Tax season is upon us, and it’s a season that could be filled with anxiety, dread, excitement, and hope.
Tax season lasts from January through April and officially starts when the IRS announces that they will officially accept returns.
This year, January 27th 2025 was the official start date of tax season.
However, before you rush or wait to get your return filed. Here is the breakdown of what to consider prior:
Ensuring all relevant documents are received
Typically, all relevant documents to file your taxes are not received in time for you to file by the 27th. For example, 1099s are not due until January 31st, so it’s very possible items such as these could still be in transit.
We recommend taking your time to verify all necessary documents are received. Filing with all your documents is vital to ensure your return is filed accurately to avoid amendments and receiving notices from the IRS.
2. Filing in a timely fashion
The faster you file, the faster you can receive your refund. However, don’t rush it. As #1 noted, we recommend allocating time to gather all necessary documents.
On the flip side, if you take too long to file, you may run into problems. Your tax preparer may be busy and unable to meet the deadline in time. You also might have a tax liability and accumulate penalties and interest. To avoid all of this, we recommend speaking to your tax preparer in advance and paying estimated taxes if needed.
You may file by mail or electronically. We recommend filing electronically to avoid delays in receipt of your return. Electronically filing will also allow your tax preparer to receive confirmation once your return is received and accepted.
The deadline to file corporate returns is March 15th, 2025.
The deadline to file personal returns is April 15th, 2025.
Tax Filing Deadlines in Special Situations
We have noticed that in special cases, the filling deadlines may be extended. This is usually for affected areas of natural disasters. For example, in 2024 the filing deadline was extended for San Diego residents due to floods. We predict that victims of recent fires in Los Angeles County will also receive an extension for filing their return. The extensions are announced by the government and vary per case.
3. Receiving your refund or paying your taxes
There are many ways to pay your taxes. Online, through mail, or with ACH. We recommend direct deposits or withdrawals to ensure your refund is received as fast as possible and your liabilities are taken care of. This will be the fastest method. We usually see refunds or withdrawals within days of filing; however, it should be no longer than 21 days.
Need any help filing your return? Leave it up to a professional and relax. Contact us today and happy filing!