IRS tax filing season opens: What you need to know

The Internal Revenue Service (IRS) has begun accepting tax returns and payments for 2024. Newsweek has gathered everything you need to know for the 2025 tax season.

When Does Tax Season Start?

You can file your taxes with the IRS starting now, on Monday, January 27.

Taxpayers will have until April 15 in most states to file and pay their federal tax returns.

When Will I Get My Refund?

The IRS has said that to process your refund, it usually takes:

Up to 21 days for a return filed online
Four weeks or more for amended returns and returns sent by mail
Longer if your return needs corrections or extra review

The fastest way to receive your tax refund is via direct deposit. Taxpayers can check the status of their refunds using the IRS tool Where’s My Refund? 24 hours after filing their tax returns online, or four weeks after filing paper returns.

Stock image/file photo: A Form 1040 for Individual Income Taxes.
Stock image/file photo: A Form 1040 for Individual Income Taxes.
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Changes for 2025

New Tax Brackets

The amount of tax you pay is determined by your income level and your filing status, such as whether you are single or married. Federal income is not taxed at a flat rate – instead, portions of your annual earnings may be placed in different tax brackets, meaning multiple tax rates applying to different segments of your income.

Standard Deductions

For the tax year 2025, single taxpayers and married individuals filing separately will see their standard deduction – the amount of income that is not taxable – increase to $14,600 for 2024, up by $750 from 2023.

Married couples filing jointly will benefit from a standard deduction of $29,200, a $1,500 increase from 2024. Heads of households will have a standard deduction set at $22,500 for 2025, reflecting a $600 rise compared to the amount for tax year 2024.

1099-K Reporting Changes

If you received more than $5,000 in payments for goods or services through an online marketplace or payment app in 2024, expect a Form 1099-K in January 2025.

Payment card companies, payment apps and online marketplaces are required to fill out Form 1099-K and send it to the IRS and the applicable taxpayer by January 31.

The IRS says that, even if you do not get one, any income made from these sources still has income taxes levied on it.

Expanded Direct File

Direct File, the IRS’ free tax filing program, has expanded to taxpayers in 25 states for 2024 returns, up from 12 in the 2023 season. Direct File is a completely free-of-charge option for taxpayers with relatively simple tax returns to file directly with the government agency.

States participating this year are:

Alaska
Arizona
California
Connecticut
Florida
Idaho
Illinois
Kansas
Maine
Maryland
Massachusetts
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Washington state
Wisconsin
Wyoming

Key Deadlines for 2025

January 27: The IRS begins accepting 2024 tax returns.
April 15: Deadline in most states to file your 2024 tax return. Also the first estimated tax payment for 2025 is due. This payment applies to income earned from January 1 to March 31, 2025.
April 17: Deadline for Maine and Massachusetts—again, estimated payments for 2025 are also due.
June 16: Deadline for the second estimated tax payment for 2025, covering income earned from April 1 to May 31.
September 15: Third estimated tax payment for 2025 is due, applicable to income earned from June 1 to August 31.
October 15: Final day to file your 2024 tax return if you’ve been granted a regular six-month extension.

This article was originally published by a www.newsweek.com . Read the Original article here. .