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Yahoo
15-04-2025
- Business
- Yahoo
Tax Day 2025: What time are taxes due? When is the deadline to file an extension?
Like it or not, Tax Day is here. Tax Day, the annual day when individual income tax returns are due to the federal government, is Tuesday. Did you procrastinate on filing your taxes again this year? Are you wondering what time your returns are due? Here's what to know. Taxes for 2024 are due for most of us by Tuesday, April 15. If you don't expect to file by then, you can request a six-month extension. According to Kiplinger, if you are filing an electronic return, then you must submit your tax forms by midnight on Tuesday. However, the site recommends that you click submit before 11:59 p.m., as it may take a few minutes for your return to be successfully transmitted to the IRS. If you're mailing in your tax return this year, you're going to want to make sure it's postmarked by April 15 to avoid any penalties. Yes, you can submit your tax forms electronically before 11:59 pm. on April 15. If you don't file your taxes by April 15 ‒ or by the extended deadline, Oct. 15, if you qualify for an extension – you will receive a notice from the IRS that you owe a Failure to File Penalty. The penalty is a percentage of the taxes you didn't pay on time. The standard penalty is 5% of the tax due for every month the return is late, up to 25% of the unpaid balance. A smaller penalty of 0.5% is added if you file a return but fail to pay any taxes you owe, or if you get an extension on your return but fail to pay your owed taxes. If you're able to show reasonable cause why you weren't able to meet your tax obligations, the IRS may be able to remove or reduce some penalties. The IRS says the deadline to file for an extension is April 15. That gives taxpayers until Oct. 15 to file without penalties. Yes. The IRS extends the annual tax deadline for taxpayers who live or do business in areas afflicted by disasters and for people in states with local holidays. A complete list of disaster-related extensions is on their website. If you filed your taxes online, you can expect to receive a refund in one month or less, in most cases. The IRS says it issues most refunds within 21 calendar days. Paper returns, however, can take four weeks or more. Allow time for the refund check to reach your bank account or mailbox. You can check the status of your federal tax refund online at USA Today contributed to this report. This article originally appeared on Cincinnati Enquirer: Tax Day 2025: Can you file on April 15? What time are taxes due?
Yahoo
31-03-2025
- Business
- Yahoo
How To Protect Your Tax Refund From Being Stolen
Identity theft isn't limited to criminals opening credit cards and running up debt in your name — your tax refund is also at risk. When it comes to filing your return, though the IRS works diligently to counteract fraudulent activity, you are the first line of defense in keeping your data and identity safe. For You: Find Out: Don't make the mistake of taking action only during tax season or once your taxes are filed. Stay vigilant year-round to keep your personal federal and state tax information safe like you would any checking or savings account. Then when tax time comes, scammers won't already have the information they need to file a fake tax return and gain access to your money. Do all you can to protect your tax refund from identity theft. After your tax preparation and filing, the IRS estimates it will take about 21 days to get your refund if you have money coming back to you. Criminals make it their business to find ways to uncover and exploit your personal information, but you can make it your business to stop fraudulent tax returns from being filed in your name. Here are some steps you can take to protect your identity, your bank account and your tax refund: Step 1: Never respond to an email, text or social media contact claiming to be from the IRS. The IRS only initiates contact with taxpayers by postal mail. Forward any suspicious or fraudulent contacts to phishing@ Step 2: Don't give your personal or financial information to anyone who calls claiming to be with the IRS. The caller might threaten arrest or deportation, but don't be intimidated. Instead, report these calls to the IRS by calling 800-366-4484 or via the IRS Impersonation Scam Reporting website. Step 3: Protect your personal identity information throughout the year. Always keep your Social Security number and other personal data well-protected to minimize the chances of unauthorized access. When online, use strong passwords and security software, and never click on suspicious links or downloads. Additionally, learn about phishing scams and how to avoid them. Step 4: Check your credit report regularly to detect fraudulent activity. Although you are entitled to receive a free copy of each of your credit reports annually from you can also sign up for a free or premium credit monitoring service. Sometimes credit card companies will provide this type of service to cardholders as a perk. Step 5: Don't ignore tax documents that you receive. A W-2 from an employer you didn't work for can indicate that your identity might have been stolen. If documents also show edited student loan information or unfiled child tax credit details this could also be a red flag. Step 6: Don't wait until the last minute. Instead, file your tax return as early as reasonably possible so that criminals can't file one first, reports CBS. To help you file as early as possible, go over your prior year's returns