Core Insights - The urgency to file taxes is emphasized due to the approaching deadline of April 15, 2025, with experts advising against delays caused by IRS layoffs or potential new tax proposals [1][4] - The IRS is expected to maintain essential operations throughout the tax season, ensuring that taxpayers can file without concern for service disruptions [1] - The average tax refund for the last season was reported to be over $3,000, with a 5.7% increase in refunds compared to the previous year, averaging $3,324 [2] Company Insights - Intuit TurboTax offers a fast and stress-free tax filing solution, providing options for both self-filing and expert assistance [3] - TurboTax Live experts are available to assist taxpayers virtually or in person, ensuring a comprehensive service experience [3] - Returning customers who used TurboTax Full Service last season can work with the same tax expert again this year, enhancing customer satisfaction and continuity [3]

Core Points - The federal income tax filing deadline for 2024 is April 15, 2025, which falls on a Tuesday for most taxpayers [2] - Most state income tax deadlines align with the federal deadline, but some states, like Louisiana and Hawaii, have different deadlines [3] Filing Options - Taxpayers can file their returns quickly by gathering necessary paperwork, including W-2s and Form 1099s [4] - The IRS offers free filing options, including the IRS Direct File pilot program for eligible taxpayers in 25 states and IRS Free File for those with an annual taxable income of $84,000 or less [5][6] - Tax software can expedite the filing process, though many options are not free [7] - Government assistance programs like VITA and TCE provide support for low- and moderate-income taxpayers and the elderly [8] Professional Assistance - Consulting a tax professional can help with filing and tax preparation, especially as the deadline approaches [10] Important Considerations - Taxpayers should be aware of eligible tax credits and deductions, the choice between standard deduction and itemizing, and the correct filing status [11][12] - If unable to file by the deadline, taxpayers can request a six-month extension, but this does not extend the payment deadline [13][14] Payment Options - Various payment methods are available for tax bills, including electronic payments through the IRS website and traditional checks [16][18] - The IRS offers repayment plans for those unable to pay their tax bill in full by the deadline [18][27] Penalties for Non-Compliance - Failing to file taxes on time incurs penalties, including a failure to file penalty of 5% per month on unpaid taxes, up to 25%, and a failure to pay penalty of 0.5% per month [20][26] Tax Refund Management - Tax refunds can be expected via direct deposit a few weeks after filing, and financial planning for the refund is advisable [21][22]

Core Insights - The 2026 tax season has begun, with many Americans expecting an average tax refund of $3,167 based on over 10 million refunds issued in 2025, and potential for larger refunds due to recent tax law changes [1]. Group 1: Building Credit with Tax Refund - Tax refunds can be strategically used to build credit, especially for individuals with no credit or poor credit scores [2][3]. - Opening a secured credit card requires a security deposit, often starting at $200, which can be funded by a portion of the tax refund [4]. - Payment history from secured cards is reported to credit bureaus, and timely payments can improve credit scores over time [5]. Group 2: Addressing Late Payments - Using tax refunds to catch up on late payments can help preserve credit scores and avoid additional fees [7]. - Late payments can lead to increased fees and negatively impact credit scores, remaining on credit reports for years [6]. Group 3: Paying Down Existing Debt - Utilizing tax refunds to pay down existing debt can lower credit utilization rates, which may positively affect credit scores [8]. - Even partial payments on debt can reduce overall interest charges and help in managing debt more effectively [9]. Group 4: Alternative Uses for Tax Refund - Tax refunds can be used to build an emergency fund, ideally covering three to six months of expenses, especially in high-yield savings accounts [14]. - Contributing tax refunds to retirement accounts like Roth IRAs can enhance long-term savings, with specific contribution limits to consider [16][17].

It’s no secret that kids are expensive, but the child tax credit can offset a small portion of those costs. The child tax credit is a tax break that can lower your tax bill dollar for dollar and could even help you score a bigger refund. The One Big Beautiful Bill Act (OBBB) made a few changes to the credit for tax year 2025 that affect the return you’ll file by April 15, 2026. We’ll walk you through updates to the child tax credit rules, plus some other tax credits for families with children. Learn more ...