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Once taxpayers have completed their federal tax return, the Direct File system automatically guides them to state tools to complete their state tax filings. Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. Should show an updated status by February 22 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by March 3 if they chose direct deposit and there are no other issues with their tax return. WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.
Among the notable exceptions to the standard April 15th tax deadline is the possibility of extensions granted due to circumstances like hurricanes, LA wildfires, and other unforeseen events. Drastic cost cutting measures have already touched a wide range of agencies including the Consumer Financial Protection Bureau, Department of Health and Human Services and Department of Education. Consolidating credit card debt involves combining multiple credit card balances into a single account or loan, typically with more favorable terms. If you're able to show reasonable cause why you weren't able to meet your tax obligations, the IRS may be able to remove or reduce some penalties. To check if your area is included, visit the IRS webpage on tax relief in disaster situations.
Haven't filed your tax return lately?
Tax related products and services provided through Harness Tax LLC. Harness Tax LLC is affiliated with Harness Wealth Advisers LLC, how early can you file taxes 2025 collectively referred to as “Harness”. Harness Wealth Advisers LLC is a paid promoter, internet registered investment adviser. Registration does not imply a certain level of skill or training. This article should not be considered tax or legal advice and is provided for informational purposes only.
- Although the IRS will not begin accepting tax returns until Jan. 27, taxpayers have several options available now to get a head start on their taxes.
- Your tax bracket is determined by how much money you earn — the more income you make, the higher percentage of taxes you pay.
- This is the deadline for paying estimated taxes on income earned between September 1, 2023, and December 31, 2023.
- However, those with a valid extension had until Oct. 15 to file their return.
- Many taxpayers wait until the tax filing deadline approaches to submit their returns, but early filing offers several advantages.
- Refund information is normally available after four weeks for taxpayers who filed a paper return.
While it can be tempting to get ahead of the crowd, you’ll want to make sure you have all your documents in order before starting the filing process. Some documents you’ll need to file aren’t required to be sent out until after tax season has begun. For instance, a key form many filers need to reference is the W-2, which employers have until Jan. 31 to send out. Factors affecting the time it takes to get a tax refund include whether you file online and use direct deposit, your return has errors, and/or your refund will be used to offset back taxes. The most recent forms feature “save and draft” capabilities, which allow the taxpayer to start a form, save it and return to it later. The addition of save and draft allows for future capabilities, including the ability for multiple spouses to sign a form.
Direct File opens Jan. 27 for taxpayers in 25 states
The VITA program offers free tax help to people who generally make $67,000 or less, persons with disabilities and taxpayers whose preferred language is not English. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals. When taxpayers opt for electronic filing and are owed a refund, the IRS states that they can anticipate its arrival within 21 days. Enrolling in direct deposit for your refund is recommended to expedite the process. Keep in mind that if any problems arise with your return or if you submitted a paper return, the processing time may extend to four weeks or beyond.
What are the new IRS rules for 2025?
Please consult a tax and/or legal professional for advice specific to your individual circumstances. To file your tax return accurately, you’ll need various forms that report your income from different sources. These include W-2s, 1099s, and other forms that reflect income, mortgage interest, and health insurance information. More than 163 million tax returns were received in 2024, a 0.9% increase compared to 2023, according to the Internal Revenue Service.
According to the agency, most tax software and many tax pros will hold onto a completed return and submit it to the IRS when tax season begins. The last day to timely file your taxes in 2025 will be April 15. The tax deadline stays the same year-to-year unless it falls on a weekend, in which case it’s pushed to the following business day. There are certain exceptions, such as in 2020 and 2021, when the tax deadline was extended due to the COVID-19 pandemic. States set their own tax deadlines, which may or may not mirror the federal dates. Your state tax department’s website is often the best resource for up-to-date filing information.
What might taxpayers expect if IRS workers are slashed?
- Direct File is a web-based service that works on mobile phones, laptops, tablets or desktop computers.
- This article should not be considered tax or legal advice and is provided for informational purposes only.
- However, extensions do not allow taxpayers extra time to pay taxes, only to file returns.
- Last year, the IRS gave a 5.4% nudge to taxpayer income to reach each new bracket.
- It's probably not the most exciting task, but for those wanting to get a head start on filing, tax season is officially here.
- AARP is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age.
Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. Check out the latest consumer alerts and read more about the most recent tax related scams identified by the IRS. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. Additionally, filing early can help you avoid late fees and penalties that late filers may incur.
What can taxpayers do if IRS is slashed?
And if you worked any side hustles, you’ll want to organize all your receipts for business expenses and keep in mind this 1099-K reporting change for the 2025 tax season. If you’re an individual who files once a year, the deadline to file is typically April 15 unless it is extended due to a state holiday. It also serves as a reminder to wrap up old business from the prior year and get started on annual filings, such as taxes.
Any owed taxes should be paid before the due date to avoid potential penalties and interest on the amount owed. The IRS announced on Tuesday that millions of taxpayers nationwide can start filing individual tax returns on Friday, Jan. 10 through its Free File service. To find a list of trusted IRS Free File partners, visit IRS.gov.
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