24Business

The Tax Administration announces the beginning of the 2025 tax season


The Internal Revenue Service (IRS) on Friday announced details for the start of the 2025 tax filing season, which will begin in earnest later this month.

Tax filing season will open on Monday, Jan. 27 for taxpayers filing their tax returns for tax year 2024. The IRS said it expects more than 140 million individual tax returns by the federal filing deadline for tax year 2024, which is Tuesday , April 15. .

The agency added that since about half of all returns are expected to be filed with the help of a tax professional, taxpayers should use a certified tax professional to avoid potential fraud and scheming.

This tax filing season will also see new tools available to taxpayers amid the IRS’ modernization efforts. Among the improvements are greater access to tax account information via text and voice virtual assistants, expanded features on the IRS’s personal online account, greater access to dozens of tax forms for mobile phone and tablet users, plus expanded alerts for scams and schemes targeting taxpayers.

IRS RAISES 401(K), OTHER 2025 RETIREMENT PLAN CONTRIBUTION LIMITS.

The Tax Administration has announced that the season for submitting tax returns for 2024 will begin on January 27. (Michael Bocchieri/Getty Images/Getty Images)

The IRS has also expanded the Direct File program since last year, which will be available to taxpayers in 25 states when tax season officially begins later this month, after 12 states used the program as part of a pilot program last year.

Direct File is similar commercial tax software and allows taxpayers to opt into the data import tool to automatically import data from their IRS account – such as personal information, the taxpayer’s IP PIN, and certain information from their W-2 form. A new chatbot will also be available to help Direct File users navigate eligibility.

“This has been a historic period of improvement for the IRS, and people will see additional tools and features to help them file their taxes this tax season,” said IRS Commissioner Danny Werfel. “These taxpayer-focused improvements we’ve made so far are important, but they’re just the beginning of what the IRS needs to do. More can be done with continued investment in the nation’s tax system.”

IRS WILL SEND UNCLAIMED TAX REFUNDS TO 1 MILLION AMERICANS

The IRS is in the process of modernizing its technology to help taxpayers. (Photo by J. David Ake/Getty Images/Getty Images)

In the announcement of the tax administration, it was stated that the majority tax refund are issued in less than 21 calendar days and that taxpayers can use the “Where’s My Refund?” tool on IRS.gov to check the status of your 2024 income tax return within 24 hours of e-filing.

For taxpayers who file a paper return, refund information is usually available four weeks after filing. “Where’s my refund?” the tool updates overnight, so there’s no need to check it more than once a day.

“The easiest, safest and fastest way to receive your refund is to file electronically and choose direct deposit. According to the Treasury Department’s Office of Fiscal Services, paper refund checks are 16 times more likely to have problems, such as the check being lost, misdirected, stolen or not cashed” , the tax administration wrote.

CLICK HERE TO SET FOX BUSINESS IN CRETE

It added that taxpayers should check the FDIC and National Credit Union Administration websites if they don’t have one bank accountwhile veterans can use the Veterans Benefits Banking Program to find participating financial institutions.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button