The 2025 tax season has officially opened, so cue the groans…OK, that’s enough — let’s get busy!
The IRS expects more than 140 million individual tax returns to be filed for tax year 2024. Although there has not been a new sweeping overhaul to the code, there are some changes that could alter your tax filing approach this year.
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Tax filing deadline
For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Tuesday, April 15, 2025.
Taxpayers who reside in a federally declared disaster area will have more time. The IRS announced that California wildfire victims will have until October 15, 2025, to file federal individual and business tax returns, to make tax payments, and to make 2024 contributions to IRAs and health savings accounts.
Victims of other natural disasters, like Hurricanes Milton and Helene, should check the IRS website for their specific deadlines.
Prepare now
Bookmark the IRS.gov website and check out the “Get Ready” section. You will need to gather all of your relevant information, like Social Security numbers, this year’s Identity Protection Personal Identification Numbers (IP PIN), and all income related documents, like W2s, 1099s, unemployment benefits received, dividends, pensions, annuities, or retirement plan distributions.
Use IRS Free File
This service lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax preparation services. It’s open to taxpayers with Adjusted Gross Income (AGI) of $84,000 or less in 2024. If your AGI is above $84,000, you can use Free File Fillable Forms, the electronic version of paper forms.
Consider Direct File
The IRS has expanded its Direct File program which allows taxpayers to file their 2024 federal (not state) tax return online, for free, directly with the IRS. In addition to last year’s 12 pilot states, 13 new states, including California, are participating this year and more tax situations will be covered.
File electronically
Many of the headaches that taxpayers encounter, including easily avoidable errors and long wait times for refunds, could be sidestepped if everyone filed electronically and used direct deposit. If you are due a refund, electronic filers with direct deposit usually receive it within 21 days.
Decide whether to engage a pro or go it on your own
It’s tough to find someone to help with your taxes in April, so now’s the time to figure out whether or not it is necessary. Check out the IRS’ tips on how to choose a tax professional.
Claim your credits and deductions
The IRS released a report which found that many taxpayers don’t claim the credits and deductions for which they are eligible. The agency used tax year 2022 as a baseline for the analysis and the estimated numbers are staggering: almost $7 billion left on the table from tax filers not claiming the Earned Income Tax Credit, the Child Tax Credit, and Education credits.
Access IRS Resources:
IRS’ Where’s My Refund? Tool: Check the status of your refund within 24 hours of e-filing.
Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE): IRS certified volunteers provide free tax help to eligible filers. VITA offers guidance to those who earn $67,000 or less, have a disability, or need language support. TCE focuses on those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues.
MilTax: A Department of Defense program, which generally offers free return preparation and electronic filing software for federal income tax returns and up to three state income tax returns for all military members, and some veterans, with no income limit.
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Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com.
