The Internal Revenue Service has released its 2025 readiness checklist ahead of the January 27 opening of the tax filing season. With more than 140 million federal income tax returns expected, the agency is urging taxpayers to prepare early, use digital tools, and meet the April 15 tax filing deadline to avoid errors, penalties, and refund delays.
The federal tax filing deadline for the 2024 tax year is April 15, 2025. If the due date falls on a weekend or legal holiday, the IRS extends it to the next business day. For most taxpayers, this means submitting a federal tax return or an extension request by mid-April. Those who owe taxes must still pay by the deadline to avoid penalties and interest, even if they file later.
For tax year 2024, all federal income tax returns include a required question on digital asset reporting. Taxpayers must report sales, trades, and income from cryptocurrency or similar assets, even if they did not receive a reporting form.
The IRS also lowered the Form 1099-K reporting threshold to $5,000. Payments received through online marketplaces or apps will now generate a reporting form for independent contractors, small businesses, and others earning digital income. Accurate reporting is necessary to determine taxable income and avoid having to amend a return.
The agency recommends filing electronically and requesting refunds through direct deposit into a bank account. Electronic filing speeds processing and reduces errors, while direct deposit remains the safest way to receive money. Paper checks are more likely to be delayed, lost, or stolen, creating unnecessary risks during the tax filing season.
The IRS checklist emphasizes the importance of creating an IRS online account. This secure online account allows taxpayers to review prior income tax return information, track balances if they owe, and request an Identity Protection PIN. Users can manage notices, update preferences, and set up payment plans without mailing forms.
Linking an IRS online account to a bank account makes submitting payments directly and tracking refunds easier. The login process requires identity verification, and the IRS reminds users to confirm that the locked padlock icon appears before entering personal data.
Tax professionals recommend organizing records early in the tax filing season to avoid filing errors. Taxpayers should collect W-2s from employers, 1099s for contract income, and documentation of pensions, dividends, or property income. Independent contractors must ensure payments match Form 1099-K records to prevent mismatches with IRS data.
Experts stress that taxpayers who owe taxes should still file by the tax filing deadline. Filing on time avoids the most severe penalties and establishes eligibility for a payment plan through an IRS online account. Even those seeking an extension must calculate what they owe and pay by April 15 to reduce interest and penalties.
Taxpayers making estimated taxes should note the January 15, 2025, due date for fourth-quarter payments covering the 2024 tax year. Missing this deadline can trigger penalties, though paying as soon as possible helps reduce additional charges.
Businesses operating on a fiscal rather than a calendar year must follow separate filing and payment schedules. Tax professionals recommend confirming applicable federal tax return due dates to avoid notices or the need for an amendment. Filing correct and complete information is the best way to stay compliant.
The IRS reminds taxpayers that failing to pay on time increases penalties and interest, which accrue daily after the due date. Even if taxpayers cannot pay in full, filing electronically and submitting at least part of the balance reduces costs.
Payment options include scheduling transfers from a bank account through IRS online services or arranging monthly installments. Filing a federal tax return promptly ensures access to future refunds, credits, and relief programs. The agency warns that delaying only compounds the amount taxpayers owe.
Taxpayers should be aware that refunds tied to the Earned Income Tax Credit or Additional Child Tax Credit cannot be issued before mid-February due to federal law. The IRS advises taxpayers not to rely on refunds by specific dates to pay major bills.
Free filing programs remain available. Eligible taxpayers can use IRS Direct File, a new free service offered in English and Spanish, or access Free File software through IRS.gov. Many also qualify for Volunteer Income Tax Assistance or Tax Counseling for the Elderly.
The IRS emphasizes that filing electronically with direct deposit remains the fastest and most secure way to file taxes and receive refunds. Those who need more time can request an extension, but payment is still due on April 15, 2025. Taxpayers seeking more details should visit the IRS Get Ready page or their IRS online account for updated guidance. Staying organized and starting early gives taxpayers the best chance to complete their federal income tax return accurately and avoid last-minute stress.
Taxpayers can find details about filing requirements, new digital tools, and 2025 tax filing season updates directly from official IRS resources. These pages provide step-by-step guidance, deadlines, and answers to common questions, helping individuals determine what they need to file taxes correctly and on time.
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