A sign for the Internal Revenue Service is seen on its building on February 13, 2025 in Washington, DC.
(Photo by Kayla Bartkowski/Getty Images)With less than three weeks until Christmas, we’re all in the middle of the holiday season. The last thing we all want to think about right now is what the Internal Revenue Service is advising us to do.
The IRS is not suggesting that we must begin our 2025 taxes. However, it does have “Get Ready” tips on how to start now, so we’re not scrambling later. This could save some headaches in a few months.
It suggests that we visit the website IRS.gov/GetReady for tips on new tax laws and what to consider when filing.
IRS spokesperson John Fuld said, “A little advance work, preparing paperwork and organizing information now can help with filing tax returns quickly and accurately.”
The information he shared said, “It is important for taxpayers to get ready now because the ‘One, Big, Beautiful Bill’ can significantly affect federal taxes, credits, and deductions. The IRS and Treasury are working to implement the new legislation, including providing information on the new tax deductions, such as no tax on tips, no tax on overtime, no tax on car loan interest, and the new temporary deduction for seniors and others. The IRS will release new information as it becomes available.”
If you’d like to get a jump start on filing your 2025 taxes, there are a few steps you can take now. We are more likely to file our tax returns completely and accurately if we take the time to collect as much information as possible now. This early work will significantly lessen the odds that we commit errors when filing our tax returns. While these errors and be corrected without penalty, it could delay getting our refunds.
There are four things that the IRS recommends we gather now, and it’s not difficult. The first is the jot down your bank account information. Second is the obtain records of digital asset transactions. This could include Venmo or Zelle transaction which can be found on the app.
The other two appear to be impossible at this early stage. However, gathering W-2s and 1099s as early as possible will be helpful. Perhaps we should make a check list of where we’ll be expecting these forms from once the new years arrives. Legally, employers have until January 30th to make these forms available to employees or vendors.
The IRS points out that “Taxpayers should wait to file until they have received all their tax records.”
Tax Day 2026 is Wednesday, April 15th.
