The U.S. Internal Revenue Service (IRS) has officially announced the beginning of the 2024 tax filing season. Over 140 million individual tax returns are expected to be submitted before the April 15, 2025 deadline.
Taxpayers are encouraged to file their returns electronically and use direct deposit to speed up the refund process. The IRS estimates that those who file electronically can expect their refunds within 21 days.
- Filing deadline: April 15, 2025.
- Filing methods: electronic filing or paper return.
- Benefits of e-filing: faster processing, reduced risk of errors, and quicker refunds.
- Penalties for late filing: 5% of the unpaid tax amount per month of delay.
Taxpayers who owe taxes to the IRS may also face additional penalties and interest charges for late payments.
More information is available on the official IRS website.