Taxes 2025
Alakov469
taxes 2022

This year, 2025, tax day is April 15th. Individuals can file for an extension until October 15th. However, businesses are more likely to file for extensions, as they have more to keep track of throughout the year. As always, whether individual filer or a business filer, we can help take care of your needs. 

Income Statements:

If you’ve worked for a business, you should have received your W2. By the end of January, all businesses should have sent out all employee W2s. If you have worked as an independent contractor, you’ll need your 1099 or 1099-MISC. A business needed to have the 1099’s to independent contractors by February 1st. If for some reason, you do not have your 1099, hopefully, you have kept track of the money you earned. If you’re a business owner, then you’ll need your W3 statement for filing. This income statement is specifically for small businesses and covers the W2 side for the business’s employees, as well as it showing the taxes and withholdings. W3’s keep all the payroll information in one place, which is necessary for filing. 

You may have received government compensation through unemployment then you’ll have received a 1099-G statement. If you made a small amount on a previous year’s state tax, you might have received the funds back and will be receiving a 1099-G from the state you live in. These may not seem like taxable income, however, you must include these forms when you file. There are other various income forms, but these are the most common forms. We’ll discuss some of the more uncommon forms next. 

Tax jargon is often viewed as confusing and hard; however, it doesn’t have to be. You shouldn’t feel a sense of dread as we move into tax season, in fact, you should be able to read some of our helpful articles or reach out to us, to feel at ease. Let’s continue our chat about tax forms and other important documents you’ll need. 

If you’ve financed a home this past year, you’ll be receiving a 1098 from your mortgage company. If you sold and purchased another home, both with financing, you’ll be getting multiple 1098 forms. The 1098 form reports on $600 or more of interest from the mortgage company. You’ll need to keep track of these for tax filing. 

Since healthcare has been a huge topic for the world…let’s chat about form 1095-A. If you used the Health Insurance Marketplace for your healthcare, they will be sending a 1095-A form to show the health premiums paid and premium credits used. There will also be a spot for the Second Lowest Cost Silver Plan (SLCSP). The IRS isn’t sending this out, so you may need to double-check the information on the Marketplace website. 

Also, if you have paid for medical expenses with your own money, not with your insurance or health savings accounts, then you can get these statements to see about qualifying for a different deduction than a standard deduction for your taxes. You can contact the pharmacy you’ve used for payment statements, as well as the hospital or any doctors you may have gone to throughout the year. All these offices can provide the out-of-pocket expenses you may have paid. 

This is all good to keep track of throughout the year to see about the opportunity to change your deductions and how you might file. Use this as a tentative guide. Reach out and let’s get you taken care of. 

Guess what? It’s tax season! By now, every American should have access to their W2’s, W3’s, 1099’s, and other statements of earned income. Also, the government released statement letters verifying their payments including the child tax credits and other economic impact payments (EIP). Most documents like mortgage statements, student loan statements, dividends, etc. should be in all households by now. 

This year, 2022, tax day is April 18th. Individuals can file for an extension until October 15th. However, businesses are more likely to file for extensions, as they have more to keep track of throughout the year. As always, whether individual filer or business filer, we can help take care of your needs. 

Income Statements:

If you’ve worked for a business, you should have received your W2. By the end of January, all businesses should have sent out all employee W2s. If you have worked as an independent contractor, you’ll need your 1099 or 1099-MISC. A business needed to have the 1099’s to independent contractors by February 1st. If for some reason, you do not have your 1099, hopefully, you have kept track of the money you earned. If you’re a business owner, then you’ll need your W3 statement for filing. This income statement is specifically for small businesses and covers the W2 side for the business’s employees, as well as it showing the taxes and withholdings. W3’s keep all the payroll information in one place, which is necessary for filing. 

You may have received government compensation through unemployment then you’ll have received a 1099-G statement. If you made a small amount on a previous year’s state tax, you might have received the funds back and will be receiving a 1099-G from the state you live in. These may not seem like taxable income, however, you must include these forms when you file. There are other various income forms, but these are the most common forms. We’ll discuss some of the more uncommon forms next. 

