We can think of at least 5 reasons why a Nevada taxpayer would want to file an income tax return in 2025, even if they’ve never filed before. 

Consider these: 

Reason #1 – The Earned Income Tax Credit (EITC)

• This tax credit helps certain American workers and their families reduce their tax liability and potentially increase the size of their refund. If you claim this credit, however, your refund may be delayed. By law, the IRS must wait until mid-February to issue refunds to taxpayers who claim the Earned Income Tax Credit. The size of this tax credit varies by family size, but it phases out to zero at $66,819 per year.

Reason #2 – The American Opportunity Tax Credit (AOTC)

• This tax credit reimburses American workers up to $2,500 per year for money spent on certain qualifying educational expenses. Claiming this tax credit as an enrolled college or university student, for example, could increase the size of your refund by up to $1,000! Beware: federal law denies this credit to taxpayers convicted of a felony drug offense.

Reason #3 – The Child Tax Credit 

• This tax credit helps American parents and families afford the costs of childcare by reducing their tax liability and increasing the size of their refund. There is no limit on the number of children that can qualify you for a child tax credit. Every child under 17 that is claimed on your tax return will reduce your taxable income by up to $2,000. You must meet all eligibility factors and your annual income cannot be more than $200,000 per year if you have never been married ($400,000 if filing a joint return).

Reason #4 – The Adoption Tax Credit

• The credit helps American taxpayers afford the costs of adopting a child under 18. It credits you for any money you may have spent on adoption fees, court costs, attorney fees, travel expenses while away from home, including your meals and lodging, and certain re-adoption expenses. The year in which a taxpayer can claim credit depends largely on when the adoption expenses were paid.

Reason #5 – A Section 179 Election

• This provision in the tax code helps American sole proprietors and other business owners afford the cost of qualifying equipment (up to a certain amount) by accelerating the deduction of any interest paid on the purchase of that equipment. For example, the maximum amount that could be deducted by a taxpayer’s income for business use of a sports utility vehicle (SUV) purchased in 2024 is $30,500. The IRS requires taxpayers utilizing this deduction to fill out IRS Form 4562 – Depreciation and Amortization.

We know that filing taxes can be overwhelming. Our goal is to simplify the process for you and ensure you get the maximum return possible. Let us handle the stress of tax season this year. Contact us now.