TKTK | Money
Tax season is in full swing, and if you haven’t filed your taxes yet, it’s time to get moving. The deadline is fast approaching, with just a few days left to submit your returns to the IRS.
As of March 28, only a fraction of the expected individual income tax returns have been filed, indicating that many Americans are facing the pressure of crunch time. With the deadline looming, it’s essential to gather all necessary documents and information to expedite the process.
To help streamline the tax filing process, we have compiled a list of 11 frequently asked questions and answers for the 2025 tax season. These questions cover important topics such as tax deadlines, extensions, refunds, and more.
When it comes to tax deadlines, most Americans need to file their taxes by April 15, which is the federal income tax deadline for the majority of the country. However, certain states and regions have been granted extensions due to natural disasters, pushing their deadlines to a later date.
If you find yourself in a position where you owe taxes this year, it could be attributed to lifestyle changes or significant income fluctuations. To mitigate the impact of owing taxes, consider adjusting your withholding and contributing to a traditional IRA before the deadline to reduce your taxable income for the year.
For those looking to file their taxes for free, there are several options available. Programs like IRS Direct File, IRS Free File, and offerings from tax preparers like TurboTax and H&R Block provide opportunities for eligible individuals to file their taxes at no cost.
If you are expecting a tax refund, you can track its status using the IRS Where’s My Refund? tool. By filing electronically and opting for direct deposit, you can receive your refund within 21 days of submitting your return.
In the event that you need more time to file your taxes, you can request an extension from the IRS. Keep in mind that an extension grants you additional time to prepare your paperwork but does not extend the deadline for paying any taxes owed.
It’s important to file your taxes even if you are not required to do so, as failing to file can result in penalties and interest from the IRS. Additionally, submitting a tax return ensures that your income information is on file with the government, which can be beneficial for receiving benefits such as stimulus checks and Social Security.
As tax season draws to a close, it’s crucial to stay informed and prepared to meet the deadline. By addressing any outstanding tax issues and taking advantage of available resources, you can navigate the tax filing process smoothly and efficiently.
