No one enjoys paying taxes, but it’s something we all have to do. The IRS recently announced that January 27th will be the first day of the 2025 tax season where the organization will accept and process tax returns for individuals. Taxpayers can pay at the latest by April 15 in order to avoid penalties and interest. However, the IRS does accommodate for more time for individuals affected by disasters such as the fires in Southern California, as well as the attack on New Orleans.
What is different about the 2025 Tax Season?
According to the IRS, 2025 will “feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.” The IRS believes that with better tools and support for taxpayers, individuals will be able to file their taxes with less effort, as well as with more security. In the past, there have been concerns over potential scams and shady schemes that various taxpayers fall for. The IRS has always encouraged taxpayers to file their taxes through a trusted tax professional in order to ensure the information is both safe and accurate.
The IRS stated that “improvements include more access to tax account information from text and voice virtual assistants, expanded features on the IRS Individual Online Account, more access to dozens of tax forms through cell phones and tablets and expanded alerts for scams and schemes that threaten taxpayers.” This new technology aims to help taxpayers, so 2025 will test these tools to determine their usefulness and effectiveness. The IRS plans on continuing to improve the taxation process as well. IRS Commissioner Danny Werfel said “These taxpayer-focused improvements we’ve done so far are important, but they are just the beginning of what the IRS needs to do. More can be done with continued investment in the nation’s tax system”.
What is the best way to pay taxes?
There are multiple organizations and ways to pay taxes. One option that many forget is to pay taxes with a credit card. Due Founder and CEO John Rampton has written an article “Why You Should Pay Your Federal Taxes With Your Credit Card”, highlighting how it is indeed legal and beneficial to pay taxes with your credit card. In order to stay on top of financial news and ways to save money on taxes, spending, and real estate, be sure to stay in tune with the Due.com blog.
Featured Image Credit: Nataliya Vaitkevich; Pexels: Thank You!
