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Stanfield, Thomas & Associates
"Do what you do best and outsource the rest" -Tom Peters
Allow us take care of the burdensome paperwork and red tape your business needs.
Gathering Important Tax Filing Documents![]()
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The surest way to get your tax refund quickly is to e-file an accurate, complete return. In order to do that, you may need to reference a variety of tax documents. In addition to your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) and the SSN/ITINs for your spouse and dependents, you may also need:![]()
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- Income statements like W-2s and 1099s![]()
- 1098 forms showing expenses that may qualify you for tax deductions or credits, like mortgage or student loan interest, charitable contributions or college tuition![]()
- Form 1095-A (Health Insurance Marketplace statement)![]()
- Records of transactions involving digital assets like cryptocurrency or NFTs![]()
- Purchase records for any vehicle that qualifies for the Clean Vehicle Credit![]()
- Any IRS notices you have received![]()
- Bank account and routing numbers to set up direct deposit of your refund![]()
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Once you have gathered up all these materials, a tax professional can help you file your return electronically with direct deposit, to ensure the fastest possible processing.
Duplicate Dependent Claims – Did You Know?![]()
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Under IRS rules, two different people cannot claim the same dependent on their tax returns. Therefore, the IRS has historically rejected any e-filed return where a person claimed a dependent who was already listed on a return filed by someone else. In such cases, the second filer had to submit their return on paper, causing lengthy processing delays. However, a new IRS policy for overlapping dependent claims has taken effect this filing season.![]()
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This year, the IRS will accept an e-filed return that duplicates a dependent claim from another return, as long as the second return includes an IRS identity protection ID number (IP PIN). You can obtain a 2025 IP PIN for free through the IRS website (link below). Once you have your IP PIN, you must include it on all tax forms you submit to the IRS this year, which will protect you against other people filing false tax forms in your name.![]()
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Although this new rule means that more e-filed returns will be accepted, the IRS will still investigate duplicate dependent claims to determine who may rightfully claim the dependent. A tax professional can help you properly identify your dependents, and help you obtain an IP PIN and e-file your return for secure, fast processing.![]()
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Get an IP PIN: www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
Earned Income Tax Credit Eligibility - Did You Know?![]()
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Millions of Americans may qualify for the Earned Income Tax Credit (EITC), which can significantly reduce a person's tax or increase their IRS refund. Unfortunately, many people miss out on this valuable credit each year because they do not realize that they are eligible.![]()
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Even if you have not qualified for the EITC in the past, you may be eligible if you experienced a life change in 2024 like a reduction in income, a change in marital status, or the birth or adoption of a child. Others who may overlook the opportunity to claim the credit include veterans, grandparents raising grandchildren, Native Americans, and people who live in rural areas or have limited English skills.![]()
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In order to claim the EITC, you must file a tax return, even if you do not have enough income to have a filing requirement. A tax professional can check your eligibility and help you file your return electronically to get your refund as quickly as possible.
Hobby or Business – Did You Know?![]()
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Depending on a variety of factors, the IRS may designate a side gig as either a business or a hobby. In some cases, having your side gig classified as a business can offer tax advantages, while in others, the hobby classification may be preferable.![]()
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Generally, the IRS defines a business as any activity that a person regularly pursues with a reasonable expectation of making a profit. If an activity results in losses (expenses exceeding revenue), the IRS may look at why those losses occurred, to determine whether they are likely to continue in the future. ![]()
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One subtle factor to consider is the future value of assets used for the activity. If a pursuit involves acquiring property that gains value over time, like real estate or certain musical instruments, then those gains may yield long-term profits in spite of short-term losses. A tax professional can help you determine whether the IRS will likely see your side gig as a business or a hobby, and whether changes to how you pursue the activity could result in tax savings.
IRS 2025 IP PIN to Improve Security - Did You Know?![]()
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The IRS encourages everyone to get an identity protection number (IP PIN) for the 2025 tax filing season. An IP PIN is a unique code that you include on your tax return and any other IRS forms that you file during a year. Using this code prevents scammers from submitting fraudulent tax documents in your name, in an attempt to steal your refund or identity.![]()
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The easiest way to obtain an IP PIN is to create an online IRS account (link below). You can also request one by mail by filing IRS Form 15227. Note that an IP PIN only lasts for one calendar year, so even if you had one in 2024, you will need a new one this year. Once you receive your 2025 IP PIN, make sure to include it on your 2024 tax return, so that the IRS will accept it and reject any fakes. A tax professional can help you file your return electronically with your IP PIN properly entered, to ensure the fastest possible processing.![]()
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Get an IP PIN: www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin