Tax is a word that every person hates but can’t ignore since it has become an inevitable part of life. What’s even ironic is that the more an individual earns, the higher the taxes they need to pay! The United States charges tax on its citizens and residents on their worldwide income. Non-resident aliens are taxed on their US-source income.
These taxes can be levied on income, payroll, property, sales, capital gains, dividends, imports, estates, and gifts, as well as various fees. The deadline in the U.S. for tax filing happens to be April 15, 2025. (It’s also known as Tax Day since it’s more like a deadline for people.) With just a few days left before doomsday (we’re kidding), several people are struggling to file them.
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Sources suggest that according to the IRS (Internal Revenue Service), as of March 28, around 89.55 million tax returns had been received — down just a bit from 90.31 million at the same point in 2024. At the same time, the filings are a little behind last year. Moreover, failing to pay the taxes by the deadline would result in extra penalties and interest, and only those in disaster zones or serving in combat may qualify for automatic extensions.
Meanwhile, tax refunds are also high this year. For instance, the average refund is $3,170 (up from $3,050 in 2024). refunds issued: 29.6 million, and total refunded so far: Over $102.25 billion.
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Those who wish to get their tax refunds at the earliest should file them virtually and choose the direct deposit option, which would help them get their money within 21 days. (unless there are no errors in the filing or certain tax credits or it needs manual review).
For those who need more time to file taxes and are going through an existential crisis, don’t worry; we are here to guide you on what to do as well. Just file form 4868 to request a six-month extension (until October 15) through tax software.
Furthermore, please be aware that major life changes like a divorce, marriage, or even dealing with losing a spouse can impact one’s tax brackets. For instance, new parents might qualify for the Child Tax Credit, worth up to $2,000 per kid.
It could affect the credits deductions or even eligibility for credits. In addition, be aware of tax frauds that have increased in the country as the deadline is approaching. As per reports, certain tax fraud rackets use not calls but instead, SMS to initiate the frauds.
They very cunningly use a tone of urgency about tax refunds being delayed or warning of legal actions due to non-payment. They are capable of stealing credit card information and passwords and then opening accounts in the victim’s name. Some are even capable of selling information to others who are interested in committing identity theft.
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Therefore, it is important to file the taxes on time and follow certain safety protocols. Don’t forget to remove your information from vague data broker sites; never give out personal information, and immediately seek help from the assigned department in case of fraud and legal assistance.
Hence, here’s a reminder to file the dues on time and be a responsible citizen of the nation. Remember, In this world, “nothing can be said to be certain except death and taxes.” Stay safe, stay informed, and seek assistance if needed!
