New children bring potential tax credits (Child Tax Credit, dependent exemptions) and adoption expenses might qualify for the adoption tax credit. After you file, check the status of your refund by going to IRS.gov and clicking on Where’s My Refund? The status of your refund will be available within 24 hours after the IRS accepts your e-filed tax return. Tool updates once every 24 hours, usually overnight, so you only need to check once a day. Where’s My Refund should show an updated status by February 22 for most early EITC/ACTC filers.
Personal information
Make your first stop IRS.gov where you’ll find online tools to help you get the information you need. Millions of people use them to help file and pay taxes, find information about their accounts, and get answers to tax questions. The 2025 tax filing season brings changes designed to make the process easier and more secure. The IRS recommends filing electronically and choosing direct deposit for the fastest refunds. If you don’t have a bank account, consider opening one at an FDIC-insured bank, credit union, or other financial institution.
Documents
Whether you plan to file your tax return using tax software or work with a professional, review the checklist below before you start. And remember, if you’re married and filing a joint return with your spouse, you’ll need all of the following information for them as well. Whether you hire a professional or do it yourself, you’ll need certain information and documentation to file your tax return. This tax prep checklist covers preparation issues common to most filers, but taxes are different for each of us. Consider adjusting your withholding if you owed taxes or received a large refund when you filed. Changing your withholding can help you avoid a tax bill or let you keep more money each payday.
Tax tools
It’s important to have all year-end documents to file your income tax return. Having all the necessary information before you file minimizes the risk of making a mistake and needing to file an amended return. The IRS on Aug. 21 issued a fact sheet containing frequently asked questions about Biden-era clean energy tax credits and deductions soon to expire under the One Big Beautiful Bill Act. Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and digital assets.
When it comes to filing your taxes, there’s no one-size-fits-all approach. Some people prefer the convenience and control of doing it themselves, while others value the expertise of a professional. If you are a freelancer, operate a small business or are an investor, it may be a good idea to seek the assistance of a CPA. Forging a relationship with a CPA can help you navigate possible tax deductions, create tax strategies for the future, and face the IRS if it ever comes knocking on your door to audit your taxes.
Get an Identity Protection Personal Identification Number (IP PIN)
The president threatened to impose fresh tariffs and export restrictions on advanced technology and semiconductors in retaliation against other nations’ digital services taxes that target U.S. technology companies. This is part of the IRS’s “Get Ready” campaign to help everyone prepare for the upcoming filing season in early 2025. JOHNSON WEALTHWealth management services are provided through Johnson Bank and Johnson Wealth Inc., Johnson Financial Group companies. Additional information about Johnson Wealth Inc., a registered investment adviser, and its investment adviser representatives is available at adviserinfo.sec.gov. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to be lost, misdirected, stolen or uncashed compared to those paid using direct deposit.
We’re happy to help so you have a productive — and potentially money-saving — experience. Now is get ready for taxes a great time to meet with your advisor to review your personal financial situation and make sure your finances, assets and goals are still in alignment. While meeting with your advisor, you can discuss your current situation and if there is anything that you should be aware of or doing to minimize tax savings. A copy of last year’s state and federal return can help you understand what deductions you utilized last year and can help you fill out your tax return for this year. Your personal information tells the IRS and state taxing authority who’s filing a return, where to contact you, and deposit your tax refund. The cornerstone of an accurate tax return is well-organized records.
- Below, we’ll break down your options to help you choose what works best.
- And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they’ll be done right.
- Store these details in a secure but accessible place so you’re not scrambling to find them when it’s time to file.
- The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extensions.
- An IP PIN is a six-digit number that prevents someone else from filing a federal tax return using your Social Security number or Individual Taxpayer Identification Number.
Many different factors can affect the timing of your refund after we receive your return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. The IRS has made significant improvements to its online tools, making it easier than ever to manage your tax information. The recent IRS website redesign makes it easier for people to navigate IRS.gov. The front page is more task-based so actions like paying a tax bill, getting a tax record or checking refund status are easily accessible. Up to $1,400 of the credit can be refundable for each qualifying child.
- It’s a vital tool for ensuring the safety of taxpayers’ personal and financial information.
- If you’re self-employed or earn a lot of money that doesn’t have federal and state income tax withheld, you may have to make estimated tax payments.
- As the 2025 tax season approaches, the IRS has rolled out key updates and tools to help taxpayers prepare effectively.
In addition, if you use a program or app to keep track of your finances, print or download a report of your transactions for the tax year. As you review the report, highlight information you will need to prepare your tax return. Take advantage of the updated tools, review your financial records early, and consider working with a tax professional for personalized advice. The IRS has introduced several initiatives and changes to streamline the tax filing process and protect taxpayers’ information.
It also allows you to authorize a tax professional to work on your behalf. If you have any of the following deductions, known as adjustments to income, you can claim them even if you don’t itemize. With these strategies, you’ll be ready to file confidently and accurately.
To change the amount you withhold, give your employer an updated W-4. Having all necessary documentation ensures taxpayers can file an accurate return and reduces the likelihood of processing delays or refund issues. Taxpayers who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. Kemberley Washington is a former staff writer at Forbes Advisor and provides consumer-friendly tax tips for individuals and businesses.
Or get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted. And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they’ll be done right. No matter which way you file, we guarantee 100% accuracy and your maximum refund.Get started now by logging into TurboTax and file with confidence.
How to file your taxes: Step by step
Taxpayers must report all income on their tax return unless it’s excluded by law, whether they receive a Form 1099-K or not. The law doesn’t allow taxpayers to avoid taxes on income earned just because they didn’t get a form reporting the payments received. This change will reduce the time for the agency to receive the tax return and accelerate the issuance of tax refunds for those with duplicate dependent returns.