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Yahoo
10-04-2025
- Business
- Yahoo
Tax Day 2025 is almost here. What every Tennessean who still needs to file taxes needs to know
We are less than a week away from Tax Day 2025, and the Internal Revenue Service is still seeing a slight downward trend in the number of returns coming in so far. For 2025, 89,550,000 taxpayers have filed tax returns to the IRS as of the week ending on March 28. This is down .8% compared to 2024, where 90,315,000 people had already filed. This filing year has been slow for 2025 but has started to even out (as the IRS predicted) with Tax Day coming up next week. While time is slowly ticking down, there is still plenty of time to file your taxes online or get them postmarked before Tax Day. If you're not able to get it all done, be prepared to file an extension. Here's what you need to know before next week's deadline. Everything new parents need to know: Kids bring joy, chaos... and tax benefits. What to know as a new parent filing a return Divorced, separated or widowed in 2024? How it will affect your tax return Like most other years, you have until Tuesday, April 15. Tax Day always falls on that date, unless April 15 falls on a weekend or holiday or you happen to file an extension. So far, the average tax return is considerably higher than it was in 2024. The average refund amount for tax returns that have been filed so far is $3,170, as $120 average increase from 2024. So far, 29,615,000 refunds have been given in 2025, compared to 28,945,000 in the similar time frame in 2024. More than $102.253 billion in refunds have been given in 2025, which is about 10% higher than in 2024. The average 2025 refund is about $3,453. On average, three out of every four tax filers can expect to see a refund. When that refund comes in depends on when you file your tax return and the processing time with the IRS. And it also depends on how you file. In 2025, as we head into peak tax season, experts are telling people to expect longer wait times, especially if you are wanting an actual check and not doing direct deposit. CPA Practice Advisor, a resource for tax professionals, estimates if a person filed electronically on Feb. 17, they could wait until March 7 for their paper check to come in. The IRS issued a statement that people who claim the earned income tax credit or the additional child tax credit need to anticipate delays. Taxpayers claiming those credits should have started seeing updates via the IRS's "Where's my refund" tool and people who claimed the credits were expected to get refunds starting March 3. But that's only if they file their return online, take their refunds via direct deposit, and have no issues with their tax return. The IRS has a handy site so you can track the progress of your refund with the 'Where's My Refund' tool. Here's what you'll need to check on your refund status, according to the IRS: Your social security or individual taxpayer ID number (ITIN) Your filing status The exact refund amount on your return Need a bit more time to get your taxes straight? Don't worry, you can always file an extension. An extension allows taxpayers to have a couple more months to file their 2024 returns. Here's how you can file one. Go to and use their IRS free file to electronically request an automatic tax-filing extension Request an extension by mail: File an Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. People can file by mail, online with an IRS e-filing partner or through a tax professional. If you know you owe money, go ahead and paywhat you owe using an online payment option. On there, just check the box that you are paying as part of filing for an extension And while it is a good option to have, it doesn't mean that if you owe the federal government money, you don't have to pay it until October 15. You can still accrue fines and fees for non-paid taxes even if you file an extension. This article originally appeared on Nashville Tennessean: When is Tax Day 2025? What to know in TN for filing taxes this year
USA Today
24-02-2025
- Business
- USA Today
Tax refunds are flowing, but IRS is seeing fewer early returns filed so far this season
Tax refunds are flowing, but IRS is seeing fewer early returns filed so far this season Show Caption Hide Caption Year-end tax prep tips IRS officials say now is the time to get organized for the upcoming tax season. Fox - 35 Orlando The average federal income tax refund was $2,065 through Feb. 7. The IRS has received fewer returns in the first two weeks of the 2025 season than it received a year ago. Tax season continued its sluggish start into early February, but tax refunds continued to steadily roll out the door. Every tax season has its own quirks and nuances. Oddly enough, though, the Internal Revenue Service has received 7.7% fewer returns so far this year. The agency also has processed 7.6% fewer returns through Feb. 7, according to the latest data published Friday. Why the delays? A variety of factors could be coming into play and keeping many people from filing their returns early in the game, including misleading online tax advice via social media, a flood of 1099-K forms, political rancor, some delayed deadlines in states hit by federal disasters, and the calendar itself. How much money are people seeing in tax refunds? The average federal income tax refund was $2,065 during this first two weeks of this year's tax season through Feb. 7, according to the IRS. That's up 18.6% from last year's tax season through Feb. 9, 2024. Many times, those filing tax returns in late January and early February want to receive their refund cash as early as possible. If you file your federal income tax return on Feb. 17, for example, you might anticipate a tax refund by Feb. 28 if you e-file, request that the refund by directly deposited into a bank account and the IRS has no problems with the return. If you e-file the return Feb. 17 but want a paper refund check mailed to you, you could have to wait until March 7, according to estimates by CPA Practice Advisor, a resource for tax professionals. The publication notes that filing during peak season, which runs from late March through April 15, can result in slightly longer waits. Many people who claim the earned income tax credit or the additional child tax credit need to anticipate