As 2025 rolls around, Americans will soon receive their W-2 forms to begin filing their previous year’s tax returns.
The new year also brings new changes to the tax code for 2025 that will impact filing, as millions of people wonder when they should file their taxes.
Here’s what you need to know about this year’s tax season:
When can Americans start filing their taxes?
The IRS has not yet announced when tax filing will begin, although that date is typically in late January.
Before then, the IRS will open its tax software for the year to allow taxpayers to begin preparing their returns, and the agency has also released a list of tips to speed up 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 eligible for refunds generally receive them within 21 days of filing if they use direct deposit, although it can take up to eight weeks for those who file paper returns.
However, several items can delay refunds, including items that require additional review by the IRS. Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may not receive refunds until mid-February at the earliest because the agency must further review those returns.
Are there any notable changes to tax reporting in 2025?
A 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 more. other services.
According to the IRS, all income received through these sites is taxable regardless of whether it meets the $5,000 threshold, and taxpayers will need to report this income whether or not they received the form.
More information can be found on the IRS website.
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