IRS unveils new income tax brackets and deductions for 2025
The IRS has announced key tax changes for 2025 due to inflation, including adjustments to income tax brackets, deductions, and capital gains.
Straight Arrow News
It is tax season once again.
Monday marked the first day people can file their 2024 year taxes with the Internal Revenue Service. While many of us will file in the coming months, early filers are already wondering when they will see a refund check or direct deposit.
And while taxes can be confusing, the money you get back can be a boost or just help to make ends meet.
A recent survey conducted by Qualtrics for Intuit Credit Karma of 1,000 U.S. adults found, “of those who depend on their refund to make ends meet, nearly half (45%) say it’s because of the rising cost of living and necessities (i.e. housing, groceries). Others point to inflation (41%), living paycheck to paycheck (37%) and depleted savings (21%).”
Here’s a look at when you can expect a refund from the IRS and how you can track it this tax season.
When will I get my tax refund?
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.
If you file (or have filed) electronically and choose direct deposit, your refund will probably be issued within 21 days, the IRS says. If you mail a paper return, expect roughly six to eight weeks from the date the IRS receives the filing.
These dates all depend if your filing is accurate and complete.
Can I track the status of my tax refund?
Yes! 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
You’ll have to wait a bit after you file to start tracking the refund though.
Your 2024 income tax refund can be tracked 24 hours after e-filing or after four weeks if you filed by paper. The IRS says the information is updated once daily, overnight.
When can I file my taxes in 2025?
The IRS is accepting people’s 2024 taxes starting Monday, Jan. 27. People have several months to file them via mail and online by themselves or through a tax preparer.
When is Tax Day 2025?
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.
Those impacted by Tropical Storm Helene in Tennessee will have until May 1 to file.
USA TODAY contributed to this report.
