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Monday January 20, 2025
Washington News
Time to Prepare for Tax Filing
Each year, the IRS publishes guidance to encourage taxpayers to prepare for the upcoming filing season. Each taxpayer should consider his or her potential credits, deductions and tax refunds.
- Interest on Tax Refunds — If you received a federal tax refund in 2024, you may also have received additional interest. The IRS will send Form 1099-INT to anyone who received interest with a refund. This interest is taxable income and must be reported.
- Charitable Deductions — With the increase in the standard deduction, the number of taxpayers who itemize declined from approximately 30% to about 10%. If you itemize, you may deduct cash and appreciated property gifts to qualified charitable organizations. The normal cash contribution limit is 60% of adjusted gross income (AGI). The limit for gifts of appreciated stock, land and other property is 30% of AGI. You can combine both cash and property gifts in a single taxable year. If you are over the gift limit, the extra deduction may be used over the next five years. Gifts over $250 will require a receipt from the charity before you file your return. There is more information on charitable deductions in IRS Publication 526, Charitable Contributions.
- Tax refunds in 2025 — Some taxpayers plan to file in January of 2025 and hope to receive a prompt refund. The IRS cautions that some refunds may require a longer period for processing. Delays may be related to IRS efforts to protect against identity theft and refund fraud. The IRS is also required to delay refunds for tax returns that claim an Earned Income Tax Credit (EITC) or an Additional Child Tax Credit. These refunds will likely be issued on or after the middle of February.
- Best Refund Option — The IRS reminds taxpayers that the safest and most convenient way to receive a refund is to use the electronic filing options. Many taxpayers use the IRS Free File or IRS Direct File program. After you file, you may track a refund with the “Where’s My Refund?” Tool on IRS.gov.
Editor's Note: Many individuals with substantial state and local tax deductions, mortgage interest and charitable gifts will itemize deductions. The charitable gifts must be made prior to December 31 of this year. IRA owners over age 70½ and older, may choose to make a qualified charitable distribution (QCD) up to $105,000 in 2024. Plan to contact your IRA custodian as soon as possible to ensure the gift is made before December 31.
Published November 29, 2024
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