Tax season can be stressful, but knowing the key dates and changes can help. The IRS typically announces the start date for filing returns early in the year. In 2025, there are some important updates to the tax code that you should be aware of.
Key Dates for 2025
You can start submitting your returns to the IRS as early as January 2025. The tax filing deadline is April 15, 2025. However, if April 15th falls on a weekend or holiday, the deadline will be moved to the next business day.
Here’s a quick summary of important dates:
- April 15, 2025: Tax filing deadline
- October 15, 2025: Extended deadline for those with approved extensions
Requesting an Extension
If you need more time, you can request an extension for free. To do so, simply fill out basic details like your name, address, Social Security number, estimated tax liability, and any payment if you owe taxes.
Changes in the 2025 Tax Code
In 2025, the IRS will introduce a new 1099-K form for taxpayers who receive over $5,000 through payment apps like Venmo, Zelle, or Google Wallet. This change also applies to people who sell personal items, such as clothing or furniture, for more than what they originally paid for them.
As the IRS explains: “It could also include casual sellers who sold personal stuff like clothing, furniture, and other household items that they paid more than they sold it for.”
Missing the Deadline
If you miss the deadline, you will face a 5% penalty per month on any unpaid balance. The total penalty can go up to 25% of the amount you owe, so it’s important to file on time.
Tax Return Statistics
In 2024, more than 163 million tax returns were filed, marking a 0.9% increase from 2023.
By keeping track of these key dates and changes, you can reduce stress and ensure a smoother tax season in 2025.
