As Benjamin Franklin said, there’s only two certainties in life: death and taxes. With the former, you don’t have much control over; however, the latter can be affected. That’s why we’re here to give you some tips and info about filing in our changing landscape.
Remember Key Deadlines
Whether it’s scheduling an alarm on your phone or penning it old school-style on a notepad, it’s critical to keep track of when your taxes are due. Of course, you’ll want to start early. When you do this, you have enough time to gather your info and forms, and make sure you don’t make any mistakes. That said, here are some important dates you’ll want to keep in mind.
- April 15, 2025: Unless you request an extension, this is the most important deadline for personal income taxes. It’s also the deadline to pay any taxes you owe so you can avoid late payment penalties and interest. If you make quarterly payments, this is also your deadline. Also, there is an exception for South Carolina residents due to Hurricane Helene; their deadline is extended to May 1, 2025.
- June 17, 2025: If you’re a U.S. citizen living abroad, including military personnel stationed outside the country, this is your deadline. Even though you automatically receive an extra two months without filing an extension, interest still applies to any unpaid tax after April 15.
- September 15, 2025: If you’re self-employed and earn significant non-wage income, this is the third quarter estimated tax payment deadline for the 2025 tax year.
- October 15, 2025: This is your deadline if you filed for an extension in April. If you don’t make this date, you could pay extra fees and penalties.
Child Tax Credits Have Changed
The maximum Additional Child Tax Credit (ACTC) amount has increased to $1,700 for each qualifying child. And good news if you live in Puerto Rico: You’ll no longer be required to have three or more qualifying children to claim ACTC. Now you just need one or more.
Standard Deductions Have Increased
For 2024, here’s a snapshot:
- Single or married filing separately – $14,600
- Head of household – $21,900
- Married filing jointly or qualifying surviving spouse – $29,200
For more information about the changes to 2024 taxes, go here to review.
Take Care of Name Changes Pronto
This is for those who have had a name change as a result of marriage or divorce. This also applies if you have people who work for you who have had these changes. Whether it’s you or your employees, contact the Social Security Administration as soon as possible. If names and numbers don’t align, the processing of taxes and refunds will be delayed.
Make Sure ITINS Are Current
That’s Individual Taxpayer Identification Numbers. People who have these generally don’t have a Social Security number. If this pertains to you or any of your employees, check the expiration dates; if necessary, renew them as soon as possible.
Create an IRS Online Account
When you create this account, you get secure access to your tax information, including payment history, all your tax records and other important tax data. When everything is digital, you can streamline your prep time, and it can help you identify overlooked deductions or credits.
Filling out your taxes the right way takes time. However, the smartest tactic to ensure your taxes are prepared correctly is to consult a professional tax advisor. No matter how you end up tackling your taxes, it makes good sense to start early and learn as much as you can about IRS tax changes. This way, you’ll have less chance of encountering any hiccups along the way.
Sources
Tax Tips for IRS Filing in 2025 (TY 2024) – The Boom Post
Tax season 2025: All the deadlines taxpayers should know – CBS News
Tax Time Guide 2025: Essentials needed for filing a 2024 tax return | Internal Revenue Service
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