enhanced deduction for seniors (65+).

• $6,000 single / $12,000 joint through 2028, phasing out at MAGI $75k/$150k

• Tip and overtime deductions.

• Eligible taxpayers may deduct up to $25,000 in tips and $12,500 in overtime pay ($25,000 joint) for income under $150k/$300k. Provide final paystub with your W-2 & other source documents.

• Adoption credit enhancement.

• Refundable portion up to $5,000

• Trump Accounts for Children

• Children born 2025–2028 that start with a $1,000 government deposit and allow parents and employers to add tax-favored contributions.

• Charitable giving flexibility (effective 2026).

• Non-itemizers: cash gifts $1,000 single / $2,000 joint

Tax season can feel overwhelming, but you don’t have to navigate it alone. We’re here to help you stay informed, plan wisely, and file with confidence. We look forward to working with you again this year!