9 Things to Know about Filing Taxes if You’re Not a Millionaire in 2025

Most tax information is for people with oodles of money they are trying to hide. But, even if you don't have millions of dollars to your name, filing your taxes can put big money back in your pocket. Millions of people miss out on the chance to get money back because they don't file. That's why WorkMoney put together a list of the 9 Things to Know about Filing taxes in 2025 if you're not a millionaire. Maybe you’re asking “should I file my taxes?” or curious about when to file or how to file for free? We’ve got some answers for you!

1. The Deadline to file is April 15!

Tax Day is Tuesday, April 15 – so file by then if you can! If not, you can request an extension, with a few ways to get until October 15 to submit your taxes. Learn more here.

2. Some key tax lingo: credit, refunds, deductions, rebates

• Refund: get money back if you’ve paid too much in taxes over the course of the year, or had too much withheld from your employer.

• Deduction: lowering your taxable income, which reduces the amount you owe in taxes. For example, if you make $50,000 a year and claim $5,000 in deductions, you’re only taxed on $45,000 of income. Common deductions include student loan interest and mortgage interest.

• Credit: directly reduces the amount of tax you owe. If you qualify for a $1,000 tax credit, it means you pay $1,000 less in taxes. Some credits are even refundable, meaning if they reduce your tax bill below zero, you get the extra money back as a refund.

• Rebate: special refunds or reductions in taxes. These are often given out by the government to encourage certain behaviors, like buying energy-efficient appliances.

3. Even if you didn’t make much money,  you should absolutely file your taxes – don’t leave money on the table!

Filing taxes is how you can get your hands on refunds, rebates and credits thanks to some federal programs, aka cash in your pocket! So not filing is missing out on money: about 5 million people do not claim one generous tax credit every year, missing out on about $7 billion in money they deserve. 

Even if you forgot to file taxes before, you can retroactively file now – basically submitting your taxes for the years you missed. You can even claim refunds or tax credits within 3 years of the tax return’s original due date.

4. The sooner you file, the sooner you get your potential money back!

The IRS says the majority of refunds are sent within 21 days of when your tax filing is accepted. Use their Where’s My Refund? tool to track the status of the money you’re owed. They also recommend filing electronically and using direct deposit to get your money as fast as possible.

5. Should I pay someone to do my taxes?

Stressed about the process of filing taxes itself? That’s very understandable. There are reasons to hire someone to do your taxes, including being self-employed and having income from multiple states, but it’s not always necessary. And don’t forget to keep important receipts!

Here’s the good news: there are many ways to file yourself for free! In 25 states, you can file directly through the IRS for free, and there are free file options for the other states. Watch our video to learn more about the best free file options!

6. Don’t forget the Earned Income Tax Credit (EITC)

The Earned Income Tax Credit, or EITC, gives lower- and middle-class families a tax break – don’t forget it! It’s one of the most generous tax credits, and can range from $632 - $7,830 if you qualify.  EITC is  based on your income, filing status (single or married), and the number of dependent children you have, Even if you don’t owe taxes, you may qualify for the EITC! See if you qualify here.

7. And the Child Care Tax Credit!

You can also turn child care expenses into saving money on taxes! You may qualify for the Child and Dependent Care Credit if you paid for child care so that you (and/or your spouse) could work or look for work. You might be able to claim from 20% to 35% of your care expenses up to a maximum of $3,000 for one person, or $6,000 for two or more people Check out the details.

8. You may qualify for other, new credits

There are a LOT of other tax credits available, letting you get money back if you replaced your heating\cooling system, did certain home improvements like installing insulation, new windows or purchased a used electric vehicle, among others.

9. And if you owe money, be careful

Don’t be fooled! There are a lot of scammers out there, offering to “settle” the money you might owe in taxes – so be careful! There are some options to help you out though, including setting up a payment plan in installments. Need help? Precision Tax, Anthem Tax Services, Fortress Tax Relief, and Community Tax appear on Business Insider’s and other’s lists of the best tax relief companies.

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