When Are Taxes Due? What to Know About the 2025 Tax Season
With 2025 now underway, Americans will soon be receiving their W-2 forms to begin filing their tax returns for the previous year.
The new year also brings new changes to the tax code for 2025 that will impact filing as millions wonder when they need to file their taxes by.
When Can Americans Begin Filing Their Tax Returns?
The IRS has not yet announced when tax return filing will begin, though typically that date occurs at the end of January.
Prior to that date, the IRS will open up their tax software for the year to allow taxpayers to begin preparing their returns, and the agency has also published a list of tips to help expedite the process, which you can find here.
When is This Year’s Tax Deadline?
According to the IRS, taxes will be due on their traditional date of April 15 this year, with no holidays to interfere with that date.
How Soon Can I Expect a Refund?
According to the IRS, taxpayers who are eligible for refunds typically receive them within 21 days of filing if they use direct deposit, though it can take up to eight weeks for those who file with paper returns.
There are several things that can delay refunds however, including items that require additional review by the IRS. Those taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit cannot receive a refund until mid-February at the earliest, as the agency has to give additional scrutiny to those returns.
Are There Any Notable Changes to Tax Returns in 2025?
One big change coming in 2025 will be the issuance of a form called Form 1099-K for taxpayers who received $5,000 or more through online marketplaces or payment apps like Venmo, Zelle, Google Wallet and other services.
According to the IRS, all income received through such sites is taxable, whether or not it hits the $5,000 threshold, and taxpayers will need to report that income whether or not they received the form.
More information can be found on the IRS’ website.
Conclusion
In conclusion, with the 2025 tax season underway, it’s essential to be aware of the changes and deadlines. Make sure to mark your calendar for April 15, and plan accordingly to file your taxes on time. Additionally, be aware of the new Form 1099-K and the potential for delays in refunds.
FAQs
* When can I start preparing my tax return?
+ The IRS typically opens up their tax software for the year at the end of January, but the exact date has not yet been announced.
* When is the tax deadline for 2025?
+ April 15, 2025
* How long does it take to receive a refund?
+ Taxpayers who use direct deposit can typically receive their refund within 21 days, while those who file with paper returns may take up to eight weeks.
* What can cause a delay in refunds?
+ Items that require additional review by the IRS, such as the Earned Income Tax Credit or the Additional Child Tax Credit.
