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IRS Newswire March 24, 2025

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Issue Number:    IR-2025-36

Inside This Issue

 

*Follow key filing guidelines to speed refunds, avoid errors*

WASHINGTON – The Internal Revenue Service issued a series of tips and reminders to speed taxpayer refunds and avoid errors on their federal tax returns as the April 15 filing deadline approaches.

*Collect all tax-related paperwork*

Taxpayers should gather all documents [ [link removed] ] including W-2s, 1099s and other information returns, as well as any supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments. Having the previous year's tax return accessible is also advised as it may be required. Taxpayers can also check their IRS Individual Online Account [ [link removed] ] to view their Form W-2, Wage and Tax Statement, and Form 1095-A, Health Insurance Marketplace Statement, under the Records and Status tab in the taxpayer’s Individual Online Account.

*Ensure filing status, names, birthdates and Social Security numbers are correct *

Taxpayers must accurately provide the name, date of birth and SSN for each dependent listed on their individual income tax return. The SSN and individual's name should be entered precisely as indicated on the Social Security card. In cases where a dependent or spouse lacks an SSN and is ineligible to obtain one, an assigned Individual Tax Identification Number (ITIN) [ [link removed] ] should be listed instead of an SSN.

*Use electronic filing*

The IRS advises taxpayers and their tax advisors to use electronic filing methods such as IRS Free File [ [link removed] ], Free File Fillable Forms [ [link removed] ] or with Direct File [ [link removed] ]. lectronic filing decreases mathematical errors, identifies potential tax credits or deductions for which the taxpayer qualifies and prompts taxpayers for missing information. Opting for electronic filing and selecting direct deposit is the fastest and safest way to receive a refund.

While taxpayers and tax professionals are urged to choose electronic filing when filing individual tax returns [ [link removed] ], there are taxpayers who must submit a paper tax return. It is essential that paper filers verify the accurate mailing address either on IRS.gov [ [link removed] ] or in the instructions provided with Form 1040 to prevent processing delays.

*Report all taxable income*

Most income is subject to taxation [ [link removed] ]. Failing to accurately report income may result in interest [ [link removed] ] and penalties [ [link removed] ]. Taxable income includes various sources of income such as interest earnings [ [link removed] ], unemployment benefits [ [link removed] ] and income derived from the service industry [ [link removed] ], gig economy [ [link removed] ] and digital assets. For further details, consult Publication 525, Taxable and Nontaxable Income [ [link removed] ].

*Answer the digital assets question*

Everyone who files Forms 709, 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120S must check one box answering either "Yes" or "No" to the digital asset question. The question must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2024.

Taxpayers must report all income related to digital asset transactions. Visit the Digital Assets [ [link removed] ] page on IRS.gov for details on when to check “yes” and how to report digital asset transactions.

*Make sure banking routing and account numbers are correct*

Taxpayers have the option to request direct deposit [ [link removed] ] of a federal refund into one, two or even three accounts. For taxpayers who do not have a traditional bank account, some mobile apps and prepaid debit cards have routing and account numbers that allow for direct deposit of tax refunds. When expecting a refund, ensure the routing and account numbers provided for direct deposit are accurate to avoid delays or misdirected refunds.

*Remember to sign and date the return*

When submitting a joint return, both spouses must sign and date the return. If taxpayers are preparing their taxes independently and filing electronically, they need to sign and authenticate their electronic tax return by inputting their adjusted gross income from the prior year. For more guidance, visit Validating Your Electronically Filed Tax Return [ [link removed] ].

*Need to make a payment*

Tax payments are still due on April 15 for most taxpayers. Payments can be made using Individual Online Account, Direct Pay [ [link removed] ], the Electronic Federal Tax Payment System (EFTPS) [ [link removed] ] or with a debit/credit card or digital wallet [ [link removed] ]. By doing so, taxpayers avoid the necessity of filing a separate extension form and receive a confirmation number for their records.

*Request an extension if needed*

Taxpayers requiring more time to file their taxes can easily request a six-month extension [ [link removed] ] until Oct. 15. The IRS offers three options to request an extension to file:


* Pay what you owe using an online payment option [ [link removed] ]and check the box that you are paying as part of filing for an extension. 
* Requested at no cost either through IRS Free File regardless of income, or
* By submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return [ [link removed] ], by April 15.

While an extension avoids late filing penalties [ [link removed] ] and provides extra time for filing, an extension of time to file is not an extension of time to pay. Taxpayers can seek an extension to file [ [link removed] ] by making a full or partial payment of their estimated income tax and indicating that the payment is for an extension.

Many taxpayers may have more time to file if they were affected by a disaster situation. Visit tax relief in disaster situations [ [link removed] ] for information on the most recent tax relief provisions based on FEMA’s declarations.

*Keep a copy of the tax return*

Taxpayers should maintain copies [ [link removed] ] of their signed return and any accompanying schedules for their personal records and to help them prepare future tax returns and figure mathematical computations in the event they have to file an amended return. Typically, taxpayers should retain records supporting income, deductions or credits claimed on their tax return until the period of limitations [ [link removed] ] for that specific tax return expires.

For more information, check out the File your tax return [ [link removed] ] page on IRS.gov.

 

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