Tax Filing for 2025: Complete Guide from Sunstone Ledger

Filing a U.S. tax return is more than just submitting Form 1040 — it is a financial review that directly affects how much tax you pay, whether you receive a refund, and your long-term compliance with the IRS. Below is a clear, up-to-date guide for filing your federal tax return for the 2025 tax year (returns filed in 2026), prepared by Sunstone Ledger .

📅 Key Tax Deadlines for the 2025 Tax Year

• Tax year: January 1 – December 31, 2025
• IRS e‑file opening: Typically late January or early February 2026
• Filing deadline: April 15, 2026
• Extension deadline: October 15, 2026 (Form 4868)

❗ Important: An extension gives you more time to file, not more time to pay. Any expected tax due should be paid by April 15 to avoid penalties and interest.

Who Is Required to File a Tax Return

Whether you must file depends on:

• - filing status,
• - age
• - total gross income

Income Thresholds for 2025 (Under Age 65)

Income Thresholds for 2025 (Under Age 65):

• Single — $15,750
• Head of Household — $23,625
• Married Filing Jointly — $31,500
• Married Filing Separately — $5

Higher thresholds apply if you or your spouse are age 65 or older.

💡 Even if your income is below these limits, filing may still be beneficial to claim a refund or refundable tax credits.

Standard vs. Itemized Deductions: What’s Better?

Стандартный вычет уменьшает налогооблагаемый доход без необходимости подтверждать расходы и обычно равен основному порогу дохода

If you have a mortgage or significant deductible expenses, the standard deduction may not be the most tax‑efficient option.
You should consider itemizing deductions if you have:

• - mortgage interest (Form 1098),
• - state and local taxes (SALT),
• - large medical expenses,
• - charitable contributions,
• - investment interest expenses.

If your total itemized deductions exceed the standard deduction, itemizing can significantly reduce your tax liability.

At Sunstone Ledger , we always compare both methods and apply the option that results in the lowest legal tax burden.

Cryptocurrency and Digital Assets Must Be Reported

The IRS closely monitors cryptocurrency and digital asset activity.

You must report digital assets if during 2025 you:

• - bought or sold cryptocurrency,
• - exchanged one crypto asset for another,
• - received crypto as payment,
• - earned income from staking or mining,
• - used crypto to pay for goods or services.

Even if no profit was generated, the activity itself must be disclosed on your tax return.

✅ Client Checklist: What to Provide Your Bookkeeper

Preparing documents in advance helps ensure accuracy and faster filing.

Personal Information:

• - Government-issued ID
• - SSN or ITIN
• - Spouse and dependent information (if applicable)

Income Documents:

• - W‑2 forms
• - 1099 forms (NEC, MISC, INT, DIV, K‑1)
• - Self‑employment income records
• - Investment statements
• - Cryptocurrency transaction reports

Deductions & Credits:

• - Mortgage interest statement (Form 1098)
• - Property tax records
• - Medical expense documentation
• - Charitable contribution receipts
• - Education-related expenses

Other Items:

• - Prior-year tax return
• - IRS notices or letters (if received)

Final Thoughts

Filing your 2025 tax return is not just compliance — it’s an opportunity to optimize your financial outcome. Early preparation and accurate documentation make a significant difference.