Now that we’ve rang in 2025, it is time to organize the receipts in shoeboxes and brush up on the tax brackets and make plans to file your return. Below, is a list of considerations that can help you prepare for filing your tax return.
Tax brackets have changed. Tax brackets are used to determine how much tax someone can expect to pay based on their taxable income. Receiving a tax return last year does not mean you will receive one this year. Tax brackets change most years, and here is a table listing the 2024 filing season tax brackets for a single person and married filing jointly.
| Tax Rate | Single | Married Filing Joint |
| 0% | $0 – $11,599 | $0 – $23,199 |
| 12% | $11,600 – $47,149 | $23,200 – $94,299 |
| 22% | $47,150 – $100,524 | $94,300 – 201,049 |
| 24% | $100,525 – $191,949 | $201,050 – $383,899 |
| 32% | $191,950 – $243,724 | $383,900 – $487,449 |
| 35% | $243,725 – $609,349 | $487,450 – $731,199 |
| 37% | $609,350 and up | $731,200 and up |
Source: www.irs.gov
How to prepare to file taxes.
Research tax deductions and credits. A few deductions could be business expenses for small business owners or homeowner deductions, like adding solar panels to your home. Tax credits could include the earned income tax credit, child tax credits or educational credits such as the American opportunity credit or lifetime learning credit.
Make a plan for filing taxes. Are you able to create your own tax return? Will you pay someone else to do your taxes? If you are someone who made less than $67,000 in 2024 and file a simple return, your taxes may be electronically filed for free using the IRS program Volunteer Income Tax Assistance (VITA). To find a VITA site near you, visit IRS.gov and search for VITA.
Make sure to file on time. If you must miss the April 15, 2025, deadline to file 2024 taxes, file an extension. An extension will extend the deadline to October 15, 2025, but interest may be charged if you owe a balance. If you are owed a refund, not filing will delay your refund and there is a risk of losing the refund entirely.
If you owe, make a payment plan. If taxes are owed, make sure to file a return even if you cannot pay the balance in full. The minimum penalty for not filing is $485 plus the taxes due. The IRS and Oklahoma Tax Commission will allow taxpayers to pay the balance over time with a payment plan.
Tax time doesn’t need to be stressful. Preparing in advance can not only save you money but can help reduce tax time jitters as well. Tax shelters that can help reduce the amount you may owe in taxes such as investing in a retirement or education fund exist, but the end of the year may be the contribution deadline. Strategizing with a tax professional in advance can help ensure there is time to properly plan for next year.
Article by Tina Herndon, TFCU Financial Educator
About the author
Tina Herndon began her financial career managing three native not-for-profit loan funds and completed a financial counseling session with each loan closing. She served as the Financial Education and Training Manager for the national nonprofit financial counseling and education service, BALANCE, where one of her responsibilities was main presenter. In 2022, she joined the Financial Empowerment team at Tinker Federal Credit Union (TFCU) as a Financial Educator. Learn more about TFCU’s Financial Education team here.