IRS Highlights Essentials for Tax Filing (IR-2025-23)

The IRS encouraged taxpayers to make essential preparations and be aware of significant changes that may affect their 2024 tax returns. The deadline for submitting Form 1040, U.S. Individual Income Tax Return, or 1040-SR, U.S. Tax Return for Seniors, is April 15, 2025. The Tax Time Guide offers updated information to assist taxpayers in filling an accurate return.

Accurate Returns

To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessary tax documents. An IRS Online Account provides secure access to their tax information, including payment history, tax records and other key information.

Updated Amounts

The maximum Additional Child Tax Credit (ACTC) amount had been increased to $1,700 for each qualifying child. For 2024, the standard deduction amount has been increased for all filers. The amounts are:

• Single or married filing separately — $14,600
• Head of household — $21,900
• Married filing jointly or qualifying surviving spouse — $29,200

The Adoption Credit and the exclusion for employer-provided adoption benefits are both $16,810 per eligible child in 2024. The amount begins to phase out if taxpayers have a modified AGI in excess of $252,150 and is completely phased out if their modified AGI is $292,150 or more. Finally, third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, now require to report transactions when the amount of the total payments for those transactions in 2024 was more than $5,000.

IR-2025-23