The 2025 tax season has begun. Here's what to know before you file

Category: Finance

The IRS has launched the 2025 tax filing season, expecting over 140 million returns by April 15. Taxpayers are advised to gather necessary documents and utilize free filing options like IRS Free File, VITA, and MilTax. The IRS warns of increased scams during tax season and emphasizes verifying communications through official channels.

Keywords: IRS, tax filing, scams

Source: Denver 7 Colorado News

Update At: 1/28/2025

Related Sources

Tax brackets: What are the amounts, deductions for 2024?

Tax season is approaching with the IRS increasing standard deductions for 2024. Married couples filing jointly will see a deduction of $29,200, while single filers will have a deduction of $14,600. The start of tax season is expected to be announced in January, with the filing deadline on April 15. Additionally, higher standard deductions are projected for 2025.

NewsCenterMaine.com WCSH-WLBZ

Powell's remarks shoot mortgage rates higher

The market reacted negatively to the Federal Reserve's recent statements, leading to a significant drop in the Dow and an increase in mortgage rates. Chairman Powell's lack of confidence during the press conference raised concerns about future rate cuts and inflation forecasts, indicating a prolonged period of elevated mortgage rates. The Fed's cautious approach to the labor market and its implications for housing in 2025 were also highlighted.

HousingWire

Why Are Mortgage Rates Higher Despite Another Fed Rate Cut? Today's Rates, Dec. 18, 2024

CNET Money is an advertising-supported publisher that earns compensation for sponsored products and affiliate links, which may affect the placement and order of these links on their site.

CNET

Why mortgage rates remain high despite federal reserve rate cuts

Despite the Federal Reserve's recent interest rate cuts, mortgage rates remain high due to factors like Treasury yields, inflation expectations, credit risk, and economic conditions. Prospective homebuyers face increased borrowing costs, which may limit their purchasing power. The National Association of Realtors predicts a slight decline in mortgage rates by 2025, but the overall impact of the Fed's cuts on mortgage rates is limited.

The Africa Logistics

Mortgage Rates Jump Abruptly Higher After The Fed's Rate Cut

Following the Fed's rate cut, mortgage rates have increased, with the average lender's rates rising by at least 0.20%. The spike in mortgage rates is attributed to the Fed's outlook on future rate increases rather than the cut itself. The dot plot indicates higher rates expected by the end of next year, leading to a significant rise in Treasury yields and subsequent repricing by lenders.

Mortgage News Daily

The Fed Cuts, but Weekly Mortgage Rates Rise

Despite the Federal Reserve cutting short-term interest rates, mortgage rates increased, signaling concerns over persistent inflation and economic uncertainty. The divergence between the mortgage market and the Fed's outlook highlights differing expectations about fiscal policy and its impact on inflation and interest rates.

WFXG

U.S. stocks down for 10th straight session: What market insiders are saying

U.S. stocks experienced significant declines following the Federal Reserve's interest rate cut and projections indicating a slower pace of future cuts. The S&P 500 fell 2.96%, the Nasdaq Composite dropped 3.62%, and the Dow Jones Industrial Average decreased by 2.61%. Market insiders expressed concerns over inflation and uncertainty, suggesting that the Fed's cautious stance has led to increased selling pressure in the markets.

NorthJersey.com

Today's Mortgage Rates by State – Dec. 18, 2024

The cheapest 30-year new purchase mortgage rates are found in New York, California, Florida, Texas, Tennessee, Washington, Alabama, Georgia, and Pennsylvania, averaging between 6.60% and 6.76%. In contrast, the highest rates are in Alaska, Wyoming, Maine, Iowa, Nebraska, North Dakota, South Dakota, Washington, D.C., and West Virginia, ranging from 6.86% to 6.91%. Mortgage rates are influenced by various factors including state regulations, lender strategies, and macroeconomic conditions. The current average rate is 6.78%, following a recent rise from a two-year low of 5.89%. The Federal Reserve's monetary policy and bond market dynamics play significant roles in rate fluctuations.

Investopedia

China Banks Raise Mortgage Rates For the First Time Since 2021

Chinese banks have raised mortgage rates for the first time in three years, with the average rate for first homes increasing to 3.08% in November. This change comes amid a persistent property slump and declining home sales, despite recent government stimulus efforts. Analysts suggest that the rate hike may have been guided by regulators to prepare for future rate cuts, although it could negatively impact housing demand.

Yahoo Finance

Dow Jones Today: Stocks Rise as Market Rebounds From Fed-Fueled Plunge; Bitcoin Below $100,000

CarMax shares rose after reporting a 1.2% increase in quarterly revenue, driven by lower prices and increased retail unit sales. Darden Restaurants also saw a surge in shares following strong sales results, while Accenture's stock climbed after exceeding revenue expectations. Vertex Pharmaceuticals faced a decline after mixed drug trial results, and Lamb Weston shares plunged due to a surprise loss and lowered guidance. Micron Technology's stock fell sharply on a weak outlook for the current quarter.

Investopedia