Preparing to File Taxes in 2025. Tax Filing Guide

This brief overview offers insight into the steps, timing for filing taxes in 2025 for tax return for individuals new to the tax-filing process or seeking guidance on filing independently.

A Step-by-Step Guide to Filing My Taxes in 2025

Navigating the world of tax filing can be overwhelming, even for those who typically exude self-assurance. The decision-making process can be complex for first-time filers, with questions arising about the most suitable approach: Is it better to attempt filing independently, opt for DIY software, or seek professional assistance?

No matter your stage, we aim to outline four key steps to assist you in managing your taxes effectively and simplifying the process of filing taxes for the year 2025.

1. Decide Which Taxes You Need to File in 2025

Determining if you need to submit a tax return for the current year is influenced by various factors such as your income, tax filing status, age, and other considerations. Additionally, your dependency status for tax purposes plays a significant role in this determination.

Should you find yourself not obligated to submit a tax return, there remains a compelling incentive to do so: the possibility of claiming a tax deduction that could result in a refund.

Individuals with lower incomes could benefit from exploring the earned income tax credit, a refundable tax credit that are designed to assist working families. Additionally, those who have dependents under 17 years old may qualify for the child tax credit, which offers a partial refund.

File Taxes in 2025 if:

  • If I am qualified for tax credits.
  • If I have any income tax withheld from my paychecks.
  • If I filed estimated tax payments or had last year’s tax refund applied to this year’s estimated tax.

2. Mark your calendar for 2025 Tax Deadlines and Dates

Understanding the various deadlines is essential for managing your taxes effectively. While mid-April marks the cutoff for submitting federal income tax returns for most people, there are numerous other key dates that require attention.

When Can I Begin to File My 2025 Taxes?

As of January 27, 2025, the IRS commenced its operations, signaling the initiation of receiving and handling tax returns for the 2024 tax year.

Begin getting organized with Rapid Tax now to position yourself at the forefront of the line when the queue becomes available. For instance, take advantage of the IRS Free File program for eligible taxpayers to access Rapid Tax starting on January 12.

When Do You Need to File Taxes in 2025?

Indeed, the main objective of the upcoming tax filing season in 2025 is to process tax returns for the year 2024. When the time comes, you must file your 2025 taxes by April 2026.

The deadline for submitting tax returns fell on April 15, 2024. If an extension was requisitioned by Tax Day, the deadline for your tax return would be extended to October 15, 2025. It’s important to note that tax extensions grant additional time to file your tax return but do not extend the deadline for paying your taxes.

Consider the possibility of needing to submit a state tax return as well. While the deadline typically aligns with the federal tax deadline, certain exceptions may apply.

3. Understand how your taxes are determined

When determining your tax liability, the government segregates your taxable income into distinct sections known as tax brackets. Each bracket is subject to a specific tax rate, ensuring that you pay a different rate on your entire income, regardless of which 2025 tax bracket you fall into.

In the United States, the tax system operates progressively, where individuals with greater taxable incomes face higher federal income tax rates. In comparison, those with lesser taxable incomes are taxed at lower rates.

Income taxes at the federal level represent just one component of the broader taxation landscape. In addition to federal income taxes, most states also levy income taxes, with the specifics varying based on factors like residency and location. Different states adopt different approaches to taxing income—some opt for a progressive system akin to the federal model, while others impose a flat rate. Notably, nine states, including Alaska and Wyoming, do not impose a state income tax.

4. Decide How to File your Taxes in 2025

File taxes online with Rapid Tax

Once you engage with Rapid Tax software, you are familiar with filing taxes online. Upon signing in, the system prompts you with inquiries related to your personal information, financial status, and earnings to assist in completing the necessary tax documents required by the IRS.

The cost of services may vary based on the level of intricacy in your tax return or the extent of assistance required. At Rapid Tax, a specialized and dedicated Tax Professional or Tax Help is available to guide you every step of the way.

Offering comprehensive software packages and support options, Rapid Tax provides access to knowledgeable tax professionals through on-demand, on-screen, or online platforms. Users can seek advice, have their returns reviewed, and even file taxes electronically with the assistance of these experts.

Early Refund Advance and Fast Refund Advance

During the period leading up to your tax return, RapidTax provides Fast Refund Advance, a solution for financial assistance in the form of quick tax refund loans. These loans are specially designed to help bridge the gap between filing your taxes and receiving your refund, enabling you to access funds based on your anticipated tax return.

Getting an advance on your tax refund, known as a “refund advance,” is a way to receive your refund sooner. Rather than waiting for your tax return, a tax preparation company can provide you with a loan that gets repaid once you receive your refund. It is common for tax professionals to insist that clients have their taxes prepared by them, often involving a charge.

When can I apply for a Fast Refund Advance loan?

During the late months of 2024 and early 2025, select locations offered the Early Refund Advancement to customers seeking quick tax refunds. Following this, the No Fee Fast Refund Advance became accessible at numerous locations starting in January and continuing through February of the same year.

How does the Early and Fast Refund Advance loan get repaid?

When the balance you owe exceeds your tax refund, the deduction is made directly, subject to the limitations set by state regulations. Should the current year’s tax refund fall short of settling your debt entirely, any refunds from the subsequent tax year handled through Jackson Hewitt may be used to cover the remaining loan balance if deemed appropriate.

What documents do I need for an Early Refund Advance Loan at RapidTax?

During the period of December 2024 to January 2025, Advance Tax Refund Loans are available for early access before tax filing season, allowing you to apply without needing to submit all required tax documents upfront.

