January 2025 Client Tax Filing Update
Welcome to 2025! As we get back to work and start getting prepared for this year’s tax season, Brady Ware is implementing a new monthly email specifically for clients (both individuals and businesses) with tax engagements.
Our goal is to help keep you aware of what’s coming from us, deadlines, key dates and other important information about your taxes. Please look for these at the beginning of every month. We hope they facilitate communication, awareness and efficiency with your important filings.
They will always be from this email address (please save clientalerts@bradyware.com as a safe email address) and with the above subject line to make it clear it’s an engagement-related update. Please note that while you may have unsubscribed from previous marketing or promotional emails, you still are unsubscribed. These emails pertain to important, ongoing information about your specific tax engagements.
January Updates and Reminders
For Individuals
Organizers
We will begin sending tax organizers next week. If you do not receive yours by January 24th, please contact your Brady Ware office. If you are not sure who to contact, please go here and send us a note. Please add the email noreply@safesendreturns.com to your address book to ensure receipt of your emailed tax organizer.
Safe Send Client Portal
If you utilize our electronic delivery systems, you now have an option to set up your own client portal dashboard. This portal will be a centralized place to manage all engagement letters, documents, tax returns, and tasks. Watch the SafeSend tutorial linked below for more information.
Tax Forms
Keep an eye on your inbox and your mailbox for W-2s and 1099s issued by your employer and business customers. Those are due by January 31. Investment brokerage statements are typically finalized later in February.
For Businesses
Beneficial Ownership Information (BOI)
As you may have already seen from our previous alerts, there is uncertainty regarding the Beneficial Ownership Information. We will be sending an updated client alert about BOI within the next few days.
1099s
If you make payments to independent contractors of $600 or more, you likely should be filing 1099s. These are due January 31. If you need us to prepare these forms, please gather recipient information and payment amounts and communicate with your Brady Ware engagement lead.
Businesses Operating in Ohio – Commercial Activity Tax (CAT)
Ohio’s CAT is a 0.26% privilege tax on gross receipts for all business conducted in Ohio regardless if the business is located outside the state. The minimum gross receipts that requires an owner to register has changed to $6 million starting in 2025. Please read our latest Ohio CAT Tax update to learn more about this, what you should do if your gross receipts are not $6 million or more, important dates and other information.
February 2025: Start Planning Ahead
Business return information needed as soon as possible to file by Marth 15th deadline.
If you typically file timely but anticipate needing an extension this year, please let us know.
Helpful Links
Check out our Client Resources page for links to upload your information, tax forms and more.
Need help but do not know who to contact? Go here and let us know how we can assist