Important Dates for the 2025 Tax Season:

January 10, 2025

Free File program begins. The IRS collaborates with various software providers to offer eligible taxpayers free access to online tax preparation and e-filing tools. Income limits apply, and participating companies include TaxSlayer, TaxAct, and FreeTaxUSA.

January 15, 2025

Deadline for fourth-quarter estimated tax payments. Taxpayers must submit payments for income earned from September 1 to December 31, 2024. This applies mainly to self-employed individuals and others whose tax withholdings are insufficient to cover their total tax liability.

January 27, 2025

Official start of tax filing season. The IRS begins processing federal tax returns. Refunds for returns claiming certain credits, such as the Earned Income Tax Credit or Additional Child Tax Credit, will not be issued before mid-February, regardless of how early they’re filed. Additionally, the IRS expands its Direct File program to include 25 states this year, providing free filing options for eligible taxpayers in participating areas.

January 31, 2025

Form W-2 deadline. Employers must provide W-2 forms to employees for work done in 2024 by this date. Other informational forms, such as the 1099-NEC for freelance income or 1099-INT for interest earned, are also due to be issued or mailed by this deadline.

March 15, 2025

Deadline for S-Corporations and Partnership returns. If your corporation follows the calendar year for its fiscal year, you'll need to submit your S-Corporation return by March 15th.

April 15, 2025

Tax Day. Federal income tax returns and any taxes owed must be filed and paid by this date. Taxpayers can request an extension to file their return using Form 4868, but any owed taxes must still be paid by April 15 to avoid penalties or interest. This is also the deadline for contributing to an HSA or IRA for the 2024 tax year and submitting estimated tax payments for income earned in the first quarter of 2025 (January 1–March 31).

June 16, 2025

Second-quarter estimated tax payments are due for income earned between April 1 and May 31. Additionally, taxpayers living or working abroad have until this date to file their federal tax returns.

September 15, 2025

Third-quarter estimated tax payments are due for income earned from June 1 to August 31, 2025.

October 15, 2025

Deadline for extended tax returns. If a taxpayer requested an extension by April 15, this is the final date to submit a 2024 federal tax return. Missing this deadline may result in penalties.

December 31, 2025

Deadline for 401(k) contributions. Contributions to employer-sponsored retirement accounts, such as traditional or Roth 401(k)s, must be completed by this date for the 2025 tax year. Required minimum distributions (RMDs) must also be taken by this date, if applicable. Charitable contributions must be made by December 31 to qualify for deductions on the 2025 tax return.

Ways to Simplify Your 2025 Tax Filing

Getting ready to file your 2024 taxes doesn’t have to feel overwhelming! Use these helpful steps to keep things organized and stress-free:

• Keep all your documents in one place, whether it’s a physical folder or a digital file, so you can easily find what you need.
• Make sure you have all the necessary details on hand, like Social Security cards, health insurance paperwork, and other important forms.
• Check IRS.gov regularly for any updates, changes, or announcements that might affect your filing.
• Set up an IRS account to keep track of your personal information and stay informed.
• Decide how you’d like to receive your refund—direct deposit is often the fastest option.
• Let RWB Tax Service handle your filing to take the stress out of tax season! Connect with us today!

