As tax season approaches, individuals preparing to file their 2025 taxes need to stay informed about the recent updates and guidelines set forth by the IRS. According to CNN, the filing season officially opens on January 27, 2025. The IRS emphasizes the importance of being prepared as numerous tax benefits, including new refunds and credits, will be available this year. The New York Times adds that taxpayers can utilize various free online filing options provided by the IRS to simplify the process and reduce costs. These services range from brand-name tax software to the Free File program, which allows individuals earning less than $73,000 to file their returns without any fees. USA Today highlights the anticipation surrounding tax refunds this season, with many expecting to see a refund greater than previous years, owing to potential credits that aim to alleviate inflation impacts. Despite the positive outlook, the IRS warns about common filing mistakes, underscoring the importance of accuracy to avoid delays or penalties. In light of the economic changes, experts suggest taxpayers review their last year’s return as a resource for this year’s filing. Taxpayers are also urged to verify their bank details for direct deposits, which many are opting for due to the convenience and speed in receiving funds. With these significant factors at play, ensuring that you are well-informed will help navigate the filing season effectively.
Tax Season 2025: Key Insights for Filers and Refunds
