In October of last year, the US government announced a COLA rise that will go into effect in 2025. To put it another way, Americans will have a bit more money to fight inflation when the first of the 2025 payments includes an additional 2.5%.
We will consequently get a bigger bonus check in December 2023. This is due to the fact that this check represents the first installment of Supplemental Security Income due in January of next year.
Consequently, this benefit’s monetary value has grown. Up to $967 will be paid to each beneficiary. Therefore, on the 31st day after that, you will be permitted to cash your check if it is a maximum check. If you don’t have, keep in mind that you won’t be able to receive your check in December, but you will be able to do so in the days ahead.
Important Dates for the 2025 Tax Season
The period for submitting returns is officially opened in late January, marking the start of the tax season. The 2025 tax season officially started on January 29, 2024, while the exact date has not yet been disclosed. In this sense, we can recall the day to make a day even though the IRS has not yet made the official date public.Most people have until Tuesday, April 15, 2025, to file their federal income tax return. But since no two Americans are alike, there are some exceptions. You can have until May 1, 2025, to submit your return and pay your taxes if you reside in a region affected by a natural disaster, like Hurricane Helene. Additionally, you can qualify for a tax filing extension if you are a member of the armed forces stationed abroad.
You can ask for an extension until October 15, 2025, if you need more time to file your return. It is important to realize that receiving an extension does not change the due date for any amount owed. In order to avoid late fees, payments must be submitted before April 15th. Although there are ways to extend the due date, doing so usually entails paying extra fees.
Additionally, be important to confirm the exact dates for your state because many states have different deadlines, including Delaware, Hawaii, Iowa, Louisiana, and Virginia. No two states are alike, and even though it’s Christmastime, we really need to be especially mindful of all things tax-related to prevent a nasty surprise.
If you file your paperwork electronically, you should receive your refund for your 2024 IRS tax within around 21 days, provided that your return is error-free. You will have to wait a little longer to get your money back if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit. According to federal guidelines, the refund will be given on February 27, 2025.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!
Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.