The tax deadline is next month, and if you’re like most Americans, you are still preparing to file. But before you hand off your taxes to the IRS, there are some updates and changes that you should keep in mind:
Filing Taxes in 2025: Tax Filing Date
As usual, the deadline to file federal tax returns for most taxpayers is Monday, April 15, 2024.
However, if you live in an area affected by a natural disaster, you may be eligible for a later filing date. Here is a list of the states with an extended filing date this year.
Standard and Itemized Deduction for filing 2024 Taxes
For the 2024 tax year, the standard deduction increased to $29,200 for married filing jointly, $14,600 for single filers and married filing separately, and $21,900 for heads of household. About 90 percent of taxpayers take the standard deduction because it results in a higher deduction than if they itemize.
However, it does make sense for some filers to itemize their deductions, so make sure you calculate your itemized deduction before you choose which one to take.
The Child Tax Credit and Potential Changes
The maximum child tax credit (CTC) remains $2,000 per qualifying child under 17 for 2024. However, the refundable portion has increased $1,700, up from $1,600 last year. (A refundable tax credit means that if your tax bill is less than the credit amount, you can receive the difference as a refund.)
To be eligible for the credit, you must have a modified adjusted gross income, or MAGI, of $200,000 or less, or $400,000 or less if you’re filing jointly. And you can only claim a child tax credit for children under the age of 17 as of Dec. 31, 2024.
Potential Delays
The IRS has experienced layoffs in recent weeks, with more potentially to come. This news has some taxpayers concerned about slower refunds and longer hold times with the IRS. So far, about 7,000 of the IRS’ 90,000 employees were laid off in February.
It’s important for taxpayers to be aware of how these changes may (or may not) affect them.
According to the IRS website, if you file your taxes directly electronically, you should expect your refund within the usual 21 day timeframe. Filing paper returns, return errors or reviews can lead to longer wait times for returns. Check your return carefully before you send it in to avoid those delays. After filing, you can check the status of your return at the IRS Where’s My Refund tool.
If you do need to get in contact with the IRS, there are several online options in addition to calling on the phone. These options might work to offset longer hold times and delays on the phone.
Ultimately, planning to file your return as soon as possible can give you extra time to handle any questions or concerns that might come up, and help you receive your refund quicker.
Protect Your Identity
Tax season is a particularly vulnerable time for tax and identity theft. As you’re filing your taxes, keep an eye out for any suspicious activity, including:
- Multiple tax returns filed using your Social Security number
- Owing tax money for a return you didn’t file
- IRS reporting that you received income from an unknown employer
If anything seems suspicious when you file your taxes, act fast to get to the bottom of anything criminal. And remember, the IRS will typically contact you initially via mail. Here are some guidelines to make sure your letter or other form of contact is legitimate.
According to the IRS, your next moves should be:
- Responding to the IRS immediately if you receive a notice
- Complete IRS Form 14039 (Identity Theft Affidavit) if your return is rejected because of a duplicate filing
- Get a copy of your return if you believe someone has filed a fraudulent return in your name
- Visit IdentityTheft.gov to report any suspicious activity
- Set up a taxpayer pin ID number to prevent other people from filing a return in your name.
Should You File an Extension?
A personal tax extension allows you to request an additional six months to file your tax return with the IRS. If you file for an extension before April 15th, that means that your new filing deadline is Oct. 15th. It is a free and generally straightforward way to buy yourself more time if you need it.
Keep in mind that an extension gives you more time to file your personal taxes. The extension does not apply to your actual tax bill, which should still be paid by the April 15th deadline.
So, when should you file an extension? If you are missing documents or important information, that could be a good reason to extend your filing deadline. Extended travel or dealing with a major life event could also warrant requesting an extension.
If you do use an extension, make sure you mark the new date on your calendar to avoid accidentally missing that deadline, or incurring penalties.
About Your Richest Life
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