Tax Season

Tax Season: Definition, Dates, and What to Know

Key takeaways
* Tax season is the period when taxpayers prepare and file returns for the previous tax year—typically Jan. 1 through around April 15.
* Federal Tax Day in the U.S. is generally April 15 (when it falls on a weekend the deadline moves to the next business day). For 2025 the deadline is Tuesday, April 15.
* Employers must provide W-2s by Jan. 31. Many other income statements (1099s, 1099‑B, SSA‑1099) arrive by late January.
* The IRS began accepting 2024 tax-year returns on Jan. 27, 2025.
* Filing early can speed refunds, reduce identity-theft risk, and give more time to gather documentation.
* Most refunds are issued within about 21 days of filing; state filing rules and timelines vary.

What is tax season?
Tax season refers to the window—commonly Jan. 1 through mid‑April—when individuals, couples and many businesses gather income records and file federal (and usually state) income tax returns for the prior calendar year. Missing the filing deadline can lead to penalties and interest. Extensions can postpone the deadline to file paperwork but do not delay payment of taxes owed.

Important dates and deadlines
* Employer deadline to issue W‑2 forms to employees: Jan. 31.
* Businesses issuing nonemployee compensation must provide Form 1099‑NEC to independent contractors (1099‑MISC still applies for rents, prizes, etc.).
* Brokerages issue Form 1099‑B for sales of securities; Social Security benefits are reported on SSA‑1099.
* IRS acceptance of 2024 returns began Jan. 27, 2025.
* Federal Tax Day for 2025: Tuesday, April 15, 2025 (subject to change for weekends, holidays, or disaster relief announcements).

How tax filing works
* Collect income statements (W‑2, 1099 series, 1099‑B, SSA‑1099) and records of deductible expenses, credits, and adjustments.
* Employers, financial institutions and government agencies typically distribute required forms by late January to give taxpayers time to prepare returns.
* Independent contractors and self‑employed workers must report net earnings and pay self‑employment tax if net earnings are $400 or more.
* File federal returns electronically (or by mail) and pay any tax due by the deadline. Extensions delay filing the return but not payment.

Why filing early can help
* Faster refunds: taxpayers who receive refunds get them sooner when they file early.
* More time to assemble documentation and claim deductions accurately.
* Lower risk of identity theft: filing early can prevent someone else from filing under your Social Security number.
* Easier access to tax professionals before their busiest period.

Filing options and cost
* The IRS offers free electronic filing options (IRS Free File and IRS.gov tools) for many taxpayers; many free and paid tax-software providers are available via IRS partnerships.
* State tax returns are handled separately; state filing fees or free-filing eligibility vary.

Refunds and processing time
* The IRS estimates most refunds are issued within about 21 calendar days of filing, typically faster when taxpayers file electronically and use direct deposit.

Recordkeeping and audits
* Keep copies of tax returns and supporting documents for at least three years. In cases of suspected fraud or special situations, the IRS may request up to seven years of records.
* Retain proof of income, deductions, credits, and payments in case of audit or future questions.

Quick FAQs
* How early can I file? The IRS began accepting 2024 returns on Jan. 27, 2025. Check IRS.gov for the current tax year’s opening date.
* Do I have to pay to file? Many taxpayers can file federal returns electronically for free via IRS Free File or IRS.gov. State filing rules differ.
* When will I get my refund? Most refunds arrive within about 21 days after the IRS accepts the return, depending on filing method and refund method.

Bottom line
Tax season is the annual period for collecting income records and filing tax returns—usually between Jan. 1 and mid‑April. Gather your W‑2s and 1099s as they arrive, consider filing early to speed any refund and reduce risk, and use IRS resources or tax software to file. Meet the filing and payment deadlines to avoid penalties.

Sources
Based on guidance from the Internal Revenue Service.