delays. The IRS said taxpayers claiming those credits can expect to get refunds by March 3. That's if you file your return online, opt to get your refund by direct deposit, and have no issues with your tax return. Some taxpayers, the IRS said, may receive their income tax refunds a few days earlier. The IRS "Where's My Refund?" tool is expected to show an updated status by Feb. 22 for most early filers who claimed the earned income tax credit or the additional child tax credit. The IRS expects filing season numbers to even out as more tax returns come in during the weeks ahead and as the April 15 filing deadline for most taxpayers approaches. How change in Washington has some rethinking their taxes It's hard to judge why people could be putting off filing their taxes. But one reason could be that the new Trump administration isn't like the first Trump administration. We're seeing a lot of swift moves and, in some cases, outright chaos as President Donald Trump attempts to cut spending, offers buyouts and takes other dramatic steps to downsize the federal government. After taking office Jan. 20, Trump issued a slew of executive orders. And some people wrongly might have thought that key tax breaks could hit their 2024 returns simply by executive order. It's not true. Some social media buzz even suggested that Trump's proposed "External Revenue Agency" would replace the IRS and eliminate income taxes. But Trump did not eliminate the IRS or put an end to income taxes. The tax breaks proposed on the campaign trail, such as no taxes on tips, are highly unlikely to come into play on 2024 returns retroactively the closer we get to April. Mark Steber, chief tax officer at Jackson Hewitt Tax Service, said some bad information is floating on social media suggesting that taxpayers "wait and the IRS may go away.' Others suggest that changes will hit the IRS "and you will not owe taxes.' Steber said that kind of silliness could have people delaying filing their tax returns for no good reason. "I see virtually no chance of retroactive tax administration on political promises from the election," Steber said. "If the changes happen at all, political statements rarely end up exactly as tax law changes and let alone retroactively," he said. It's just hard to do, he added. Tax law changes require a lot of agreement in Congress, where Republicans have slim majorities in both the House and Senate. There's much uncertainty about what will actually be proposed until Republicans in Congress get behind a particular tax plan. When is Tax Day 2025? All about deductions, income brackets, credits and deadlines "I think the 2026 tax year be the first year of real substantive change," Steber said. If so, taxpayers could see those changes when they file 2026 returns in 2027. Several other factors, beyond potential tax cuts, could be contributing to a bit of a slowdown in the early tax season. They include: A change in the tax season kickoff date The 2025 tax season started two days earlier in 2025 than 2024, which one might imagine would generate more filings by now. But it didn't. The IRS has an explanation for that one. This year, the IRS began accepting and processing e-filed income tax returns for individuals starting Jan. 27. Last year's tax season started Jan. 29 and the initial week's data ran through Feb. 2. The IRS reasoned initially that many people this year didn't file in the first week because they might have still been waiting for key paperwork. Theoretically, the Jan. 29 kickoff last year was closer to a Jan. 31 deadline for W-2 forms to be issued by employers. The W-2 is a key form that reports income and tax withholdings. It's possible people had more paperwork in hand at the start of the season last year. Many times, of course, tax filers now are able to get W-2 information online and avoid waiting for the documents to be sent in the mail. The latest numbers do show improvements from the first week when the IRS processed 15.8% fewer returns than a year ago. During that week, the IRS reported that it received 14% fewer returns during the first week of the tax season compared with last year. An expected flood of 1099-K forms More gig workers are likely to receive a 1099-K this year that pinpoints how much money they made from these short-term jobs in 2024 — and some could be taking more time with their tax returns to figure out what to do. Profits on the sale of things, like concert tickets, and money earned working a side hustle, such as delivering food, were always taxable. This year, though, some changes in the reporting rules mean more more people are getting tax forms that track the money. Steber, at Jackson Hewitt Tax Service, said the larger number of tax forms, such as 1099-K forms and other forms, could be creating a feeling among some people that it's better to "wait until I have all my stuff." And that's a good idea because you want to file an accurate return. The 1099-K will usually arrive in late January or early February. It wouldn't surprise me if many people are holding back to see what they need to do with a 1099-K if they never had to deal with one in the past. This year, taxpayers will receive a 1099-K from payment card companies, payment apps, and online marketplaces when the amount of their business transactions during 2024 was more than $5,000. Under the old standard, the 1099-K was only sent to those who had received more than $20,000 and had more than 200 transactions on third-party payment processing platforms in 2023 and earlier years. The IRS receives these documents, too, meaning that a lower threshold means a bigger paper trail for 2024 income. This same $5,000 threshold could apply if you sold Taylor Swift or Detroit Lions tickets through an online marketplace, such as StubHub, in 2024. The profit you made on those tickets would be taxable. Overall confusion out of Washington The IRS is dealing with its own disruptions this tax season, too. The White House initiated a hiring freeze at the IRS, which could be much longer than those hiring freezes facing other federal agencies. Operations at the IRS are reportedly under review by Elon Musk's cost-cutting group, according to reports in Reuters and elsewhere. Trump sent an email Saturday to supporters asking: "Are you sick of being harassed by the IRS? Well, maybe it's time that somebody audited them for