Tax Season 2025: Key Dates and Changes You Must Know Beforehand

Tax Season 2025 Key Dates and Changes You Must Know Beforehand

As we enter a new year, Americans are confronted with a new set of tax deadlines that require their attention. Every year, the Internal Revenue Service (IRS) updates its tax guidelines.

This annual update can cause significant differences in the amount of money Americans see in their returns and the deadlines they must meet.

During Congress’ recent efforts to avoid a government shutdown, the IRS received a significant budget cut, losing out on the $80 billion anticipated by the Inflation Reduction Act.

This financial shortfall, combined with updated tax tiers and deduction guidelines, could have a significant impact on many Americans’ tax bills.

Important Dates for the 2025 Tax Season

In just a few days, Americans will learn when the IRS will begin accepting tax returns. Knowing this date gives taxpayers a head start on the filing process. The tax return forms will be available in late January.

This will mark the start of the filing season, allowing Americans to submit their taxes on time.

As we approach the 2025 tax season, there are a few important updates and changes that Americans should be aware of. While tax returns were made available on January 29, 2024, this year’s forms will be available on January 27.

Mark your calendars for an additional deadline. Even though Tax Day is on April 15, you have the option to file your taxes before the deadline. This gives you a head start on your financial planning and ensures that everything is in order ahead of time.

Tax Season 2025: Key Dates and Changes You Must Know Beforehand
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What Are the New IRS Rules for 2025?

The IRS regulations for 2025 retain the seven familiar income brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. However, it is critical to note the income thresholds for each bracket to determine where you fall.

Marginal Tax Rates for 2025

Below is a breakdown of the marginal rates for the 2025 tax year:

Here’s a breakdown of the marginal rates for the 2025 tax year:

  • 37% for incomes over $626,350
  • 35% for incomes over $250,525 ($501,050 for married couples filing jointly)
  • 32% for incomes over $197,300 ($394,600 for married couples filing jointly)
  • 24% for incomes over $103,350 ($206,700 for married couples filing jointly)
  • 22% for incomes over $48,475 ($96,950 for married couples filing jointly)
  • 12% for incomes over $11,925 ($23,850 for married couples filing jointly)
  • 10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly)

Changes in Standard Deductions for 2025

Looking ahead to 2026, the standard deduction will be increased for the 2025 tax year. Single filers will see a $400 increase, bringing the deduction to $15,000. Meanwhile, married couples filing jointly will see an increase of $800, bringing their standard deduction to $30,000.

The standard deduction is a critical component of the tax system, allowing you to reduce your taxable income by exempting a specific portion of your earnings from taxes.

In a recent interview with the media, Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, shared some insights: “The exact date the IRS will begin accepting returns will be announced soon, usually on the last or next-to-last Monday of January. Last year, the date was January 29.

This year, there are significant changes to consider, such as an increase in the standard deduction to account for inflation and a lower threshold for payments received through third-party processors for sales of goods and services.”

Taxpayers are reminded that they have until April 15 to file their returns, unless they have received an extension. It is critical to understand that, while an extension may give you more time to file, it does not extend the time to pay any owed taxes. As a result, any outstanding balances will be assessed fees and penalties.

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