Tax jargon is often viewed as confusing and hard; however, it doesn’t have to be. You shouldn’t feel a sense of dread as we move into tax season, in fact, you should be able to read some of our helpful articles or reach out to us, to feel at ease. Let’s continue our chat about tax forms and other important documents you’ll need. 

If you’ve financed a home this past year, you’ll be receiving a 1098 from your mortgage company. If you sold and purchased another home, both with financing, you’ll be getting multiple 1098 forms. The 1098 form reports on $600 or more of interest from the mortgage company. You’ll need to keep track of these for tax filing. 

Since healthcare has been a huge topic for the world…let’s chat about form 1095-A. If you used the Health Insurance Marketplace for your healthcare, they will be sending a 1095-A form to show the health premiums paid and premium credits used. There will also be a spot for the Second Lowest Cost Silver Plan (SLCSP). The IRS isn’t sending this out, so you may need to double-check the information on the Marketplace website. 

Also, if you have paid for medical expenses with your own money, not with your insurance or health savings accounts, then you can get these statements to see about qualifying for a different deduction than a standard deduction for your taxes. You can contact the pharmacy you’ve used for payment statements, as well as the hospital or any doctors you may have gone to throughout the year. All these offices can provide the out-of-pocket expenses you may have paid. 

This is all good to keep track of throughout the year to see about the opportunity to change your deductions and how you might file. Use this as a tentative guide. Reach out and let’s get you taken care of. 

Have any questions, give us a call here at Metro Tax & Financial Services.
We are here to help you get through the stress of taxes!

We offer a free 30-minute consultation so call us and let’s get your appointment set up (928) 680-1444

For more Tax Facts make sure you are following us on Facebook

Click HERE for more Tax Facts and Financial News

Suggested Articles

Rules of the Roth

With a Roth IRA, the owner can make limited contributions each year. In 2025, the limit is $7,000; $8,000 if age 50 or older. Only people who earn less than $150,000 (single filers) or under $236,000 (married filing jointly) can make a full Roth IRA contribution....

Valuation Ratio Calculating the EV / 2P

When it comes to analyzing a company’s financials, there are many avenues we can take. One way is through multiples; calculating the EV/2P multiple is the focus of this analysis.This ratio looks at a business' enterprise value against its proven and probable 2P...

Tax Fact: IRS Warning

The IRS has issued a warning that the criminal world may try to get people's personal information by claiming that they are gathering info for the stimulus checks. This is a reminder that the IRS will NEVER call, text, or email for personal information. Please, DO NOT...

Tax Fact: Do Not Give Out Your Personal Information

I feel like I need to touch base on this subject again... "Do Not Give Out Your Personal Information" My financial establishment, along with many others, are receiving reports of criminals who are contacting individuals directly, claiming to be from the CDC, state, or...

2021 Tax Changes to Benefit You

Here are 2021 Tax Changes that will benefit you. Each tax year, there are refundable tax credits that individuals can qualify for if they’ve earned an income (EITC) or have a child (CTC). These credits are normally based on the earned income of an individual, but...

6 Tax Filing Tips & Important Info for 2025

As Benjamin Franklin said, there’s only two certainties in life: death and taxes. With the former, you don’t have much control over; however, the latter can be affected. That’s why we’re here to give you some tips and info about filing in our...

Tax Breaks Continued for 2021

As we talked earlier this month about the new Unemployment and Tax Break changes for the year 2021, we continue looking into more tax breaks for this year. The American Rescue Plan also extended the initial CARES act unemployment benefits. The new plan extended the...

Defining Net Revenue Retention (NRR)

The subscription economy, according to Forbes, is expected to reach $1.5 trillion in revenue for businesses. With the potential likely realized this year, it's vital to understand how it is tracked – and more importantly, how it's able to be tracked on a...

Tax Fact: Seven tax brackets in the US

In the U.S., taxpayers pay more if they make more. In fact, there are currently seven different tax brackets in the U.S., and the higher your income, the higher your bracket. This type of system is referred to as a progressive tax system. It's an alternative to a flat...

Understanding Carbon Accounting

Also known as greenhouse gas (GHG) accounting, carbon accounting is a way for managers and analysts to measure a company's total carbon emissions. It's a comprehensive approach to analyze how a company uses energy for its buildings, offices, conveyances and...