and make a list of all the documents you need to file and create a checklist. Also, keep your receipts throughout the year, so they're available when you're ready to file. Step 7: Get an identity protection PIN. An identity protection PIN — aka an IP PIN — is a six-digit number assigned to you by the IRS to prevent fraudsters from using your Social Security number on a fake tax return. To get an IP PIN, you'll need to determine your eligibility and you'll have to pass the IRS' identity verification secure access process. It's important to take swift action if you are a victim of tax identity theft. Follow these steps to report tax fraud with your federal tax refund: Complete IRS Form 14039 Identity Theft Affidavit to report that your tax return was rejected because there was a duplicate tax return filed using your Social Security number. Respond immediately to any notice you receive from the IRS in response to your affidavit. You can also call the agency at 800-908-4490 for specialized identity theft assistance. Contact all of your financial institutions to alert them that you've been a victim of identity theft. File a complaint with the Federal Trade Commission at to report identity theft. Put a fraud alert on each of your credit records at the three major credit bureaus: Experian: 800-525-6285 Equifax: 800-525-6285 TransUnion: 800-680-7289 Consider filing a credit security freeze with each major credit bureau. A credit freeze restricts access to your credit report unless you authorize it with a secure PIN. This helps prevent identity thieves from being approved for credit in your name. More From GOBankingRates6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on How To Protect Your Tax Refund From Being Stolen Sign in to access your portfolio
USA Today
28-02-2025
- Business
- USA Today
IRS delays popular child tax credit refunds for 2024 returns. Here's how to claim them
IRS delays popular child tax credit refunds for 2024 returns. Here's how to claim them Show Caption Hide Caption Tax season begins: New IRS tools aim to simplify filing Tax season has officially begun, and the IRS started accepting returns on Monday. Fox - 32 Chicago The Internal Revenue Service started accepting income-tax returns on Jan. 27, opening the spigots of refund money shortly thereafter. But taxpayers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit will need to wait a bit longer. 'By law, we can't issue EITC or ACTC refunds before mid-February,' the Internal Revenue Service explained on its website, 'This includes your entire refund, not just the part that's related to the credit you claimed on your tax return.' If you claimed one of those credits, plan on a refund showing up by around March 3, the IRS said. Refund money generally will appear faster if you have it directly deposited to a bank account. The delays are designed to protect taxpayers from fraud, reducing the possibility that crooks might get in early and file for refunds in someone else's name. A popular federal tax credit among Americans The EITC is a payment designed to help lower- and moderate-income workers, especially those with kids. Refund amounts vary depending on income and the number of dependent children. On average, taxpayers who claimed this credit received $2,743 in 2023. What qualifies as low income? It varies based on the number of dependent children and other factors. Singles without any children can receive a credit with up to $18,591 in 2024 income or $25,511 for married couples filing jointly. Conversely, singles with three or more kids can qualify with income up to $59,899 or up to $66,819 for married couples. The lower the income and the more kids, the higher the potential credit. The website features an "EITC assistant" calculator to help you determine if you qualify and, if so, for how much of a refund. In Arizona, nearly 516,000 federal tax returns were filed in 2022, the most recent year for which full statistics are available, claimed the EITC, the IRS reported. That was out of about 3.37 million individual federal returns filed by Arizonans that year. More tax tips: Tax deductions and credits may boost your refund. Which ones are available to new filers? Two interconnected tax credits for children The Additional Child Tax Credit, the other benefit for which refunds are being delayed, is connected to the Child Tax Credit. Understanding one requires familiarity with the other. The Child Tax Credit offers tax savings to parents, including those who otherwise might not need to file a tax return. It's worth up to $2,000 for each qualifying child, who generally must be under 17, have lived with you for more than half of the year, provided no more than half of their own financial support and be a U.S. citizen, national or resident alien. Plus, the youngster will need a Social Security number and must be your child, stepchild, eligible foster child or other dependent. The IRS also has an online tax assistant calculator to help determine if you qualify for this benefit, along with other explanatory information on it. Married couples filing a joint return can receive the full credit with income of not more than $400,000, or $200,000 for single parents. Partial credits are available for incomes above those thresholds. But you might not receive the full $2,000-per-child credit if your tax liability for the year is too low. That's where the Additional Child Tax Credit comes in. It enables qualified taxpayers to receive up to $1,700 of that $2,000 amount as a refund. You first apply for the Child Tax Credit to determine eligibility for the additional one. 