What Is Tax Season?

Tax season is the period of time, generally between Jan. 1 and about April 15 of each year, when taxpayers prepare to report their taxable income to the federal government and, in most cases, to the government of the s💛tate where they live.

Tax day in the U.S. is usually April 15. If that date falls on a weekend, the deadline is delayed until the following Monday. The deadline has sometimes been ♛extended for some or all filers. The Internal Re🔯venue Service (IRS) keeps on its website.

Tax returns submitted after the deadline are subject to late penalty fees and interest charges. Extensions are ♔available but they delay only the filing of the paperwork, not🀅 the payment of any taxes owed.

The current tax season began on Jan. 1, 2025, with a filing deadline of Tuesday, April 15, 2025.

Understanding Tax Season

Nobody expects you to spend three and a half months working💎 on your taxes. Tax season is meant to provide time for employers, banks, financ♒ial services providers, and other entities to collate and distribute all of the information taxpayers need to file their returns.

The deadline for employers to send W-2s to their employees is Jan. 31. Businesses that hire 澳洲幸运5官方开奖结果体彩网:independent contractors must send these "nonemployees" 澳洲幸运5官方开奖结果体彩网:Form 1099-NEC. This form replaced 澳洲幸运5官方开奖结果体彩网:1099-MISC, which remains in effect for income received from rent and prizes, among other sources.

Independent contractors must file a return and pay 澳洲幸运5官方开奖结果体彩网:self-employment taxes on any net earnings from self-employment of $400 or more.

Why Filing Early Can Make Sense

Many taxpayers wait to file until just before the deadline, but there is no need tౠo put it off until the last minute. Indeed, filing an early tax return can make sense for a variety ofꦇ reasons.

The best reason is that many taxpayers get money back from the government. 澳洲幸运5官方开奖结果体彩网:If you file early, you'll get your money back early. Wait until the la෴st minute and your return will ꦑwait for processing in a very large pile of returns.

The IRS began accepting and processing 2024 tax year returns on Jan. 27, 2025. Even if you don't file early, there are reasons to begin preparation as soon as you can.

Starting your filing process early gives you the time you need to collect the evidence needed to claim all of your deductions. You will avoid the headache of the middle of theღ night stress over figures and receipts. Your accountant will have a more flexible schedule and will probably be able to start working on your accounts immediately. Also, by filing early, you will short-circuit would-be identity thieves.

The Bottom Line

Tax season is the period when individuals, coupl꧃es, and some businesses prepare their documents for filing taxes, which are generally due on o🅺r about April 15 of each year. Most people and businesses start receiving the needed documents to fill out their tax forms in January. Therefore, tax season is usually considered to be between Jan. 1 and April 15.

During this time, taxpayers gather together their paperwork and complete their tax forms, with the use of tax preparation software or directly through IRS.gov. Whichever method you choose, it's important to get the paperwork in by the deadline (along with the money due, if any) to avoid penalties and interest charges.