a change." The headline on the email: "Should I audit the IRS into oblivion?" At one point, buzz was building that a new free online IRS service called Direct File had been killed by Musk, whom Trump has given broad authority to run a new 'Department of Government Efficiency." IRS Direct File was expanded to 25 states for 2024 tax returns. A post on X by Musk said: "That group has been deleted," triggering rumors in early February that Direct File was no more. Many residents in these 25 states — but not all tax filers — are still able to use Direct File when they're filing their state and federal income taxes this year. More than 30 million taxpayers in nearly half of the country can take advantage of the new, free program to prepare and file their federal income taxes online directly with the IRS. Disaster relief Millions of taxpayers can wait to file past the April 15 deadline based on federal disaster relief. While they might want to file earlier, they might also need to take their time. Taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Alaska, New Mexico, Tennessee, Virginia and West Virginia will have until May 1 to file their 2024 returns and pay any tax due. In addition, these taxpayers also would have until May 1 to file their 2023 returns. On Jan. 10, the IRS announced an extension for victims of California wildfires. The tax relief applies to individuals and businesses in southern California affected by wildfires and straight-line winds that began Jan. 7. These taxpayers in California now have until Oct. 15 to file their 2024 returns and pay their federal income taxes, based on disaster relief in any area designated by the Federal Emergency Management Agency. Many times, people want to file early to obtain their refund money. But many will wait, nonetheless, if they're dealing with the aftermath of a disaster. Make no mistake, plenty of people have filed their tax returns early this year. The IRS data indicated that the agency received 23.58 million returns through Feb. 7. The IRS processed 23.5 million returns through the first two weeks. It is key to note, though, that the IRS number for total tax returns processed includes tax returns received in the prior or current year and processed in 2025. The IRS hasn't processed nearly every 2024 tax return that it has received this year. Matt Hetherwick, chief program officer for the nonprofit Accounting Aid Society in Detroit, said overall the nonprofit is actually seeing an increase in the number of tax returns prepared during the first weeks of this year's tax season. "Our appointment scheduling is also seeing an increase in demand when compared to the same time last year," Hetherwick said. Much of the tax work, he said, seems to be on track at this point. "It is still very early in the filing season, so the earliest of filers would typically just now be getting refunds back," Hetherwick said. "We are busy, and we have not received any calls from clients concerned with the length of time it's taken to receive their tax refund." Contact personal finance columnist Susan Tompor: stompor@ Follow her on X @tompor.
Yahoo
27-01-2025
- Business
- Yahoo
Leelyn Smith Welcomes Elizabeth Kittner as Chief Financial Officer and Managing Director
GENEVA, Ill., January 27, 2025--(BUSINESS WIRE)--Leelyn Smith, a leading tax, accounting, and wealth advisory firm, proudly announces the appointment of Elizabeth Kittner as Chief Financial Officer and Managing Director. This strategic addition underscores the firm's commitment to delivering innovative, comprehensive solutions for its clients. Kittner brings a dynamic blend of expertise and leadership to Leelyn Smith, with over 20 years of experience in finance, accounting, and human capital management. As Chief Financial Officer and Managing Director, she will lead Leelyn Smith's CFO, accounting, and tax services, driving excellence in cash flow management, budgeting, forecasting, compliance, and profitability optimization for the firm's business clients. "Elizabeth's extensive expertise and track record in transforming financial operations will elevate our ability to meet the complex needs of our clients," said Drew Grider, President of Leelyn Smith. "Her forward-thinking approach and dedication to excellence align perfectly with our mission to deliver tailored, impactful solutions. We are thrilled to welcome her to our team." Elizabeth's distinguished career includes serving as the top financial and operational leader for several organizations, most recently as Chief Financial Officer and People Operations Leader for a technology research and consulting firm. She has excelled across industries, including public and private companies, non-profit organizations, and public accounting, with a focus on technology-driven transformations. Recognized as a trailblazer in her field, Elizabeth has earned accolades such as Visionary Leader in AI Finance by Datarails, Top 50 Women in Accounting by Ignition, and Most Powerful Women in Accounting by the AICPA and CPA Practice Advisor for several consecutive years. Elizabeth's dedication to the accounting profession and helping others is evident through her active volunteer work. "It's an honor to join Leelyn Smith and contribute to its mission of delivering exceptional service to clients," Kittner said. "The firm's innovative approach, collaborative culture, and unwavering commitment to excellence are truly inspiring. I look forward to building on this foundation to create even greater value for our clients and the communities we serve." Kittner's appointment reinforces Leelyn Smith's strategy to expand its capabilities in finance, accounting, and tax services, ensuring clients receive support and personalized solutions. About Leelyn Smith Leelyn Smith is a registered investment advisor specializing in wealth management, tax, accounting, and family office services. With a family-first philosophy, the firm empowers individuals, families, and businesses financial independence and long-term success. Headquartered in Geneva, Illinois, with offices in Wheaton and Oak Brook, Leelyn Smith is dedicated to guiding clients at every stage of their financial journey. Learn more at View source version on Contacts Chris McManamaChief Operating Officer / Chief Compliance OfficerLeelyn Smithcmcmanama@ 630-232-8995 Sign in to access your portfolio
