The IRS began accepting tax returns on January 27, 2025. With the individual tax deadline still a few months away, many taxpayers will likely procrastinate and wait to file closer to the April 15th deadline. Even if you usually file closer to the mid-April deadline (or request an extension), consider filing earlier this year to help protect yourself from tax identity theft.
Here are some answers to questions taxpayers may have about filing.
How can your tax identity be stolen?
Tax identity theft happens when someone uses your personal information—such as your Social Security number (SSN)—to file a fraudulent tax return and claim a refund. Here’s how it typically happens:
Data Breaches: Hackers steal personal data from companies or financial institutions and sell it on the dark web.
Phishing Scams: Fraudsters trick you into sharing sensitive information via fake emails, phone calls, or texts posing as the IRS or other trusted sources.
Stolen Documents: Physical theft of documents like W-2s, tax forms, or mail containing your SSN can lead to identity theft.
Social Media Exposure: Sharing too much personal information publicly can make it easier for criminals to piece together what they need.
Once they have enough information, they file a fake return in your name, often claiming a large refund before you even submit your own. By the time you try to file, the IRS flags it as a duplicate.
Are there other advantages to filing early?
Yes! Filing early comes with several benefits beyond protecting yourself from tax identity theft:
Faster Refunds: If you’re owed a refund, filing early means you’ll get it sooner.
More Time to Pay: Even if you file early, you don’t have to pay any tax owed until the deadline (usually mid-April), giving you extra time to plan.
Avoid Last-Minute Stress: Filing early reduces the pressure and potential mistakes that often come with rushing at the last minute.
Quicker Access to Financial Aid or Loans: Some applications for financial aid, mortgages, or other loans may require your most recent tax return. Filing early ensures you have it ready.
Resolve Issues Early: If there are errors or missing documents, filing early gives you more time to address them without risking late penalties.
What are this year’s tax deadlines?
March 17, 2025: S-Corp and Partnership deadline to file tax returns.
April 15, 2025: Deadline to file individual federal income tax returns for the 2024 tax year. This is also the due date for the first estimated tax payment for 2025.
June 16, 2025: Second estimated tax payment for 2025 is due.
September 15, 2025: Third estimated tax payment for 2025 is due.
October 15, 2025: Deadline for individuals who filed for an extension to submit their 2024 tax returns.
January 15, 2026: Fourth estimated tax payment for 2025 is due.
Note, certain taxpayers affected by natural disasters or other special circumstances may have different deadlines.
What if I can’t pay my tax bill in full?
If you can’t pay the full amount you owe by April 15, penalties and interest will typically apply. It’s still important to file your return on time to avoid additional failure-to-file penalties on top of failure-to-pay penalties. In most cases, it’s best to pay as much as you can and set up an installment payment plan for the balance. We’ll go over your options when we meet to prepare your return.
Ready to File?
We’re here to help! Schedule a consultation or begin uploading your tax documents TODAY! We recommend that clients download the Tax Organizer to help gather all the necessary documents for filing. Individual tax returns typically take 3–5 business days to complete, while business tax returns require 5–7 business days. Business owners, please note that your business tax return must be filed before your individual tax return, so it’s best to start early!