As we inch closer to April 15, 2025, the excitement—and anxiety—of tax season is filling the air. Tax Day is an important time for many Americans who need to file their income tax returns, and this year is no different. With over 100 million taxpayers still needing to file, the pressure is on to get everything done before the deadline. Here’s what you need to know to make sure your taxes are well taken care of this year!
How Many Tax Returns Has the IRS Processed So Far in 2025?
By the end of February 2025, the Internal Revenue Service (IRS) processed a total of 51.8 million tax returns. This number is actually a bit lower than last year’s figures, noting a decrease of 2.7%. However, the IRS was busy during this time, receiving over 52 million tax returns. Even though there were fewer returns filed so far, it’s never too late to get started!
How Many Tax Refunds Has the IRS Issued in 2025?
This year, the IRS issued an impressive 36.9 million refunds, which represents a slight increase of 1.7% compared to 2024. The total amount refunded reached a staggering $124.8 billion, which is notably higher than the $115.4 billion given back to taxpayers by the same time last year. This shows that while fewer people filed initially, those who did got a little more back this tax season!
How Do 2025’s Tax Refunds Compare to 2024’s So Far?
- The average refund amount this year is $3,382, which is up by 6.3% from the previous year.
- The majority of returns—51.2 million—were filed electronically, making it easier for both taxpayers and the IRS.
- Many people opt to use tax professionals, with 23.6 million returns prepared by experts, while 27.5 million were self-prepared.
The early numbers reflect that while fewer tax returns were filed, those who did file were rewarded with bigger refunds. This could be a good incentive for those who are procrastinating!
Jackson Hewitt Shares Tips for Taxpayers Who Still Need to File a 2024 Federal Tax Return
Experts from tax preparation companies like Jackson Hewitt urge taxpayers to take action. With the April 15, 2025, deadline fast approaching, there are several important tasks to consider:
- Make sure you have all your forms ready. Employers were supposed to send W-2 and 1099 forms by January 31, so check your mail!
- Consider filing electronically. It’s faster, safer, and you’re likely to get your refund quicker with direct deposit.
- Don’t hesitate to seek help from a tax professional. They can help ensure you file accurately and maximize your refund.
Important Tax Deadlines You Can’t Afford to Forget
The IRS has set several deadlines for the 2024 tax year that taxpayers must keep in mind:
| Deadline | Date | Description |
|---|---|---|
| Final 2024 Estimated Tax Payment (Self-Employed) | January 15, 2025 | Already passed |
| W-2 and 1099-NEC Form Distribution | January 31, 2025 | Already passed |
| 1099 Form Distribution (Investment Income) | February 18, 2025 | |
| Federal Income Tax Return Filing & Tax Payment | April 15, 2025 | |
| Filing Deadline for U.S. Citizens Abroad | June 17, 2025 | |
| Third-Quarter 2025 Estimated Tax Payment | September 15, 2025 | |
| Tax Return Filing Deadline (Extension) | October 15, 2025 |
If you need an extension, don’t worry! You can file later, but remember, extensions don’t give you more time to pay your taxes owed. Make sure you’re prepared!
Common Misconceptions about Filing Taxes
Jackson Hewitt highlights that many taxpayers have some misunderstandings about filing. For example, 43% of people think the IRS automatically corrects errors in tax returns, but that’s not true! It’s crucial to review your return before submitting it to avoid mistakes. Also, don’t forget penalties can apply if you owe taxes and file late.
Ready or not, Tax Day 2025 is around the corner! With these insights and tips, you can feel more confident and prepared to take on the tax season!
