The US government announced a COLA increase in October last year, which will take effect in 2025. In other words, the first of the 2025 payments will include an extra 2.5%, giving Americans a little more money to combat inflation.
As a result of this COLA, we will receive a larger bonus check in December 2023. This is because this check is the first of next year’s January Supplemental Security Income installments.
As a result, the monetary worth of this benefit has increased. Each beneficiary will get a payment of up to $967. So, if you have a maximum check, you will be allowed to cash it on the following 31st day. Remember that if you do not have Direct Deposit, you will be unable to get your check in December, but you will be able to do so in the coming days.
Important Dates for the 2025 Tax Season
The tax season typically begins in late January, when the IRS officially opens the period for filing returns. Although the actual date of the 2025 tax season has yet to be announced, it began on January 29, 2024. In this regard, even though the IRS has not released the official date, we can remember the day to make a day.
The deadline for most individuals to file their federal income tax return is Tuesday, April 15, 2025. However, there are certain exceptions, as not all Americans are the same. If you live in an area impacted by a natural disaster, such as Hurricane Helene, you may have until May 1, 2025 to file your return and pay your taxes. Furthermore, if you are a military service member stationed overseas, you may be eligible for a tax filing extension.
If you require additional time to file your return, you may request an extension until October 15, 2025. It is critical to understand that even if you are given an extension, this does not modify the payment date for any sum owed. Payments must be made by April 15 to avoid late fees. There are ways to extend the payment date, but in most situations it requires paying additional fees.
Also, make sure to verify the precise dates for your state, as several states, such as Delaware, Hawaii, Iowa, Louisiana, and Virginia, have different deadlines. No two states are alike, and while we are in the midst of the Christmas season, the reality is that we must pay special attention to everything tax-related to avoid an unpleasant surprise.
If you are owed a refund for your 2024 IRS tax, you may expect to get it in roughly 21 days if you submit your paperwork electronically, as long as your return is error-free. For those who claimed the Earned Income Tax Credit or the Additional Child Tax Credit, the refund will be issued on February 27, 2025, in accordance with federal standards, so you will have to wait a little longer to receive the money.