From standard deductions to adoption credits, the IRS has announced major updates that could impact your tax return this year.

The IRS started accepting 2024 tax returns on Jan. 27, and on Friday the agency posted the statistics so far from tax season 2025. This year's numbers show that the agency has already processed more than 23 million returns and issued more than 8 million tax refunds.

The IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills.

The layoffs at the Internal Revenue Service came alongside additional firings at the Transportation Security Administration and the C.I.A.

As tax season approaches, it's crucial to understand the timelines and options available to you. The IRS will begin accepting 2024 tax returns in late January, but early filers can get a head start.

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