Tax season can be stressful, but understanding the key aspects of filing your 2025 tax return can make the process smoother. Here's what you need to know:
**Important Deadlines:** The tax filing deadline is typically April 15th. Make sure you file on time or request an extension to avoid penalties.
**Key Deductions and Credits:** Several deductions and credits can lower your tax bill. Common deductions include those for student loan interest, IRA contributions, and certain medical expenses. Tax credits, like the Child Tax Credit and the Earned Income Tax Credit, can provide a dollar-for-dollar reduction in your tax liability. Review eligibility requirements carefully.
**Tax Law Changes:** Stay informed about any tax law changes that may affect your 2025 filing. Changes in income thresholds, deduction amounts, or credit eligibility can significantly impact your return.
**Filing Options:** You can file your taxes online, through a tax professional, or by mail. Online tax software can guide you through the process and help you identify potential deductions and credits. If you choose to use a tax professional, ensure they are qualified and experienced.
**Resources:** The IRS website (irs.gov) is a valuable resource for tax information, forms, and publications. You can also find free tax assistance programs for low-income taxpayers and seniors.
2025 Tax Guide: Key Information for Filing Your Return
The tax filing deadline is approaching quickly. Before you submit your return, it's important to understand key changes and updates for 2025. This guide covers essential information about deductions, credits, and potential tax law changes impacting your filing. Ensure you're prepared to file accurately and on time to avoid penalties.
Source: Read the original article at CBS