IRS Accepting 2024 Tax Returns: Key Updates for the 2025 Tax Season

The IRS has officially started accepting 2024 tax returns, marking the beginning of the 2025 tax season. With over 140 million individual tax filings expected before the April 15, 2025 deadline, understanding the latest tax updates, deductions, and credits is crucial to maximize your refund and stay compliant.

At Carter & Carter Business Solutions, we specialize in strategic tax planning for individuals and businesses, helping minimize tax liabilities while ensuring compliance. If you’re a financial advisor looking for expert tax support, book a free consultation today.

What’s New for the 2025 Tax Season?

1. File Electronically for Faster Refunds

The IRS strongly recommends e-filing with direct deposit for faster and more secure refunds. Paper checks are 16 times more likely to be lost or stolen, according to the Treasury Bureau of the Fiscal Service.

🔹 Free Filing Options:

✔ IRS Free File – Available for taxpayers with an income of $84,000 or less.
✔ Direct File Program – Now available in 25 states, allowing eligible taxpayers to file directly with the IRS.

2. Maximize Your Refund with Key Tax Credits

Tax credits can significantly lower your tax bill. Make sure you’re claiming all applicable credits, including:

✔ Earned Income Tax Credit (EITC) – Available to low- and moderate-income workers. Refunds begin processing by March 3, 2025.
✔ Child Tax Credit (CTC) – Worth up to $2,000 per qualifying child.
✔ Education Tax Credits – The American Opportunity Credit and Lifetime Learning Credit can offset tuition costs.

📌 Not sure which tax deductions apply to you? Carter & Carter Business Solutions offers personalized tax planning to help you maximize your refund.

3. Protect Yourself from Tax Scams and Identity Theft

Tax season is prime time for scams. Protect yourself with these key precautions:

✅ The IRS will never call, email, or text requesting payment.
✅ Beware of ghost tax preparers who refuse to sign your return.
✅ Report fraudulent activity via IRS Identity Theft Central.

4. Exclusive Tax Breaks for Self-Employed Individuals and Business Owners

If you’re self-employed or run a small business, take advantage of these valuable tax deductions:

💼 Home Office Deduction – Deduct home office expenses if you work from home.
💰 Retirement Contributions – Contribute to a SEP IRA or Solo 401(k) to lower taxable income.
📊 Business Expense Write-Offs – Deduct costs for travel, equipment, marketing, and more.

📌 Need expert business tax planning? Schedule a free consultation today.

5. Free IRS Tax Assistance Programs

The IRS provides free tax help through the following programs:

✔ Volunteer Income Tax Assistance (VITA) – For those earning $67,000 or less.
✔ Tax Counseling for the Elderly (TCE) – Specialized tax support for seniors age 60+.
✔ MilTax – A free tax service for active military members and veterans.

📌 For more details, visit the IRS website.

Start Your Tax Planning Today

The 2025 tax season is officially underway! To avoid last-minute stress and maximize your refund, start planning today. Whether you’re an individual taxpayer or a business owner, Carter & Carter Business Solutions provides customized tax strategies to reduce tax burdens and increase savings.

🔹 Need professional tax assistance? Book a free consultation now.