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Beginner's Guide to Filing Your 2024 Taxes in 2025
Check out Bolder's comprehensive guide for filing your 2024 taxes in 2025. The guide covers all the basics you'll need to know, from gathering documents to understanding deductions and credits. Some key reminders:
- Start early - begin collecting your tax documents as soon as they arrive in January 2025
- Make sure you have your W-2 from your employer(s)
- Decide how you want to file - for beginners, tax preparation software can be very helpful
- Keep copies of everything
Let's dive in!
Important Dates to Remember for 2024 Tax Filing
- Tax filing season typically begins in late January 2025
- Tax Day: April 15, 2025 (Unless this falls on a weekend or holiday)
- Extension deadline if needed: October 15, 2025
What You'll Need Before Starting
Essential Documents
- W-2 forms from all employers you worked for in 2024
- 1099 forms for any freelance/contract work or investments
- Social Security numbers for you and your dependents
- Previous year's tax return (if available)
- Bank account information for direct deposit of your refund
Additional Documents You Might Need
- Mortgage interest statements (Form 1098)
- Student loan interest statements
- Charitable donation receipts
- Medical expense records
- Child care expense records
- Education expense records (Form 1098-T)
- State and local tax records
Understanding Your Income
Your total income includes:
- Wages and salary (shown on W-2)
- Tips
- Freelance income
- Investment income
- Rental income
- Social Security benefits
- Retirement account distributions
Common Tax Deductions and Credits
Standard Deduction
For 2024 taxes (filed in 2025), the standard deduction is typically adjusted for inflation. This is the amount that reduces your taxable income automatically if you don't itemize deductions.
Common Tax Credits
- Child Tax Credit
- Earned Income Tax Credit
- American Opportunity Credit (for education)
- Child and Dependent Care Credit
- Clean Vehicle Credit (for electric vehicles)
Steps to File Your Taxes
Step 1: Choose Your Filing Method
Options include:
- Free File through IRS.gov (if your income is below $73,000)
- Tax preparation software (TurboTax, H&R Block, etc.)
- Professional tax preparer
- Paper forms (not recommended for beginners)
Step 2: Determine Your Filing Status
- Single
- Married Filing Jointly
- Married Filing Separately
- Head of Household
- Qualifying Surviving Spouse
Step 3: Input Your Information
- Enter personal information
- Report all income
- Claim deductions
- Apply eligible tax credits
- Calculate your tax
- Choose payment or refund method
After Filing
If You're Getting a Refund
- Choose direct deposit for fastest refund
- Track your refund on IRS.gov
- Expect to wait 2-3 weeks for direct deposit
If You Owe Money
- Pay by April 15, 2025
- Payment options:
- Direct payment from bank account
- Credit/debit card
- Payment plan (if needed)
Common Tax Filing Mistakes to Avoid
- Missing the filing deadline
- Math errors
- Forgetting to sign and date your return
- Not reporting all income
- Using incorrect bank information
- Forgetting to keep copies of your return
Special Tax Filing Situations
If You Need More Time
- File Form 4868 for a six-month extension
- Remember: This extends filing time, not payment time
- Still estimate and pay taxes owed by April 15
If You Made a Mistake
- File Form 1040-X to amend your return
- You generally have three years to correct errors
Getting Help Filing Taxes
- IRS Taxpayer Advocate Service: 1-877-777-4778
- IRS Website: www.irs.gov
- Free tax preparation assistance:
- VITA (Volunteer Income Tax Assistance)
- TCE (Tax Counseling for the Elderly)
Record Keeping
Keep tax records for at least three years, including:
- Copies of filed tax returns
- W-2s and 1099s
- Receipts for deducted items
- Records of contributions to retirement accounts
- Property records
- Investment statements
Planning Ahead
- Start organizing documents early
- Consider quarterly estimated tax payments if needed
- Keep good records throughout the year
- Consider tax implications of major life changes
- Review withholding and adjust if necessary
Remember: Tax laws can change, and this guide is based on current information as of 2024. Always verify current requirements and consider consulting a tax professional for complex situations.
