Can I File My Taxes Now? Everything You Need to Know

Tax season brings a mix of anticipation and anxiety for many. Knowing when to file taxes is crucial for compliance and optimizing refunds or minimizing liabilities. This article breaks down tax filing windows, eligibility, methods, documentation, and post-submission steps.

Filing Windows

The tax filing period officially begins in late January, with the IRS announcing the exact start date closer to the time. The window typically closes on April 15, but if this falls on a weekend or holiday, the deadline extends to the next business day. For 2025, taxpayers should remain alert to potential adjustments.

Filing early can expedite refunds and allow time to resolve issues like documentation errors or income discrepancies. Waiting until the deadline increases the risk of complications or late penalties. Taxpayers unable to meet the April deadline can request an extension, which moves the filing deadline to October 15. However, an extension only applies to filing, not payment. Interest and penalties may accrue on unpaid taxes starting from the original April deadline.

Eligibility Criteria

Eligibility for filing taxes depends on income thresholds, filing status, and age. For 2024, single filers under 65 must file if their gross income exceeds $12,850, while married couples filing jointly must file if their income exceeds $25,700. These thresholds adjust annually based on inflation.

Filing status—such as single, married filing jointly, married filing separately, head of household, or qualifying widow(er)—affects tax rates and deductions. For instance, head of household status often leads to lower tax rates and higher standard deductions. Taxpayers should evaluate their circumstances to choose the most beneficial status.

Age also influences filing requirements. Those over 65 generally have higher income thresholds due to potentially reduced income in retirement. Dependents with unearned income, like interest or dividends, may also need to file if their income surpasses certain limits.

Filing Methods

Selecting the right filing method impacts the accuracy and efficiency of your return. Taxpayers have several options, each with unique benefits.

E-Filing

E-filing is the most popular method, preferred for its speed and convenience. The IRS supports this option as it reduces errors through automated checks and accelerates processing times. Refunds from e-filed returns are typically issued within 21 days. Taxpayers with an adjusted gross income (AGI) of $73,000 or less can use IRS Free File, while commercial software offers additional features for a fee.

Paper Return

Paper filing may appeal to those with straightforward tax situations or limited technology access. However, this method involves longer processing times—refunds can take six to eight weeks. Accuracy is critical, as errors may result in delays or audits. Completed forms should be mailed to the correct IRS address, which varies by location and whether payment is included.

Extensions

Taxpayers can file for an extension if they need more time to prepare their return, pushing the deadline to October 15. Form 4868 must be submitted by the original April deadline. Importantly, an extension does not delay the deadline for paying taxes owed. Interest and penalties accrue on unpaid taxes from the April due date, so accurate estimates and timely payments are essential.

Documentation Requirements

Proper documentation ensures accurate tax preparation and compliance. Collect income statements like W-2s for employees and 1099 forms for freelancers or contractors, which detail earnings and withheld taxes. Investment income is reported on forms such as 1099-DIV for dividends, 1099-INT for interest, and 1099-B for capital gains and losses.

Deductions and credits reduce tax liability, so retaining relevant records is crucial. Keep receipts for charitable donations, property tax statements, and mortgage interest forms (Form 1098). For education-related credits, use Form 1098-T for tuition payments. Medical expense receipts can support deductions exceeding 7.5% of adjusted gross income. Business owners and self-employed individuals should maintain expense records, including receipts, invoices, and mileage logs, to substantiate deductions.

Post-Submission Steps

After submitting your return, monitor its status using IRS tools like “Where’s My Refund?” available online or via the IRS2Go mobile app. E-filed returns are typically processed within 21 days, while paper returns take longer.

Keep copies of your tax return and related documents for at least three years, aligning with the statute of limitations for audits or amendments. In some cases, such as failing to report over 25% of your gross income, the IRS can audit for up to six years. Organized records simplify future tax preparations and responses to IRS inquiries. If you discover an error after filing, submit an amended return using Form 1040-X to correct inaccuracies and ensure compliance.