To ensure the most accurate estimation of a client’s tax refund, it is essential to present RapidTax with the latest pay stub(s), evidence of additional income, a government-issued ID or driving license, and the Social Security card(s) for all individuals included in the tax return.

What documents do I need for No Fee Fast Refund Advance Loan?

For those who have successfully obtained an Early Refund Advance loan, the next step involves applying for a No Fee Fast Refund Advancement loan. In order to finalize your Refund Advance loan request, it is necessary to submit your tax returns along with your W2 and other tax-related paperwork by the end of February 2025 through the RapidTax platform.

Will getting a Refund Advance loan affect my credit score?

When considering a Refund Advancement loan, you might wonder about its effect on your credit score. Rest assured, applying for an Early Refund Advance or Fast Refund Advance will not have any impact on your credit rating.

Do I need a good credit score to be eligible?

Approval for a Refund Advancement loan is accessible to clients regardless of their credit history or past credit rejections from other institutions. The loan approval process hinges on the bank’s underwriting criteria, which considers factors such as the client’s tax refund amount.

Can I prepare my taxes using my pay stub?

To prepare your tax preparation for the 2024 tax year, simply have your pay-stub ready when you begin the process with RapidTax. In the weeks leading up to December, consider bringing in your most recent pay stub to determine your eligibility for potentially receiving an Early Refund Advancement of up to $1,000 during your appointment. When the new year begins, it’s time to gather your W2 and necessary tax paperwork for the upcoming tax season.

If I have several jobs or receive unemployment checks, what documents do I need when applying for an Early Refund Advance loan?

During the time that the Refund Advancement loan initiative is in effect, individuals have the opportunity to seek an Early Refund Advancement loan. To begin the process, present your most recent pay stubs from all sources of income, along with any relevant unemployment paperwork. This information assists us in providing an accurate estimate of your anticipated tax refund and assessing your eligibility for a loan application.

Find your dedicated tax professional at Rapid Tax to guide you through from start to finish.

What Is a Tax Refund Advance, and Where to Get One?

Exploring the concept of a tax refund advance and determining the ideal source to obtain one can be a valuable endeavor. Similar to any other type of loan, a tax refund advance presents its own set of advantages and disadvantages.

If you’re looking for some extra money while eagerly awaiting your tax refund, you may be considering the option of a tax refund advance loan. These loans, which are offered exclusively during tax season, give you the opportunity to borrow against the anticipated amount of your tax refund, often without any added interest or fees.

Like any other form of borrowing, a refund advance has advantages and disadvantages.

tax refund advance

What is a Tax Refund Advance?

Upon completion of filing your taxes, the government will provide you with a refund in order to rectify any excess taxes paid throughout the year. Nonetheless, receiving this money is not an immediate process; one must patiently await its disbursement from the government.

When seeking immediate access to your refund, consider a tax refund advance, also referred to as a rapid advance loan. Available through your tax preparation service shortly after filing, this temporary loan allows you to borrow a portion of your projected tax refund. Keep in mind that interest rates and associated fees for these loans will differ between different providers.

How Does a Refund Advance Loan Work?

Tax preparers offer various terms and guidelines when it comes to refund advance. These can include fees and interest, or they may provide free financing. Regardless of the specifics, the process typically unfolds as follows.

In order to obtain a tax refund advance loan, it is usually necessary to submit your tax documents to the same preparer offering the refund advance loan. While it may be possible to complete this process online, certain companies may insist on in-person filing.

When reviewing your application, the tax preparer will carefully assess various factors such as your income, tax credit, and tax return. These elements play a crucial role in securing loans dependent on your tax refund. Although approval is generally accessible, it is important to note that it is not guaranteed.

In order to receive the loan, certain tax preparers may insist on the condition that you establish a dedicated checking account or prepaid card.

If approved, you can often get the funds on the same day.

Regarding your tax refund, the loan amount and any additional fees will be subtracted. Afterward, the provider will transfer the remaining funds from your tax refund to either your checking account or the prepaid card you initially opened when applying for the tax refund advance loan.

In the event that your tax refund is unexpectedly reduced or delayed, you may find yourself with an outstanding balance. 

To better understand the repayment options, it is advisable to inquire with our RapidTax Dedicated Tax Professional about the potential.

What are the Good and Bad of a Refund Advance?

Before considering this financial option, exploring the advantages and disadvantages of a tax refund advancement is essential. If you need immediate funds and anticipate receiving a tax refund sooner, a tax refund advance loan can provide a convenient solution. Nevertheless, it is crucial to familiarize yourself with any potential drawbacks before proceeding with the loan application process.

Advantages of refund advance loans

  • Rapid Access to Cash
  • No Initial Interest or No Initial Fees with Rapid Tax
  • Easy to Qualify to Apply

Disadvantages of refund advance loans

  • Interest and fee charges with some exceptional refund advance lenders
  • In debt situation if your tax refund is delayed or insufficient to pay the loan amount
  • Alternatives to a tax refund advance

When faced with a sudden need for cash, there are numerous alternatives to relying solely on a refund advance loan. In times of financial urgency, one option is to seek a personal loan lender who can provide funds within a day.

In Summary

When it comes to filing your taxes, a tax refund advance loan offers a quick and convenient method for obtaining cash. Getting approved is a simple process, and even RapidTax may offer this service without any interest or fees please find your free dedicated tax professional. However, it’s important to consider alternative options before committing to borrowing against your tax refund funds that still need to be in your possession.