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Stanfield, Thomas & Associates
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Federal Tax Filing Season Opens on January 27, 2025![]()
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The IRS has announced that the filing season for 2024 tax returns will officially begin on Monday, January 27. On that date, the IRS will begin accepting tax returns for processing, and begin preparing and issuing refunds. Note that you may file your return before January 27, but the IRS will not take any action with the return until that date. Except in regions where the IRS has issued deadline extensions due to federal disaster declarations, 2024 individual tax returns must be filed by April 15, 2025.![]()
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After January 27, people who have filed their 2024 returns will be able to use the IRS Where's My Refund portal (link below) to check the status of their tax refunds. For most returns filed electronically, status updates will become available within 24 hours after filing. For paper returns, it can take up to four weeks for the portal to provide refund status information. The IRS issues most tax refunds within 21 days after processing the return. However, refunds related to the Earned Income Tax Credit cannot be issued before mid-February.![]()
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A tax professional can help you e-file your return with direct deposit of your refund, for the fastest possible processing.![]()
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IRS Refund Status Portal: www.irs.gov/wheres-my-refund
Quarterly Estimated Tax Payments - Reminder![]()
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If you are making quarterly estimated tax payments to the IRS, the due date for the September 1 – December 31 quarter of last year is January 15, 2025. ![]()
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For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
Standard Business Mileage Rate to Increase for 2025 – Did You Know?![]()
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The IRS has announced that the standard mileage rate for business use of a vehicle will be 70 cents per mile in 2025, an increase of 3 cents over the 2024 rate. Note that this rate applies only to business miles driven on or after January 1, 2025. Self-employed people and small business owners who use the standard mileage rate must use the previous rate of 67 cents per mile to figure their 2024 vehicle expense deductions.![]()
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In most cases, using the standard business mileage rate is optional. You may instead figure your deduction by tracking actual expenses like repairs, depreciation, auto loan interest, and fuel or charging expenses. Make sure to prorate each expense based on the percentage of your mileage traveled solely for business reasons. Also note that if you report actual expenses for the first year when you put a vehicle into service for business, then you generally must track actual expenses for all subsequent years as well.![]()
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A tax professional can help you determine whether you qualify to deduct business vehicle expenses, and if so, help you find the most advantageous strategy to figure your deduction.
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