Important Dates to Remember for Tax Filing Season

January 24, 2025 TruthUSA

Americans will soon be able to begin filing tax returns with the IRS.

As soon as 2025 arrived, Americans began receiving their tax documents.

With the end of January nearing, several important dates for taxpayers are on the horizon.

Tax season kicks off on Monday, January 27, as announced by the IRS earlier this month.

This year, the IRS is expanding access to its Direct File program, which was initially launched in 2024. Starting Monday, taxpayers from 25 states will be able to utilize Direct File.

In its first year, residents from Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington state, and Wyoming were eligible to use Direct File. This year, individuals living in Alaska, Connecticut, Idaho, Illinois, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, and Wisconsin will also have access to the program.

Additionally, the IRS is encouraging taxpayers to explore another option known as Free File, which allows them to prepare their returns ahead of time so they are ready to file once the IRS begins accepting submissions. Numerous private companies are also assisting individuals in preparing their returns in advance of tax season.

The standard deadline for filing taxes remains April 15 for most individuals, and this year that date falls on a Tuesday.

For those using a fiscal year instead of a calendar year, returns are due by the 15th day of the fourth month following the close of their fiscal year.

Taxpayers have the option to request an extension for filing their taxes. If granted, the deadline for filing extends to October 15, although any taxes owed must still be paid by the April deadline.

To obtain an extension, taxpayers can file a request via mail, utilize Free File for an automatic extension request, or make payments for any owed taxes online.

Those who fail to meet the deadline will incur a penalty of 5 percent of the unpaid taxes for each month, or part of a month, that their returns are overdue. Interest is also applied to such penalties. The IRS states that each individual’s penalty will not exceed 25 percent of their unpaid taxes.

Americans who overpaid their taxes in 2024 may be eligible for a refund. Most refunds for those who file electronically are processed within 21 days, while paper returns may take more than a month to receive refunds.

A total of 163 million returns were submitted for 2023, and the IRS anticipates that over 140 million individuals will file returns ahead of the April 15 deadline.

Source link

You May Also Like

Robert F. Kennedy Jr. Withdraws From Presidential Race and Throws Support Behind Donald Trump | US News

Transgender Woman Files Lawsuit Against Hooters Alleging Hiring Discrimination

Rabbi Menken to Newsmax: Hanukkah as a Celebration Countering Wokeness

Leave a Reply Cancel reply