The drive for US tax returns has already begun. In order to avoid Social Security penalties, residents will have until April 15, 2025, to submit the required paperwork, according to the Internal Revenue Service (IRS). But according to the agency, this procedure can also be completed independently, which lowers errors and does away with the need to physically visit the administration’s offices.
The Internal Revenue Service of the United States claims that there are actually free tools available to prepare and forecast the tax return for the relevant year. This enables the employee to know ahead of time how much they made during the tax year and, consequently, decide whether the Tax Agency will deduct or return money. Additionally, refund delays can be prevented by completing this process online, as advised by the IRS.
2025 tax return in the United States
Collect the required paperwork.
- If you are a full-time employee, your employers should have sent you Form W-2 by January 31st. It shows the salary you earned during the year, as well as the taxes withheld.
- If you are self-employed or work on a contract basis, you may receive a 1099-NEC form with details of what you earned. You may also receive documents showing dividends or interest earned on investments.
- If you are a university student, you will receive form 1098-T which shows how much you paid in tuition, as well as any amount you received in grants or scholarships, to help you calculate deductions and credits related to educational expenses.
- Receipts for charitable donations, medical expenses and business expenses, if you make an itemized statement.
Finding out if someone is married
According to the IRS, your marital status affects your standard deduction, filing requirements, eligibility for specific credits, and accurate tax.
Therefore, you will need information about your marital status, which is determined by whether you are legally married in the United States. You must also include the year your spouse passed away, if applicable. The tax agency states that the choice you select on your return is influenced by the percentage you spend for house expenses.
How to file your tax return?
For easier and more accurate online return filing, the IRS advises using tax preparation software.
- If your adjusted gross income is $73,000 or less, you have the option of doing it for free and on your own through Free File, a tool that allows you to prepare and file your federal income tax return online on the website of an IRS partner or using Free File Fillable Forms. The software usually includes step-by-step instructions and help for taxpayers.
- You can use an electronic filing provider authorized by the IRS online filing program, which are qualified to prepare, transmit and process returns online.
- Paper tax return sent by regular mail.
- The IRS offers free tax help to people with low incomes, members of the Armed Forces and their families, people with disabilities, the elderly or taxpayers with limited English proficiency.
Settling debts with the IRS
You can use the IRS website to pay your taxes online if you owe them money. We accept installment plans in addition to full or partial payments. The tax authorities claim that unless you pay the whole amount, penalties and interest will keep coming in.
File your tax return by the deadline
This year, you have until April 15 to file your return. Due to the Patriots and Emancipation Days holidays, residents of Massachusetts and Maine have until April 17, 2025.
See also: Bid farewell to the Social Security payroll tax, the law that has the power to alter everything
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.