As the April 15, 2025 tax deadline approaches, countless Americans are gearing up to file their federal income tax returns. Whether you’re filing for the first time or are an experienced taxpayer, comprehending the filing process is essential for meeting IRS regulations and maximizing your potential refunds.
Also read: IRS $1,400 deadline approaching: Here’s what you need to know about the stimulus check
Step 1: Determine if you need to file
Your necessity to file depends on your income, age, and filing status. For example, individuals under 65 must file if they earned $13,850 or more in 2024, while married couples filing jointly need to file if their combined income exceeds $27,700. Self-employed individuals must file if they earned over $400, irrespective of other conditions.
Step 2: Collect required documents
Gather all pertinent tax documents, including:
*W-2s from employers
*1099s for freelance work, investments, or gig income
*1098s for mortgage interest or student loan interest
*Social Security numbers for yourself and your dependents
*Receipts or records for deductions and credits (e.g., education expenses, childcare costs, charitable donations)
Step 3: Choose your filing method
You can file your return in various ways:
*IRS Free File: Available for individuals earning $79,000 or less, through partnered tax software.
*IRS Direct File (Pilot Program): Accessible in select states for straightforward tax situations.
*Tax Software: Services like TurboTax or H&R Block provide guided filing for a fee.
*Professional Preparer: Ideal for complex returns involving investments, business income, or property sales.
Step 4: Maximize deductions and credits
Investigate all eligible deductions (standard or itemized) and credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, or Lifetime Learning Credit.
Step 5: File and Track Your Return
*Submit your return electronically or via mail prior to April 15. E-filing is quicker and more secure.
*Refunds typically arrive within 21 days if you choose direct deposit.
*Utilize the IRS’s “Where’s My Refund” tool to check your refund status.
Also read: IRS tax refund payments: How long can your refund take once sent by the agency?
*If you cannot file on time, you can request a six-month extension, but keep in mind—you still need to pay any taxes owed by the April deadline to avoid interest or penalties.
