ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money, Sunday tax edition. Between now and April 15, we'll be briefing some of our most popular stories about Tax Season 2025. |
Tax Day is nearly here, so we'll use this space for a bit of a wrap-up. |
"File early" was the message this year, as accountants and other tax preparers worried about the Internal Revenue Service's ability to handle a busy tax season amid a round of cuts implemented by the Department of Government Efficiency. |
The Trump administration aims to cut approximately 18,200 IRS positions by mid-May through layoffs and buyouts, per CNN. As a result, the Treasury Department projects at least a 10% reduction in the tax revenue the IRS collects this spring, the Washington Post reports. |
How is the IRS doing with all those returns? |
Theoretically, the IRS might collect less tax revenue because taxpayers didn't feel as much pressure to follow the tax laws this year, because of the aforementioned cuts. |
It's hard to see that effect in IRS data. According to its website, the tax agency had received about 89.6 million returns through late March, down from 90.3 million at this time last year. Does that mean almost a million Americans aren't filing? It's too early to say. |
The good news: The IRS has processed $195 billion in refunds through late March, up from $186 billion a year ago. |
Should I file for an extension? |
If you're reading this and you haven't filed your taxes yet, you may be thinking about getting an extension. |
Generally, getting an extension on your taxes works best for taxpayers who don't owe money to the IRS. If you owe, the balance is still considered due on Tax Day, and your options get a little more complicated. |
📰 More stories you shouldn't miss 📰 |
Between now and April 15, The Daily Money will deliver weekly summaries of news, trends and all you need to know about Tax Season 2025. |
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