If a taxpayer resides in a federally declared disaster area, they may have additional time to file. The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of April 15, 2024. IRS.gov is a valuable resource for taxpayers, offering a variety of online tools like the Individual Online tax season Account available 24/7. These tools help individuals file and pay taxes, track refunds, access account information and get answers to tax questions.
What if I miss a tax deadline?
- The tax code for 2025 has some changes that are noteworthy for Americans that could impact the size of their tax refund, and possibly the size of their headache.
- Individuals without a bank account can explore options for opening one through FDIC-insured banks or a credit union using the National Credit Union Locator tool.
- Choosing a Tax Professional offers information to help people select one.
- So, be sure to set calendar reminders, double-check your documents and don’t hesitate to seek help from a tax professional if needed.
- We do not include the universe of companies or financial offers that may be available to you.
- In the United States, Tax Day is the day on which individual income tax returns are due to be submitted to the federal government.3 Since 1955, Tax Day has typically fallen on or just after April 15.
As long as you’ve received all your tax documents, you can complete the forms now and have them ready to send electronically on Jan. 29. If you overpaid for the 2024 tax year, there’s typically no penalty for filing your tax return late. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to be lost, misdirected, stolen or uncashed compared to those paid using direct deposit. In addition to these credits, you could be eligible for a tax deduction (up to $2,500) for interest you’ve paid on student loans.
IRS encourages taxpayers to prepare for 2025 filing season with online tools and key reminders
For instance, those directly impacted by Hurricane Helene and Hurricane Milton will have until May 1, 2025, to file various individual and business tax returns and make tax payments. Taxpayers impacted by LA County wildfires now have until Wednesday, Oct. 15, 2025, to file. The official deadline for most people to file federal tax returns is Tuesday, April 15, 2025. The federal tax filing deadline for the 2025 tax season is Tuesday, April 15, 2025.
What Is Tax Season?
From the filing to quarterly estimated payments, there are several key IRS deadlines you should know about. Missing a tax deadline can result in penalties, so it’s essential to make sure you’re filing and paying your taxes on time. Learn more about IRS tax deadlines, possible extensions, and other key dates you need to know as a taxpayer. Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year.
The credit decreases if your modified adjusted gross income exceeds $200,000, or $400,000 for a married couple filing jointly. Tax season is a critical time to fulfill your financial obligations and secure your financial well-being. By understanding the dates and deadlines, staying organized, and taking advantage of available resources, you can make tax season a more manageable and less stressful experience. The IRS emphasizes that the quickest way to obtain information about your tax refund and find answers to common tax questions is to visit the IRS.gov website. Additionally, if you are due a tax refund, direct deposit is the fastest way to receive it.
- As soon as the agency opens for business that day, your return will automatically get filed.
- The IRS encourages people to file their tax returns electronically and choose direct deposit for more secure and faster refunds.
- Each year, the tax season deadlines follow a familiar schedule, from the start of filing season to the final extension date.
- The IRS started accepting tax returns on Jan. 27, although it also opened its Free File service on Jan. 10.
- Just remember, a tax credit or deduction is never a reason to go out and make a purchase.
The IRS estimates that 90% of tax filers claim the standard deduction, an amount set by the agency that’s linked to your filing status and other factors. The Inflation Reduction Act, a bill that President Joe Biden signed into law in 2022, includes several tax credits launched last tax season. https://capitalbloominvestments.com/15-tips-to-get-experience-as-a-bookkeeper-in-2025/ While most of them only apply to big businesses (and we’re talking really big—those with over $1 billion in revenue), there are two potential credits for individuals.
- The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 28 if taxpayers chose direct deposit and there are no other issues with their tax return.
- You’ll need to estimate the amount you owe and make your payment by the original tax filing deadline even if you file an extension.
- If you’re ready to file, you’ll need to decide if you want to file electronically or submit a paper return.
- If the taxpayer had received the same amount in 2022, they would have been taxed at a top rate of 22%.
- If you’re making estimated payments for 2025, the first quarterly payment is also due on this day.
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While most tax preparers deliver exceptional and professional service, selecting the wrong preparer can lead to financial harm. The Get Ready page on IRS.gov highlights steps taxpayers can take now to streamline the filing process and the many resources available to interact with the IRS before, during and after filing their federal tax return. Each year, the IRS adjusts the federal https://www.bookstime.com/articles/accounts-receivable-in-healthcare income tax brackets to account for inflation, which can significantly impact your tax return.