The Internal Revenue Service (IRS) has officially announced the start of the 2025 tax season, setting the stage for taxpayers to begin filing their 2024 returns. Here’s everything you need to know to prepare for a smooth filing process.
Key Dates and Deadlines
The IRS will begin accepting and processing returns starting Monday, January 22, 2025. This marks the official opening of the tax season. The deadline for most taxpayers to file their 2024 federal income tax returns is Tuesday, April 15, 2025. For those needing extra time, the IRS allows an extension request, which moves the deadline to October 15, 2025.
Important Updates for 2025
This year, several changes and updates could impact your filing:
- Standard Deduction Increase: The standard deduction has been adjusted for inflation, offering taxpayers a slightly higher deduction. For single filers, the standard deduction is now $14,600, while married couples filing jointly can claim $29,200.
- Earned Income Tax Credit (EITC): Income thresholds and credit amounts for the EITC have been revised. Check the updated tables to determine your eligibility.
- New Tax Credits and Deductions: Look out for changes in energy-efficient home improvement credits and electric vehicle tax incentives introduced under recent legislation.
Filing Tips
- E-file for Faster Refunds: The IRS encourages taxpayers to e-file and opt for direct deposit to receive refunds faster. Paper returns may experience delays due to processing times.
- Gather Necessary Documents: Ensure you have all required documents, including W-2s, 1099s, and receipts for deductible expenses.
- Check Your Withholding: If your tax situation changed in 2024, review your withholding to avoid surprises.
Free Filing Options
The IRS offers free filing resources for eligible taxpayers:
- IRS Free File: Available to taxpayers with an adjusted gross income (AGI) of $73,000 or less in 2024.
- Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE): These programs provide free help for qualifying individuals, including those aged 60 and older.
Taxpayer Assistance
The IRS reminds taxpayers that its online tools, including the “Where’s My Refund?” tracker and IRS2Go mobile app, are the fastest ways to get updates and assistance. Additionally, taxpayers with questions can visit the IRS website or contact their local Taxpayer Assistance Center.
Avoid Scams
As tax season begins, be vigilant against scams. The IRS will never contact taxpayers by email, text, or social media to request personal or financial information. Report suspicious activity to the IRS immediately.
Final Thoughts
The 2025 tax season is an opportunity to ensure your financial records are in order and to maximize your tax benefits. By staying informed and proactive, you can navigate this tax season with ease. For personalized advice, consider consulting a tax professional.
Stay tuned for further updates and resources as the tax season progresses.
