Tax Season 2025: Deadlines, Deductions, Refunds?And Everything You Should Know
Filing taxes can be terrifying for both Professionals and Individuals because of the changes in tax laws, deductions, and filing requirements. The professionals at Globus Finanza are here to help you every step of the way during Tax Season 2025 and make sure you’re fully prepared, organized, and bringing in the most to your refund possible. Whether this is your first tax filing, you have business taxes to complete or you’re grappling with new laws, this guide will help familiarize you with everything you need to know.
What You Need to Know About Tax Season 2025
Tax Season 2025 is filled with updates that could impact how you file. With changes to tax laws, deductions and deadlines, it’s more important than ever to be informed and prepared. By taking the right steps, you can maximize your tax benefits and avoid common mistakes.
When Does Tax Season Start in 2025?
Tax Season 2025 typically starts in late January or early February. While the official IRS filing date will be confirmed, it’s important to gather your documents early and ensure everything is in order to file as soon as you’re able.
Tax Season 2025 Deadline
The IRS’s deadline for filing individual taxes is April 15, 2025. If you need more time, Globus Finanza recommends filing for an extension before the deadline. Keep in mind that while an extension gives you extra time to file, it does not extend your time to pay any taxes owed.
Free Tax Filing Options: What’s Available?
Here at Globus Finanza we know that not all people are willing to pay for tax filling. Fortunately, in 2025 there will be a few free options available for individuals whose income does not exceed a specific threshold.
Can You File Taxes for Free in 2025?
Yes! If you earn $73,000 or less, you can file your federal taxes free online using software through the IRS’s Free File program. States may provide options for free filing as well, so check the options available in your state
How to E-File Taxes Freely
Easy and efficient way to use free online tools. The IRS Free File program takes you through the filing process. Just go onto the IRS website or use a trusted platform to file your tax return digitally.
Tax Preparation Checklist for Tax Season 2025
Being organized is key to a smooth tax season. Here’s your Globus Finanza tax preparation checklist to ensure you don’t miss anything crucial for 2025.
Key Documents for Tax Filing
- W-2 Forms (For salaried employees)
- 1099 Forms (Freelancers, Contractors, and Business Owners)
- 1098s (Mortgage interest)
- Documentation (For deductible expenses)
- Bank Account Information (To directly deposit your refunds)
How to Organize Your Tax Information
A clear workspace can make working take less time and help prevent mistakes. We suggest doing it in literal folders or with tax software to make it easier.
Tax Deductions for Tax Season 2025: What You Can Claim
Maximizing your tax deductions can lead to substantial savings. Here's a look at the most common deductions you may be able to claim in 2025.
Common Tax Deductions
- Mortgage Interest: If you have a home, you may deduct the interest you pay on your mortgage.
- Student loan interest: Deduct up to $2,500 in student loan interest.
- Charitable Contributions: Donations to IRS qualifying organization you are able to write off.
Tax Deductions for Self-Employed Individuals
Self-employed individuals can take advantage of various tax deductions, including:
- Home office expenses
- Business-related travel
- Health insurance premiums
How to Maximize Your Deductions
At Globus Finanza, we recommend tracking all your expenses throughout the year and consulting with a tax professional to ensure you’re not leaving any deductions on the table.
Child Tax Credit 2025
The Child Tax Credit is one of the most beneficial credits for families. In 2025, the maximum credit remains at $2,000 per qualifying child, with up to $1,400 of that being refundable.
How to File Business Taxes in 2025
For business owners, tax season requires a different approach. Here’s everything you need to know about filing taxes for your business in 2025.
Best Tax Software for Businesses
Using reliable tax software is essential for small businesses. Programs like TurboTax for Business, H&R Block, and TaxSlayer can help you navigate tax season with ease. These platforms offer tailored features to maximize deductions for business owners.
Tax Season for Small Businesses
For small business owners, it’s important to start the tax preparation process early. This includes gathering documents such as profit-and-loss statements, receipts, and forms like the Schedule C. Small businesses are also eligible for tax deductions such as vehicle expenses, supplies, and business meals.
