2025 Tax Filing Season Begins
WASHINGTON — It’s that time of year again for millions of Americans as they prepare to file their 2025 tax returns. The IRS will start processing these returns on Monday, January 26, with the filing deadline set for Wednesday, April 15.
While the IRS won’t begin processing returns until January 26, taxpayers can actually file before that date. If someone misses the April 15 deadline without requesting an extension, they may face penalties.
According to the IRS, around 164 million individual income tax returns are expected to be submitted this year.
The IRS is reminding taxpayers of measures they can take to enhance their refunds. Recent updates in the tax code, thanks to the One Big Beautiful Bill Act signed last year, could potentially boost refunds. Taxpayers are encouraged to check the IRS website for details on these changes before filing.
Scott Bessent, the Acting IRS Commissioner, mentioned, “President Trump is dedicated to our nation’s taxpayers and aims to improve the 2025 tax filing season. Before the One Big Beautiful Bill was enacted, the Treasury Department and IRS were busy preparing to modify forms and processes, all for the benefit of hardworking Americans. I’m assured they will deliver positive outcomes for both businesses and consumers.”
Alongside the new tax rules, the IRS suggests that taxpayers look into the following topics:
- Use direct deposit
- New Trump Account for Eligible Children
- Report income from payment apps and online sales
- Digital asset reporting requirements
- Where is my refund?
Last year, President Trump directed the Treasury Department to minimize the use of paper checks in most operations, including tax refunds. As such, the IRS recommends that taxpayers ensure they have a bank account to receive payments by direct deposit.
The Trump Account, introduced last year, serves as a retirement savings option for children under 18. To be eligible, a child must have been born on or after January 1, 2025, and possess a valid Social Security number, starting with a $1,000 initial deposit. More details can be found at trumpaccount.gov.
If you’ve received payments through part-time or gig work or sold goods in 2025, remember to report them on your taxes. This includes transactions via platforms like PayPal, Venmo, and CashApp. The IRS notes that 1099-K forms will be issued when payments exceed $20,000 and involve more than 200 transactions within the year.
If you engaged in any buying, selling, or receiving of digital assets such as cryptocurrencies in 2025, you’re required to report those transactions. While your broker may provide a form, you must self-report your income, profits, and losses on Form 1040. For additional information, check the IRS digital assets page.
Taxpayers can generally access refund status updates approximately 24 hours after electronically filing their return, or about 4 weeks after mailing a paper return. To check their status, they need their Social Security number or Individual Taxpayer ID Number (ITIN), along with their filing status and exact refund amount.
For further information about the tax season and other useful IRS tips, visit the agency’s website.
