Tax season begins late January, with April 15 set as the federal deadline. Notable changes include a new 1099-K form for individuals earning over $5,000 through online marketplaces or payment apps, potentially affecting casual sellers.
Federal tax brackets have been slightly adjusted, with rates ranging from 10% to 37%, while New York’s rates remain between 4% and 10.9%.
Refunds are typically issued within 21 days for electronically filed returns. Penalties apply for late filings or unpaid taxes after the deadline. Over 163 million tax returns were processed last year, and taxpayers are encouraged to prepare early for a smoother experience.
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