With tax season approaching, expert shares what you need to know

JACKSON, Tenn. — As we get to the end of 2025, we wanted to get some tips from an expert regarding your taxes.

With only a couple days left in the year, the tax season will be approaching before we know it. We were able to speak with William Lewis, with Lewis Tax Firm, who tells us of anything we can do before we get to 2026.

“I always tell everybody to start with your estimated withholdings and your estimated taxes. Start there,” Lewis said. “Look at the income you’ve made. See if you can calculate up if you’ve had enough tax withheld or if you haven’t. That’s the first thing.”

Tax time is incredibly important for our business owners. Lewis tells us of an important thing to remember, especially at the end of the year.

“They’ll go and make large purchases at the end of the year and they can’t write it all off. If you’re going to buy a large asset that has to be depreciated, you might spend all this money thinking you are going to get a tax deduction and then you actually can’t deduct it and you get into a worse position,” Lewis said.

One big topic of discussion regarding taxes this year is overtime and tips. Lewis gives us a great idea for what we need to do with these.

“Keep records,” said Lewis. “Once you’ve verified your income and expenses or your overtime and tip income and you’ve verified that it is accurate, make sure that you hold onto it. Everything is going to go into the tax filing. So as long as you are prepared for that filing, you should be set.”

Regardless of any changes you may or may not make, Lewis says it is always important to keep up with your tax situation year-round.

The official start date for tax season has not been announced yet. However, it is expected to be sometime in late January.

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