As we approach another tax season, many people focus solely on their upcoming return — but this year, it’s just as important to look ahead. Several tax law changes are set to roll out in 2026, and preparing now can make a noticeable difference in your filing experience and financial planning.
Below is a simple, clear guide to help you get organized for your 2025 tax return and stay ahead of what’s changing the following year.
1. Gather documentation for tip income and overtime exemptions
If you qualify for the 2025 tax exclusions on tips or overtime, keep detailed records to support the amounts you plan to claim. Make sure your occupation is on the approved list for tip exclusions, and confirm your expected overtime pay. Employers aren’t required to report these exclusions on W-2s or 1099s for 2025, but they should give you written confirmation of the dollar amounts. Compare their numbers with your own logs before filing to prevent mismatches.
2. Be on the lookout for the new Form 1099-DA
If you own or trade cryptocurrency or other digital assets, you may receive the new Form 1099-DA for the first time. Beginning with the 2025 tax year, brokers and exchanges must report specific digital asset transactions. Track your cost basis, wallet activity, and sale dates so your reporting aligns with what the IRS receives.
3. Understand when 1099-Ks may still appear
Payment processors like PayPal or Venmo should only issue a 1099-K if you have 200+ transactions totaling more than $20,000. However, because the rules in this area continue to shift, you might still receive one even if you don’t meet the threshold. If you do, keep it with your tax records so it can be handled correctly — don’t toss it aside.
4. Review IRA and HSA contribution deadlines
If you contribute to an IRA or HSA, remember that 2025 contributions are allowed until April 15, 2026, or until you file your return, whichever comes first. Knowing this gives you extra time to maximize your savings benefits.
Speak with a trusted tax professional
Tax rules can feel overwhelming, especially as new changes take effect. If you have questions about how these updates may impact your personal or business tax situation—or if you’d like help preparing for the upcoming filing season—the team at NSO & Company is here to help.
We’re happy to walk through your options and provide guidance tailored to your goals. Call our office at (317) 588-3131 to speak with a member of our team and get the clarity you need to move forward with confidence.
Frequently Asked Questions
Our clients appreciate our fair, transparent pricing — no surprise fees, no confusing invoices. Individual tax returns start at $750, and business returns start at $1,500. If you’d like to talk through your specific situation before committing, a one-hour consultation with a CPA and tax preparer is $250.
Every client’s needs are different, so these starting rates can vary based on the complexity of your return or the scope of services you need. Visit our pricing page for more detail.
If you need accounting, bookkeeping, or tax services, contact us today — we’d love to learn more about your situation and provide pricing tailored to your needs.
We work with a wide variety of individual and business clients across central Indiana. Our clients range from entrepreneurs and small business owners to business professionals, retired individuals, families, and business corporations of all sizes.
Whether you’re just starting a business, managing personal and family finances, planning for retirement, or running an established company, we tailor our accounting, tax, and advisory services to fit where you are and where you’re headed. No two clients are exactly alike, and neither is our approach — we take the time to understand your specific situation so we can offer advice that actually applies to you.
NSO and Company is located in Fishers, Indiana, just off I-69 near the intersection of Lantern Road and 96th Street — an easy, convenient drive from anywhere in the Indianapolis area. Our office is at 8950 Fitness Lane, Suite 100, Fishers, IN 46037.
We’re open Monday through Friday, 8 am – 4 pm, and welcome walk-ins as well as scheduled appointments. If you’d like to speak with someone directly, call us at 317-588-3131.
NSO and Company combines years of experience with personalized service to help individuals and businesses prepare their taxes accurately and on time. We take the time to understand your situation, answer your questions, and look for opportunities to help you maximize your tax savings, while staying compliant and making the process as smooth as possible. Our clients also value our fair pricing and the confidence that comes from working with a trusted local firm.