'Understanding the Additional Child Tax Credit begins with the standard Child Tax Credit,' noted TurboTax. 'If your available Child Tax Credit is greater than your tax liability, the Child Tax Credit can only reduce your tax bill to zero — you don't get any unused portion of the credit back as a refund.' You also can start the process by filling out the Child Tax Credit worksheet contained in the instructions for Form 1040. Roughly 410,000 returns filed by Arizonans in 2022 claimed the fully refundable Child Tax Credit or Additional Child Tax Credit, the IRS said. The nonrefundable child-related credits were claimed nearly twice as often. There are other related benefits, too, such as the Child and Dependent Care Credit, which offers partial subsidies for working parents who must pay helpers for assistance, and the Credit for Other Dependents, for those who can't qualify for the Child Tax Credit. Reach the writer at
Yahoo
28-01-2025
- Business
- Yahoo
Where's my refund? What to know about tax season 2025 deadlines, filing turnaround
The IRS began processing tax returns on Monday, marking the official beginning of tax return season. Most people who file electronically and request a direct deposit will receive their refund within 21 days, meaning the first filers will receive their refund by Valentine's Day. If you would instead file on a paper copy, paper returns take roughly six to eight weeks to process and often have errors that lead to processing delays. Now that the IRS is processing returns, here's everything you need to know to receive your return as quickly as possible. More: Do you itemize? Trump's Congress could raise the cap on the SALT tax deduction in 2025 Taxpayers can expect a tax refund in less than 21 days of filing if there were no errors on their return, according to the IRS. For the status of your refund, use the "Where's My Refund?" tools at for federal tax refunds or the resources available at Oklahoma's Taxpayer Access Point at The earlier you file, the faster you will get your refund money. Filing online as early as possible will lead to the fastest chances of getting your refund. Waiting until closer to April 15, the national filing deadline can cause some refunds to be processed longer. How you file your taxes will determine how much money you receive back. The government uses your filing to determine if you paid too much or too little in taxes the previous year. If you don't have enough withheld, you will owe the difference, but if you have an excess, you will receive the difference. According to IRS data, taxpayers who owed money on their 2023 returns paid an average of just over $5,200 in 2024. Last year, the average refund topped $3,200. The average refund for people making up to $10,000 was more than $3,800. For people making up to $200,000, the average refund was just under $600. How long you wait to receive your tax refund will vary depending on how you filed your Oklahoma taxes, according to estimates from the Oklahoma Tax Commission. If you file online and choose to receive your refund by direct deposit, you'll receive your tax refund in five to six weeks. If you file online and choose to receive your refund by debit card, you'll receive your tax refund in six weeks. If you file by mail and choose to receive your refund by direct deposit, you'll receive your tax refund in ten to 12 weeks. If you file by mail and choose to receive your refund by debit card, you'll receive your tax refund in 11 to 13 weeks. Damon C. Williams contributed to this report. This article originally appeared on Oklahoman: Where's my refund? Here's what to know about filing taxes, tracking
Yahoo
27-01-2025
- Business
- Yahoo
After Helene, IRS says affected Tennessee taxpayers have until May 1 to file taxes. See if you qualify
There's some good news for taxpayers in East Tennessee. The Internal Revenue Service has granted all taxpayers impacted by Tropical Storm Helene an extension to file their 2024 taxes. Now, those taxpayers have until May 1 to file. This extended deadline is an automatic courtesy for individuals and businesses in the affected regions; there's no need to apply for it. The IRS has rolled out some additional tax relief options for hurricane survivors in Tennessee, Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. Here's what affected taxpayers can expect. Affected taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments, including: 2024 individual and business returns normally due during March and April 2025 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments Anyone who lives in Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties is eligible for the tax extension. These were the counties where former President Joe Biden declared a state of emergency on Sept. 28. The deduction is available for damaged or destroyed property not covered by insurance or other reimbursement and can result in a larger refund, according to the IRS. For residents who lost everything in the floods, the IRS will replace your tax records for free. To find your payment histories and transcripts, go to Disaster relief payments may be considered tax-free, according to the IRS. This means that affected taxpayers can exclude from their gross income amounts received from a government agency on their taxes if the money was used for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. USA Today Network reporter C. A. Bridges contributed to this report. This article originally appeared on Knoxville News Sentinel: Tax deadline pushed for these East Tennessee areas hit by Helene
