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To report or to get more information on phishing, please https://www.koreagiftbox.com/2025/01/14/understanding-cancelled-check-image-what-you-need/ send an email to email protected. The “Allowable interest expenses incurred in the production of interest received” line item has been introduced within the “Foreign Interest” container of the ITR tax return to align with Practice Note 31. For the 2025 Tax Season, SARS will identify eligible provisional taxpayers and invite them to express their interest to receive an Auto Assessment.

• To qualify, you must be a W-2 employee, receive Social Security or unemployment insurance or have an investment income of less than $1,500.
• The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by March 3 if they chose direct deposit and there are no other issues with their tax return.
• Taxpayers should review the tips for choosing a tax preparer and learn how to avoid unethical “ghost” return preparers.
• If you are in agreement with your auto-assessment, then there is no need to ‘accept’ the assessment.
• The tax code for 2025 has some changes that are noteworthy for Americans that could impact the size of their tax refund, and possibly the size of their headache.

Highlights of other IRS changes to help taxpayers

The IRS plans to continue expanding the information available on Where’s My Refund? The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of April 15, 2024. Of the 41 states that do impose state income tax, most adhere to the April 15 federal filing deadline. Delaware, Hawaii, Iowa, Louisiana and Virginia, have different deadlines for their state Tax Day 2025. There are also regions across several states that have until May 1, 2025, to file federal individual and business tax returns due to natural disasters, including Hurricanes Helene and Milton. For instance, those directly impacted by Hurricane Helene and Hurricane Milton will have until May 1, 2025, to file various individual and business tax returns and make tax payments.

When can Americans begin filing their tax returns?

Taxpayers can also use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find trusted professionals. The IRS also reminds taxpayers that choosing someone affiliated with a recognized national tax association is always retained earnings balance sheet a good option. Tax professionals accepted into the IRS electronic filing program are authorized IRS e-file providers, qualified to prepare, transmit and process electronically filed tax returns. Now open in 25 participating states, taxpayers can use Direct File to file online directly with the IRS for free. It is a free web-based service – available in English and Spanish – that works on mobile phones, laptops, tablets or desktop computers.

Tax Deductions and Credits to Consider This Tax Season

To enhance user experience with the Registration, Amendments, and Verification Form (RAV01) form and the ITR12 tax return, taxpayers will be presented with a list of their verified banking details available to SARS. Taxpayers must select this information when updating their bank-account details rather than manually capturing them. With effect from 1 March 2025, a labour broker who received an approved certificate of exemption will be included in the definition of provisional taxpayer. This means that these labour brokers must comply with provisional taxpayer requirements such as submitting IRP6 tax returns. Employers and financial institutions have until Jan. 31, 2025, however, to provide individuals with W-2 and 1099 forms for 2024. However, the new Congress could consider potential child tax credit enhancements as part of a larger tax bill later this year that could impact future tax years (e.g., returns typically filed in 2026 or 2027).

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Available only on IRS.gov, IRS Free File Guided Tax Software provides millions of taxpayers nationwide access to free software tools offered by trusted IRS Free File partners. IRS Free File will open Jan. 12, 2024, when participating software companies will accept completed tax returns and hold tax season them until they can be filed electronically with the IRS. IRS Free File Guided Tax Software, available only at IRS.gov, is available to any taxpayer or family with Adjusted Gross Income of $79,000 or less in 2023. “As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” said IRS Commissioner Danny Werfel. “IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.” Taxpayers will continue to see helpful changes at the IRS following ongoing transformation work.

• More than half of taxpayers turn to a tax professional for help filing a tax return.
• The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of April 15, 2024.
• There are also regions across several states that have until May 1, 2025, to file federal individual and business tax returns due to natural disasters, including Hurricanes Helene and Milton.
• While the IRS expects more than 140 million tax returns to be filed by April 15, only about 89 million had been received by March 28, according to the most recent IRS data.
• If you file for an extension in April, the October 15 deadline is your last chance to submit your 2024 tax return.
• So, be sure to set calendar reminders, double-check your documents and don’t hesitate to seek help from a tax professional if needed.

• And, whether you’re filing early to claim a refund or need extra time to get your paperwork together, knowing these key dates will keep you on track.
• However, the new Congress could consider potential child tax credit enhancements as part of a larger tax bill later this year that could impact future tax years (e.g., returns typically filed in 2026 or 2027).
• If you have investment income, real estate transactions or other miscellaneous income, your financial institutions should provide the necessary 1099 forms by this date.
• The agency also said it expects to maintain levels of service achieved in the past, including wait times of less than 5 minutes for assistance.
• The IRS also continues to urge taxpayers to visit a trusted tax professional for help with their taxes or visit IRS.gov first.
• If this date falls on a weekend or holiday, the deadline is moved to the next business day.
• If you’re ready to check your taxes off your to-do list, a little prep can go a long way.

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