2025 Tax Season is Here Now

Welcome to Tax Season 2025: What You Need to Know as Filing Begins

As the calendar flips to the new year, January 25, 2025, marks the official beginning of the tax filing season. For individuals, businesses, and tax professionals alike, this period is a critical time for organizing finances, navigating new regulations, and ensuring compliance with federal and state requirements. Here's what you need to know to get started on the right foot.

Key Dates for Tax Season 2025

• January 27, 2025: The IRS begins accepting and processing 2024 tax returns.
• March 15, 2025: The deadline for filing business tax returns and requesting an extension.
• April 15, 2025: The deadline for filing individual tax returns and requesting an extension.
• October 15, 2025: The deadline for filing extended tax returns.

Mark these dates on your calendar to avoid late penalties or missed opportunities to claim refunds and credits.
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Tax laws can change annually, and 2025 is no exception. Key updates include:

1. Standard Deduction Increases:
   • Single filers: $14,600
   • Married filing jointly: $29,200
   • Head of household: $21,200
2. Expanded Tax Credits:
   • The Child Tax Credit has been adjusted for inflation, increasing the maximum credit amount.
   • The Earned Income Tax Credit (EITC) also sees higher thresholds for eligibility.
3. New Electronic Filing Options:
   • Expanded payment options for those who owe taxes.

Steps to Prepare for Tax Season

1. Gather Your Documents: Ensure you have W-2s, 1099s, investment income statements, and receipts for deductible expenses on hand.
2. Organize Early: Filing early can expedite your refund and give you time to address any issues that arise, such as missing documents or errors in reporting.

Avoid Common Filing Mistakes

• Report All Income: Overlooked income from side gigs or freelance work can result in penalties.
• Use Correct Filing Status: Choosing the wrong status can impact your tax liability. Consult a tax expert for your best option.

Take Advantage of Tax Resources​

• Professional Tax Preparers: A trusted CPA or enrolled agent can help you navigate complex returns and maximize deductions.

The Importance of Early  

• Faster Refunds: Refunds typically arrive more quickly when filing early.
• Reduced Stress: Completing your return well before the deadline allows you to address any unexpected challenges calmly.
• Fraud Prevention: Filing early reduces the risk of identity theft by ensuring your return is processed before scammers have a chance to file fraudulently in your name.

Final Thoughts
Tax season doesn’t have to be daunting. With the right tax preparer, you can maximize deductions and minimize mistakes. Whether you’re anticipating a refund or preparing to settle your balance, January 25, 2025, is your starting line—so let’s get to it!