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Tax Time Guide 2025: Essentials Needed for Filing a 2024 Tax Return
As the 2025 tax filing season continues, the Internal Revenue Service encourages 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. To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessary tax documents. Taxpayers should always carefully review documents for inaccuracies or missing information. They should immediately contact their employer or payer to request a correction if issues arise.
Taxpayers who have an Individual Taxpayer Identification Number or ITIN may need to renew it if it has expired. The IRS can accept a tax return with an expiring or expired ITIN, but there may be processing delays.
Updates to Additional Child Tax Credit for tax year 2024
Taxpayers eligible for the Child Tax Credit should not wait to file their 2024 tax return. If Congress changes the CTC guidelines in the future, the IRS will automatically adjust for those who have already filed. No additional action will be needed by those eligible taxpayers.
Under current law for tax year 2024, the following currently apply:
- The initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where adjusted gross income (AGI) income exceeds $200,000 ($400,000 in the case of a joint return).
- A child must be under age 17 at the end of 2024 to be a qualifying child.
The maximum Additional Child Tax Credit (ACTC) amount has increased to $1,700 for each qualifying child.
The IRS cannot issue refunds before mid-February 2025 for returns that properly claim the ACTC. This time frame applies to the entire refund, not just the portion associated with the ACTC.
Standard deduction amount increase. 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.
Changes to the Earned Income Tax Credit (EITC). To claim the EITC without a qualifying child in 2024, taxpayers must be at least age 25 but under age 65 at the end of 2024. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2024.
Adoption Credit. 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. For more information, see Form 8839and Instructions for Form 8839.
Recognizing Some Amazing Citizens of AZ-01
It was a pleasure meeting with the winners of the 2024 Congressional App Challenge last week: Humaid Jaffery and Daniel Furtado with their app CyberpolisAI, Camila Saenz and her app HealthyFam, and Roshni Nagarakanti with her app WaterWise! These students and their peers will be instrumental in the development of new technologies. This is what the next generation of changemakers looks like. Well done to the winners and all participants, and a big thank you for contributing your ideas.
Upcoming Mobile Office Hours with My District Office
My district casework team is here to assist residents of Arizona’s First Congressional District with applications and claims pertaining to federal benefits. Staff from my district office will be in your neighborhood to offer one-on-one casework assistance. Stop by the Sun Room at the Salt River Pima Maricopa Indian Community (10005 E. Osborn Road, Scottsdale, AZ 85256) this Thursday, February 27 from 11:30 a.m. – 1 p.m., or call the district office at (480) 946-2411 for immediate assistance with the IRS, Passports, Medicare, Social Security, VA and other federal benefits.
Health is Wealth: Recipes from The Juice Lady
Ginger, Turmeric, Lemon Wellness Shot
Ingredients:
Juice a 2-3 inch chunk of ginger root
Juice a 2-3 inch chunk of turmeric
Juice 1/2 peeled lemon
Instructions:
Stir and drink your Wellness Shot.
If you don’t have a juicer...
1. Cut the ginger and turmeric in small pieces.
2. Simmer in one cup of water for ten minutes.
3. Then add the fresh squeezed lemon juice.
If you can’t find fresh turmeric, then use 1/2 tsp. powdered turmeric.
**A note from the nutritionist: “Here’s a tonic for cold and flu season. Ginger contains gingerol, a substance with powerful medicinal properties. It has anti-inflammatory properties that soothe a sore throat and help lessen cold and flu symptoms. Turmeric has been shown to reduce inflammation in the respiratory system, which is helpful for congestion, coughing, and sore throats. Lemon juice is rich in vitamin C, which supports the immune system" -Cherie Calbom, MS
What I’m Reading & Why It Matters
This week, I wanted to explore the American diet and what it means for one's health.
The Wall Street Journal did a deep dive into what actually makes packaged food unhealthy. Apparently, items like cereal, frozen pizzas, and potato chips contain more calories per gram than less-processed foods because they contain a combination of ingredients that aren't found in nature. These items actually make up more than half– 58 percent, to be precise– of the calories consumed by Americans ages one and older. The study evaluates how an excess of these ingredients trains our brain to crave them. Click here to read further about the study.
In an article by The Economist, the trendiness of alcoholic beverages has been expanding immensely over the past couple years. 'Mock-tails' have been a growing fad, and in 2023, global sales of alcohol-free beverages reached an astounding $20 billion! This was an increase of roughly 20 percent in 2023, where the alcohol market only grew 8 percent in 2023. While spirits and beer have worked on creating non-alcoholic alternatives to their classic products, the wine industry is still looking to find a way to create a version of the original, but wine itself relies on alcohol for much of its flavor.
Finally, a story published by The New Yorker explores the journey of a French man who decided to enroll in a paid study exploring why the American diet, compared with almost any other, causes people to gain weight and develop chronic diseases at such staggering rates. Ultimately, the study concluded our food environments—the type and quality of food that pervades our schools, workplaces, and neighborhoods—influence our diets as much as our tastes do. And that probably explains the reason as to why many Americans prefer Hershey's chocolate over genuine cocoa found in nature in other countries. There are tons more fascinating findings within this piece; click here to read more. |