Tax Extensions for Businesses
Need more time to file? You can file for a business tax extension by submitting IRS Form 7004 before the original deadline. This gives you an additional six months to submit your tax return, but be aware that it doesn’t extend your payment deadline.
What New Tax Laws Should You Know for 2025?
Tax laws are always changing, and 2025 is no exception. Stay ahead of the curve by understanding these critical updates for the upcoming tax season.
IRS Audit Triggers: What to Avoid
The fear of an IRS audit is real for many, but by avoiding common red flags, you can help prevent an audit. Here are a few things that can trigger an IRS audit:
- Underreporting your income
- Claiming excessively large deductions
- Misreporting business expenses
IRS Penalties for Late Filing
Filing your taxes late can lead to penalties and interest charges. The IRS imposes a penalty of 5% of the unpaid taxes for each month your return is late, up to a maximum of 25%. Be sure to file on time or request an extension to avoid these fees.
How to File a Tax Extension for 2025
If you need more time to file your taxes, you can apply for an extension. At Globus Finanza, we recommend filing your extension request online for a quick and easy process.
Tax Extension Deadline for 2025
The deadline to file a tax extension for 2025 is typically April 15. Make sure to file on time to avoid any late penalties.
Can I File an Extension Online?
Yes, you can file an extension online with the IRS using Form 4868. This gives you an extra six months to file, but be sure to pay any owed taxes by the original deadline to avoid late fees.
When Will I Get My Tax Refund?
Many taxpayers eagerly await their tax refund. On average, you can expect to receive your refund within 21 days if you file electronically and choose direct deposit. However, refunds can be delayed if there are errors or discrepancies in your return.
How to Track Your Tax Refund
The IRS provides a tool called “Where’s My Refund?” which allows you to track the status of your refund. This tool updates daily, so you can easily monitor your refund's progress.
Why Is My Tax Refund Delayed?
Common reasons for delayed refunds include incomplete information, errors on your return, or tax fraud concerns. If you experience delays, check the “Where’s My Refund?” tool to see if there’s any action you need to take.
Conclusion
Tax season can be a stressful time, but with the right preparation and knowledge, you can make it through with ease. At Globus Finanza, we're committed to providing expert advice and tools to help you navigate Tax Season 2025. By staying informed about key deadlines, deductions, and updates, you can ensure you’re maximizing your tax savings and avoiding penalties.
FAQS
1. What are the new tax laws for 2025?
Tax laws in 2025 may include revisions to tax rates, deductions, and available credits. Any major changes will be announced by lawmakers or the IRS.
2. What is the Path Act 2025?
The PATH Act is a law that impacts certain tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit, especially by delaying refunds for taxpayers claiming these credits until mid-February.
3. When can I expect a tax refund in 2025?
Tax refunds are usually processed within 21 days if filed electronically and with direct deposit. However, if you're claiming the EITC or Child Tax Credit, your refund may be delayed until February due to the PATH Act.
4. How do I know if I fall under the Path Act?
If you're claiming the EITC or the Child Tax Credit, the PATH Act may delay your refund until after mid-February.
5. What is the income limit for IRS Direct File?
The IRS Direct File program typically has income eligibility limits that vary each year. Be sure to check the IRS guidelines for the specific income threshold for 2025.
6. Is the IRS accepting returns for 2025?
The IRS usually begins accepting returns in late January. The specific start date for 2025 returns will be posted by the IRS.
7. What will the tax brackets revert to in 2025?
Tax brackets may return to previous levels (pre-2018) unless Congress extends the current tax cuts. Keep an eye on legislative changes for any updates.
Thank You
- Inquiry: +1 3023307009
- Email: connect@globusfinanza.com
- Website: https://globusfinanza.com/
- Address: 600 N Broad Street, Suite 5 #665, Middle Town, Delaware 19709, United States