(MENAFN- PR Newswire)
MIAMI, Jan. 29, 2025 /PRNewswire/ -- The Internal Revenue Service (IRS) has officially announced the start of the 2025 tax filing season, when taxpayers can begin submitting their federal tax returns for the 2024 tax year. With over 140 million individual tax returns expected to be filed by the April 15 deadline, businesses and individuals are encouraged to prepare early to ensure a seamless and efficient filing experience.
This year's tax season comes with notable updates to forms, requirements, and resources, underscoring the importance of staying informed. Key changes include updates to Form 1040 and Schedule A, expanded eligibility for free filing programs, and new reporting requirements for income earned through online platforms.
Notable Changes for 2025
This year's tax filing season includes several updates designed to enhance efficiency and broaden access to filing services:
Expanded Direct File Program : Taxpayers in 25 states with an adjusted gross income (AGI) of $84,000 or less can now file directly with the IRS at no cost.
IRS Free File Program : Continued support for taxpayers earning $84,000 or less, providing free tax software and guidance.
New Reporting Requirements : Taxpayers who earn over $5,000 through online platforms will receive Form 1099-K to ensure accurate reporting.
"These updates reflect the IRS's commitment to simplifying tax compliance for both individuals and businesses," said Ajay Mehta , CEO of IBN Technologies. "By staying organized and leveraging available tools, taxpayers can minimize stress and ensure their filings are accurate, timely, and compliant."
Steps to Ensure a Smooth Filing Process
To help taxpayers navigate the 2025 tax season, the IRS has outlined essential steps to ensure a smooth filing process. Experts advise organizing important documents, such as W-2s, 1099s, and expense records, as early as possible. Additionally, taxpayers should verify their withholding using the IRS Tax Withholding Estimator to avoid underpayment penalties. Filing electronically is encouraged for faster processing and quicker refunds, especially with direct deposit.
Refunds and Extensions
The IRS expects to process the majority of electronically filed returns within 21 days , particularly when direct deposit is selected. Paper returns, however, may take up to four weeks or longer to process. Refunds for Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) claims will begin processing in mid-February due to additional verification measures.
Taxpayers requiring more time to complete their returns can file for a six-month extension using Form 4868 , moving their deadline to October 15, 2025 . However, any taxes owed must still be paid by April 15, 2025 , to avoid penalties and interest charges.
Looking Ahead
As businesses and individuals prepare for tax season, online tax services continue to evolve, offering innovative tools to simplify and optimize the filing process. IBN Technologies has positioned itself as a trusted partner, providing customized solutions that address the complexities of corporate tax filing.
"Our goal at IBN Technologies is to empower businesses with tools that simplify compliance and enhance efficiency," said Mehta. "By offering customized services, we help our clients confidently navigate tax season while focusing on what truly matters-growth and success."
From bookkeeping and payroll management to comprehensive tax preparation support, IBN Technologies ensures businesses have the resources they need to meet compliance requirements, minimize tax liabilities, and optimize financial strategies for 2025 and beyond.
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About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
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Pradip
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IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130
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IBN Technologies Limited
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Bibwewadi Road, Pune-411037
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