What We’re Seeing So Far This Tax Season (And What It Means for You)

March is when tax season stops feeling theoretical. Early filers are mostly done, procrastinators are starting to feel the pressure, and many people are realizing their return is not as simple as they expected.

At Gregg Jaffe Tax Services, we work with individuals, families, seniors, homeowners, and business owners across Plainview and Long Island. By March, the same issues tend to surface year after year. This season, changes under the One Big Beautiful Bill Act (OBBBA) have added a few new points of confusion.

Here is what we are seeing most often, and what it could mean for your return.

Missing Documents Are Still the Biggest Cause of Delays

The most common issue we see in March is incomplete paperwork. Many people feel ready to file, but important documents are still outstanding.

Items that are frequently delayed or overlooked include:

• Late-arriving 1099 forms from freelance, contract, or gig work

• Brokerage statements for investment activity, especially if securities were sold

• Corrected W-2s or 1099s issued after an initial version

• Mortgage interest statements and property tax documentation

Filing before all documents are received increases the likelihood of errors and amended returns. In many cases, waiting a little longer leads to a smoother filing process.

SALT Cap Confusion Continues for New York Homeowners

Under the OBBBA, the federal SALT deduction cap increased for a limited period. Beginning with the 2025 tax year, the cap is up to $40,000 per return, or $20,000 for married taxpayers filing separately. A phase-down begins at higher income levels, generally around $500,000 of modified adjusted gross income, but the deduction never drops below $10,000.

This change provides real relief for many New York homeowners, particularly on Long Island. At the same time, it has created confusion.

What we are seeing:

• Homeowners itemizing when the standard deduction is still higher

• Missing or incomplete property tax records

• Uncertainty about how income levels affect the phase-down

The core rule has not changed. Itemizing only makes sense when total itemized deductions exceed the standard deduction.

Seniors Are Often Missing Deductions They Qualify For

The OBBBA introduced a temporary senior deduction of up to $6,000 per eligible individual for taxpayers who are age 65 or older by the end of the tax year. This deduction is available whether a taxpayer itemizes or takes the standard deduction and begins to phase out at higher income levels.

Common issues we are seeing include:

• Seniors who are unaware the new deduction exists

• Confusion between the standard age-based additional deduction and the new OBBBA senior deduction

• Early filers who did not flag age eligibility and later need corrections

A brief eligibility check can help prevent missed deductions or unnecessary amendments.

Business Owners Filing Too Early, Before the Numbers Are Final

March is often when business owners feel pressure to file, even though year-end financials may still be incomplete.

Common situations include:

• Profit and loss statements that are not finalized

• Missing or incomplete contractor 1099 information

• Equipment purchases lacking proper documentation or placed-in-service dates

• Estimated tax payments that have not been fully reconciled

For business owners, filing too early often leads to amended returns or missed planning opportunities. Accuracy matters more than speed.

Early Filers Returning for Amendments

We are seeing a steady number of taxpayers who filed early and now need adjustments.

Typical reasons include:

• Additional income forms arriving after filing

• Corrected forms replacing earlier versions

• Filing status or dependent errors

• Missed deductions or credits due to incomplete documentation

While amendments are sometimes unavoidable, many can be prevented with a more complete review before filing.

What This Means for You Right Now

If you are filing in March, consider the following:

• Confirm that all income documents have been received before filing

• Do not assume itemizing is better. Compare itemized deductions to the standard deduction

• If you are age 65 or older, confirm eligibility for senior-related deductions

• Business owners should finalize financial records before submitting a return

• Filing accurately is generally more important than filing early

File with Confidence, Not Pressure

Tax season moves quickly, but your return deserves careful attention. Rushing often leads to errors that take more time to fix later.

Gregg Jaffe Tax Services helps clients across Plainview and Long Island file accurately and confidently, especially when new rules affect deductions and reporting requirements.

Phone: 516-770-5305

Contact Form: https://www.greggjaffetax.com/contact

Frequently Asked Questions

Is it too late to wait if I have not filed yet?

No. Filing later with complete and accurate information is often better than filing early with missing documents.

Should I amend my return if I already filed?

Possibly. If a form was missing, corrected, or a major detail was entered incorrectly, an amendment may be appropriate. A tax professional can help determine the best next step.

Does the OBBBA change what I should bring to my tax appointment?

In many cases, yes. Property tax records, complete wage statements, and documentation related to senior or energy-related deductions are especially important this year.