Let’s Leverage
Your Tax Preparation?
Adjust Your W-4 Withholding: If you consistently owe taxes or receive a large refund, it may be beneficial to reassess your W-4 form to ensure the correct amount is withheld from your paycheck. This adjustment can help you avoid underpayment penalties and keep more money in your pocket throughout the year.
Credit Amount and Refundability: For tax year 2025, the CTC provides up to $2,000 per qualifying child under 17. Of this amount, up to $1,700 is refundable, meaning you can receive it as a refund even if you owe no federal income tax
Additional Credit for Families with More Dependents: Families with more than one qualifying child can claim the credit for each child, which can significantly increase the amount received. If you have two children, for example, you could potentially qualify for up to $4,000 ($2,000 per child) in Child Tax Credits.
Don't Let Uncle Sam Shake You Down!
Contribute to Retirement Accounts: Contributions to a 401(k) or IRA can be tax-deductible, lowering your taxable income. The 2024 401(k) max is $22,500 for those under 50.
Use Tax Credits: Credits like the Earned Income Tax Credit (EITC) or the American Opportunity Tax Credit (AOTC) reduce your tax bill dollar-for-dollar. The AOTC, for instance, can save you up to $2,500 per student.
Claim the Home Office Deduction (if Self-Employed): Self-employed workers using a home office may deduct rent, utilities, and other expenses based on the space used exclusively for work.
Important BOI filing..
Filing a Beneficial Ownership Information (BOI) report is essential for business owners under the Corporate Transparency Act, which aims to prevent financial fraud by increasing transparency. Businesses registered after January 1, 2024, must file within 30 days of formation, while those registered before this date must file by January 1, 2025. Failing to file can result in steep penalties of up to $500 per day and even criminal charges for willful noncompliance. Staying compliant helps avoid these risks and promotes trust and accountability in your business. Click the link below to file your BOI.
Credit Repair Service
At Let's Leverage, our credit repair services help you take control of your financial future by leveraging Metro 2 compliance standards to maximize accuracy in credit reporting. Our specialists use these standards to effectively dispute inaccuracies and negotiate with creditors, enhancing your results. We provide guidance on debt management and credit-building, empowering you to improve your credit score and unlock opportunities for better loans, rates, and financial stability.
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Most Frequently Questions
What documents do I need to file my taxes?
Before filing your taxes, gather your forms of ID and essential documents to ensure accuracy and maximize deductions. Key income records include W-2s for employment earnings and 1099s for freelance work, interest, and other income. For deductions and credits, keep mortgage and student loan interest statements, tuition payments, and receipts for medical, childcare, and charitable expenses. Have Social Security Numbers, bank details for direct deposit, and last year’s return on hand. Collecting these items ahead streamlines filing and helps you get the most from your return.
How do you tailor your financial plans to each individual?
We personalize tax filing by thoroughly assessing your financial situation, including income sources, deductions, credits, and life changes that could impact your taxes. Our process considers factors like self-employment, dependents, education, and medical expenses to maximize your refund and minimize liabilities. We stay updated on tax law changes to ensure your filing strategy is always optimized, aligning with your financial goals for the most effective outcome
What are some good self employment deductions?
For 2025, self-employed individuals can reduce their taxable income through several key deductions, including the home office deduction for exclusive business space, self-employment tax deduction for the employer-equivalent share, and health insurance premiums if they cover their own plan. Contributions to retirement plans like SEP IRAs or solo 401(k)s can also be deducted, along with business-related vehicle expenses, supplies, phone and internet usage, and travel. Costs for professional services, continuing education, advertising, and business insurance qualify as well, making it essential to keep detailed records to maximize deductions while ensuring compliance.
How long does it take to get my refund?
Direct Deposit: 21 business days
Mailed check: 6-8 Weeks
What are the child tax credit adjustments
For the 2025 tax year, the Child Tax Credit (CTC) offers up to $2,000 per child under 17, with up to $1,700 refundable if the credit exceeds tax liability. The full credit is available to single filers with incomes up to $200,000 and married couples up to $400,000, phasing out by $50 for every $1,000 above these limits. To claim, taxpayers must file a federal return with Schedule 8812, a process most tax software can assist with. Set by the Tax Cuts and Jobs Act, these provisions expire after 2025, potentially reducing the CTC unless new legislation is enacted.
How can I avoid an audit?
For the 2025 tax year, the Child Tax Credit (CTC) offers up to $2,000 per child under 17, with up to $1,700 refundable if the credit exceeds tax liability. The full credit is available to single filers with incomes up to $200,000 and married couples up to $400,000, phasing out by $50 for every $1,000 above these limits. To claim, taxpayers must file a federal return with Schedule 8812, a process most tax software can assist with. Set by the Tax Cuts and Jobs Act, these provisions expire after 2025, potentially reducing the CTC unless new legislation is enacted.