Last-minute tax guide 2025: Here’s what you need to know if you haven’t filed yet

Last-minute tax filers, you’re running short on time. The tax filing deadline is just a few days away.

While the IRS expects more than 140 million tax returns to be filed by April 15, only about 89 million had been received by March 28, according to the most recent IRS data. That means about 51 million returns might be filed in the last 2½ weeks of the tax filing season.

Still, the number of tax returns filed through March this year is less than 1 percent lower than the number of returns filed by this time last year. And yet, more than 139 million returns were filed by the April deadline last year, according to IRS data.

In any event, don’t panic if you haven’t yet filed your tax return. Whether you file by April 15 or buy some extra time with an extension, here’s everything you need to know to file your tax return this year.

Consider filing a tax extension

The IRS will extend your deadline to Oct. 15 if you file Form 4868 by April 15. If you don’t think you can submit your tax return by April 15 and you think you’ll owe a tax bill, it makes sense to file an extension. That way, you’ll avoid the 5 percent failure-to-file penalty. Here’s what happens if you don’t file your taxes.

But remember, an extension gives you more time to file, not more time to pay. It’s best to pay your taxes by the due date if you expect to owe.

If you’re not sure what you owe, there are two safe harbors to ensure you avoid an underpayment penalty:

• Pay 100 percent of your tax obligation from the previous year. Or, pay 110 percent if your adjusted gross income was $150,000 or more ($75,000 or more if you filed using the married filing separately tax status).

• Pay 90 percent of the current year’s income tax obligation.

When to expect your refund, and how to get it fast

If you submit your tax return electronically and without errors, you should receive your refund within 21 days of filing, as long as you choose direct deposit.

Of course, there is uncertainty currently regarding how layoffs at the IRS may affect the 2025 filing season. At this point in time, there have been no reports of widespread processing delays. In fact, the number of tax refunds processed by the IRS through March 28 this year is 1.2 percent higher than the same period a year ago, the most recent IRS data show.

Generally, the exact tax-refund timeline depends on how you file and how you want your refund paid out. Here’s an estimate of what you can expect:

• One to three weeks for those who e-file with direct deposit;

• Three weeks for those who paper file with direct deposit; or

• Six to eight weeks for those who e-file or paper file and request a refund check in the mail.

Lower your tax bill with an IRA contribution

It’s not too late to lower your taxable income for 2024: You have until April 15 to open a traditional IRA and make a contribution to it. (Just be sure to tell the IRA provider that your contribution is for 2024, not 2025.) If you qualify for deductible IRA contributions, you’ll reduce your taxable income by the amount of your contribution.

For tax year 2024, taxpayers can contribute up to $7,000 to an IRA, up from a maximum $6,500 last year, or $8,000 if 50 or older, up from $7,500 last year. (Generally, you must have earned income, meaning money from work, to contribute to an IRA.)

Traditional IRA contributions are an “above-the-line” deduction, meaning you don’t have to itemize to claim the deduction. But keep in mind that if you (or your spouse if you file jointly) has access to a retirement plan at work, then there are income limits that may affect the deductibility of your contribution.

If you, and your spouse if you’re married, don’t have retirement plans at work, then there are no income limits on making deductible IRA contributions.

You can also open and fund a Roth IRA by April 15, if your income is under the Roth IRA income limits. And you can contribute to both a Roth and a traditional IRA in the same year, as long as your combined contributions don’t exceed the $7,000 limit ($8,000 if 50+).

However, your Roth contribution won’t reduce your tax bill this year. Then again, you’ll be setting yourself up for tax-free income in retirement.

The standard deduction is higher for 2024 tax returns

When you file your tax return, you can use the standard deduction or claim itemized deductions. The standard deduction is a set amount based on your filing status, while itemizing requires taxpayers to total up a list of their qualified expenses.

You must choose between claiming the standard deduction or itemizing, but both methods are a way to reduce the taxes you owe. Learn more: Standard deduction vs. itemized deductions: Pros, cons and how to decide.

Here are the current standard deduction amounts for 2024, for returns filed in 2025:

Tax brackets changed for 2024 tax returns

Each year, the IRS adjusts the federal income tax brackets to account for inflation, which can significantly impact your tax return. It’s a good idea to understand how tax rates work, since they are pivotal for tax planning.

There are currently seven federal income tax rates, ranging from 10 percent to 37 percent. While those income tax rates didn’t change for 2024, the income thresholds have widened. That means, for example, that a single tax filer with $45,000 of taxable income has a top tax rate of 12 percent in 2024, whereas that same taxpayer had a top tax rate of 22 percent in 2023.

New ways to file your tax return

Last year, the IRS launched the Direct File program, which offers taxpayers a guided tool to file their federal tax returns directly with the IRS — and it’s completely free. The program was first introduced in 2024 but limited to 12 states; the IRS has since expanded Direct File to 25 states.

Complex tax returns aren’t accepted by the Direct File program. For example, if you itemize or if you want to deduct your IRA contributions, you can’t use Direct File.

However, Direct File does accept tax returns with some tax credits, including the earned income tax credit, child tax credit and child and dependent care tax credit.

If you think the IRS Direct File program may work for you, check here to see which states participate. You can use Direct File until Oct. 15, 2025 to file your 2024 tax return.

2025 tax season calendar: Key dates and deadlines to remember

• Jan. 27: The IRS started processing 2024 tax returns.

• Feb. 3: Deadline to file 2023 tax returns for taxpayers who live in Louisiana, Vermont, Puerto Rico, and the Virgin Islands and parts of Arizona, Connecticut, Illinois, Kentucky, Minnesota, Missouri, Montana, New York, Pennsylvania, South Dakota, Texas, and Washington.

• April 15:

  • Deadline for most taxpayers to file their 2024 tax return or request a six-month extension, though even with an extension you’ll still need to pay any taxes you owe to avoid penalties or fees.

  • Deadline to file a tax return and claim your 2021 tax refund if you haven’t yet done that. Deadline looms to claim $1 billion in 2021 tax refunds.

• May 1: Deadline to file 2023 and 2024 tax returns for taxpayers who live in Alabama, Florida, Georgia, North Carolina, and South Carolina and parts of Alaska, New Mexico, Tennessee, Virginia and West Virginia.

• Oct. 15: Deadline to file your 2024 tax return if you requested a six-month extension.

Check with your state’s tax agency to determine when your state taxes are due.

Tax-filing checklist: Key documents you may need to gather

• Form W-2, which your employer will provide. This form lists how much you were paid in 2024, as well as how much in taxes you had withheld.

• Form 1098, which shows how much you paid in interest on a mortgage or student loan.

• Form 1099-NEC reports income that you made working as an independent contractor or a self-employed individual.

• Form 1099-G shows income received from unemployment compensation, taxable grants, or state or local income tax refunds.

• Form 1099-MISC reports income from royalties, rents, prizes and awards, and other income payments.

• Form 1098-T is a tuition statement for higher education expenses.

• Records for any stocks or other investments that you sold in 2024, including crypto transactions or other digital assets.

Bottom line: Get help to file

Some tips for last-minute filers:

• For added support as you file your tax return, consider creating an IRS online tax account to view your previously filed tax returns, and to check on your refund or set up payment arrangements. Doing so can help you find your tax information without having to reach out directly to the IRS.

• If you plan to file your income tax return on your own, check out our guide to the best tax software to help you find a tax service that works for you.

• Be sure to file a tax extension if you can’t make the deadline.