What you need to know about the tax system in 2025
Learn how the 2025 tax brackets work and what it means for your income taxes this season.
Please check your mailbox. Your W-2 should arrive now, if it hasn’t arrived yet.
Employers were supposed to submit wage and tax returns by the end of January. The Internal Revenue Service has been accepting tax returns since January 26th.
But don’t worry. There is still plenty of time to submit before this year’s deadline.
Here are important dates taxpayers should know:
When is the 2026 filing deadline?
For most of us, 2025 taxes will be due by Wednesday, April 15th. If you don’t plan to submit by then, you can request a six-month extension.
When will I receive my refund?
If you file electronically and choose to receive your refund by direct deposit, the IRS says you’ll likely receive your refund within 21 days. If you mail your paper return, it may take more than four weeks.
What happens if I miss the tax deadline?
If you don’t file your federal tax return on time, the standard penalty is a whopping 5% of the tax owed for each month your return is late, up to 25% of your unpaid balance. If you file a return but don’t pay your outstanding taxes, or if you get an extension, you’ll typically be assessed a much smaller monthly penalty of 0.5% of the amount owed.
Are there any exceptions to the April 15 tax deadline?
yes. The IRS is extending the annual tax deadline for taxpayers who live or do business in disaster-affected areas and those in states with local holidays.
A complete list of disaster-related enhancements can be found on the IRS website.
Extended income tax return filing deadline
If you request an extension, you must submit your return by Thursday, October 15th. It is important to note that an extension does not give you more time to pay your taxes. If you think you owe tax, it’s a good idea to estimate the amount and pay it by April 15 to avoid penalties later.
1099 Deadline
If you’re a freelancer, independent contractor, or earn income from something other than a traditional job, you need to receive your 1099 tax form by February 15th. Employers typically have until the end of January to submit their forms.
W-2 deadline
Employers must send W-2 forms by January 31st.
Quarterly tax deadline
If you earn income that is not subject to withholding, you generally must pay estimated taxes to the IRS. This can be done quarterly or through one annual estimate. Annualized forecasts are scheduled to be announced on April 15th.
2026 quarterly payments are due by the following dates:
◾ First payment: April 15th.
◾ Second payment: June 15th.
◾ Third payment: September 15th.
◾ Fourth payment: January 15, 2027.
Contributor: Eve Chen, USA TODAY
Daniel de Visse covers personal finance for USA TODAY.