**Important 2025 Tax Updates**

• Standard Deductions:
  For the 2025 tax year, single filers and married individuals filing separately will see their standard deduction increase to $15,000, up by $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, reflecting an $800 increase. Heads of household will have a standard deduction of $22,500, up by $600 from 2024.
• Marginal Rates:
  The highest tax rate for 2025 remains at 37%, applicable to single filers earning over $626,350 and married couples filing jointly with incomes above $751,600. The other brackets are as follows:
  • 35%: Incomes above $250,525 for singles ($501,050 for married filing jointly).
  • 32%: Incomes above $197,300 for singles ($394,600 for married filing jointly).
  • 24%: Incomes above $103,350 for singles ($206,700 for married filing jointly).
  • 22%: Incomes above $48,475 for singles ($96,950 for married filing jointly).
  • 12%: Incomes above $11,925 for singles ($23,850 for married filing jointly).
  • 10%: Incomes at or below $11,925 for singles ($23,850 for married filing jointly).
• Alternative Minimum Tax (AMT) Exemption Amounts:
  In 2025, the AMT exemption for single filers will increase to $88,100 and $68,650 for married individuals filing separately, with phaseouts starting at $626,350. Married couples filing jointly will have an exemption of $137,000, with phaseouts beginning at $1,252,700.
• Earned Income Tax Credit (EITC):
  For 2025, the maximum EITC for taxpayers with three or more qualifying children increases to $8,046, up from $7,830 in 2024. Additional tables outlining amounts for other categories and income limits are included in the IRS revenue procedure.
• Qualified Transportation Fringe Benefit:
  The monthly limits for both qualified transportation and parking benefits will increase to $325 in 2025, up from $315 in 2024.
• Health Flexible Spending Accounts (FSAs):
  For the 2025 tax year, the contribution limit for health FSAs rises to $3,300, an increase of $100 from 2024. For plans allowing carryovers, the maximum carryover amount increases to $660, up from $640.
• Medical Savings Accounts (MSAs):
  • Self-Only Coverage: The minimum annual deductible increases to $2,850 (up $50), and the maximum deductible rises to $4,300 (up $150). The out-of-pocket maximum increases to $5,700, up from $5,550 in 2024.
  • Family Coverage: The minimum annual deductible increases to $5,700 (up $150), and the maximum deductible rises to $8,550 (up $200). The out-of-pocket maximum climbs to $10,500, compared to $10,200 in 2024.
• Foreign Earned Income Exclusion:
  For 2025, the foreign earned income exclusion will increase to $130,000, up from $126,500 in 2024.
• Estate Tax Credits:
  Estates for individuals who pass away in 2025 will have a basic exclusion amount of $13,990,000, an increase from $13,610,000 in 2024.
• Annual Gift Tax Exclusion:
  The gift tax exclusion rises to $19,000 per recipient in 2025, up from $18,000 in 2024.
• Adoption Credits:
  The maximum adoption credit for 2025 is $17,280, increasing from $16,810 in 2024.
• Unchanged Items:
  • Personal Exemptions: These remain at $0 for 2025, continuing the change introduced by the Tax Cuts and Jobs Act of 2017.
  • Itemized Deductions: No limitations on itemized deductions for 2025, consistent with 2024 and years following the 2017 Tax Act.
  • Lifetime Learning Credit: The modified adjusted gross income (MAGI) threshold for phasing out this credit remains at $80,000 for single filers and $160,000 for joint filers, unchanged since 2021.

Tax Relief for Georgians Affected by Hurricane Helene

The IRS has announced extended tax relief for individuals and businesses impacted by Hurricane Helene in parts of Georgia. Here's what you need to know:

• Extended Deadlines: Taxpayers in affected areas now have until May 1, 2025 to file returns and make payments originally due between August 1, 2024 and May 1, 2025.
• Who Qualifies: Relief applies to residents and businesses in the covered counties listed by FEMA. This includes extended deadlines for estimated tax payments, business filings, and payroll tax returns.
• Overlap with Tropical Storm Debby Relief: Taxpayers previously granted Debby-related relief with a February 3, 2025 deadline will also benefit from the extended May 1, 2025 deadline.

Key Points for Taxpayers

• Automatically Applied: Relief is automatic for those in FEMA-designated disaster areas.
• Late Penalties: Contact the IRS if you receive a late penalty notice for deadlines covered by the extension.
• Casualty Losses: Affected taxpayers may claim disaster-related losses.

Dependent Personal Exemption for Unborn Children in Georgia

Georgia residents can claim a $3,000 exemption for each unborn child with a detectable heartbeat. However, this exemption cannot be claimed if the child is born during the same tax year. While you don't need to submit medical records with your tax return, it's important to keep them on hand in case the state requests verification.

Get Help from an Experienced Tax Preparer in Villa Rica, GA Today

Get ready for tax season with RWB Tax Service in Villa Rica, GA! Whether you're filing personal taxes or need help with complex business taxes, our experienced team is here to ensure everything is done right. With over 50 years of combined experience, we’re your trusted local experts who will work hard to maximize your refund and guide you through every step. Don’t wait—give us a call today at (770) 456-9980 or fill out our online contact form to get started. Let us make tax prep a breeze for you!