An important point to note is that while you can start filing your taxes in December or January with tax software providers, the IRS will not accept or process any returns (paper or electronic) until IRS e-File officially goes live. Help is also available, including Volunteer Income Tax Assistance (VITA)/Tax Counseling for the Elderly (TCE) programs. You can find organizations in your community with IRS-certified volunteers who provide free tax help for eligible taxpayers, including seniors, people with disabilities, and those who speak limited English. According to Werfel, the goal is to increase VITA support by 5% during the tax season.
IRS: Missing final 2024 quarterly estimated tax payment could trigger ‘unexpected penalties’
Taxpayers should review the tips for choosing a tax preparer and learn how to avoid unethical “ghost” return preparers. Taxpayers can also use the IRS Directory of unearned revenue Federal Tax Return Preparers with Credentials and Select Qualifications to find trusted professionals. The IRS also reminds taxpayers that choosing someone affiliated with a recognized national tax association is always a good option.
Final Regs Expand Sec. 45V Credit to More Hydrogen Production Sources
The program will also support more taxpayer claims, such as child and dependent care credit, premium tax credit and credit for the elderly and disabled. The 2025 tax filing season will begin Monday, Jan. 27, the Internal Revenue Service announced earlier this month. While most refunds are issued in less than 21 days, the agency noted that some may take longer due to additional review of returns.
- To make tax time easier, taxpayers should establish an effective record-keeping system, either electronic or paper, to organize all important documents in one place.
- Choosing a trusted tax professional for help in filing returns is also important to avoid potential scams and schemes.
- Additionally, people who generally make $67,000 or less, are living with disabilities, or whose preferred language is not English, can access free help through the Volunteer Income Tax Assistance (VITA) program.
- Shortly after, the IRA tax enforcement budget was cut by $20 billion.
- The IRS received and processed more returns in 2024 than it did in 2023, but issued fewer and smaller tax refunds.
- Just like previous filing years, taxpayers must report all digital asset-related income when they file their 2024 federal income tax return.
- The IRS has confirmed it will start processing 2024 tax filings and refunds from the week of January 27th, 2025.
#7. Extended tax deadlines
The Tax Foundation announced that Erica York will serve as the next Vice President of Federal Tax tax filing Policy, where she will oversee the organization’s entire federal tax policy agenda. Scott Hodge, who served as president of the Tax Foundation from 2000 to 2022, has transitioned away from being a full-time employee, and will continue to serve as President Emeritus. For more information, Kiplinger has a running list of states with tax deadline extensions this year. However, the IRS disaster relief page has the most official, up-to-date information.
- There are a number of things taxpayers can do to get ready as the end of 2024 nears and the start of the 2025 tax season approaches.
- Instead, Series I bonds are available in electronic format in TreasuryDirect.
- Additionally, the IRS announced updates to its Free File program, which offers tax preparation software to eligible taxpayers for free.
- You can also view, make, and cancel payments as well as set up or change payment plans and check your balance.
- Now open in 25 participating states, taxpayers can use Direct File to file online directly with the IRS for free.
- The official deadline for most people to file federal tax returns is Tuesday, April 15, 2025.
- Military personnel serving abroad or in a combat zone may also be granted additional time to file.
- Direct deposit ensures quicker access to refunds compared to receiving a paper check.
- Although the IRS will not start accepting and processing tax returns until Jan. 29, people don’t need to wait until then to work on their taxes if they’re using online tax filing software packages like TurboTax and H&R Block.
- The IRS began accepting tax returns Monday, Jan. 27, and even though tax season hasn’t even been open a full week, there are plenty of benefits to filing taxes as soon as possible.
- Instead, Series I bonds are available in electronic format in TreasuryDirect.
- This year, Direct File users can try a new chat bot to help guide them through the eligibility checker.
The IRS announced the 2025 tax filing season begins Monday, January 27, 2025. The IRS started processing tax returns for the 2023 tax season from the week of January 23rd (as predicted by this site a few months ago!). Important 2023 tax deadlines and dates are shown in the chart below. I recommend you use online tax software like, TurboTax, to help you with filing the correct forms. It’s pretty common to assume that you must file for an extension at the last minute, but that’s not true. If you need more time to file your taxes, request an extension by the tax filing due date—that’s April 15.
The IRS also notes that as of Jan. 1, 2025, people are no longer able to buy paper Series I savings bonds with their tax refund. Instead, Series I bonds are available in electronic format in TreasuryDirect. In addition to covering taxpayers claiming the standard deduction and deductions for student loan interest and educator expenses, Direct File will now support taxpayers claiming deductions for health savings accounts.
Here are the key dates you need to know to get you through this tax season. In addition to the resources above, the IRS has developed a Get Ready page on IRS.gov to highlight steps taxpayers can take to streamline the filing process. The most recent forms feature “save and draft” capabilities, which allow the taxpayer to start a form, save, and return https://www.bookstime.com/articles/net-realizable-value to it later. The addition of save and draft allows for future capabilities, including the ability for spouses to sign a form. Taxpayers with non-wage income—such as unemployment benefits, self-employment income, annuity payments or earnings from digital assets—may need to make estimated or additional tax payments.
The processing engine is similar across most of them (after all tax rules are the same for all) but they do differ on usability, premium features and availability of “live” support. These are the items were you can pay a premium and where the tax software providers can differentiate themselves. The IRS received and processed more returns in 2024 than it did in 2023, but issued fewer and smaller tax refunds. Of course, you always hear chatter about early processing and early returns.