T-44 days until Tax Day

That pile of receipts on your desk is finally calling your name.

If you're anything like me, it's a messy stack crowding your work area. But these little transactions may tell a bigger story: How did you spend money in 2024? Was it for a wedding? Furnishing a home office?

Recording the things you've invested in could prove meaningful in the long run. It's tax season, and while many Americans dread the piles of paperwork, Paste BN's money journalists like to frame this time as an opportunity to tell your money story. Painting a picture of how we're spending (or not spending) can not only result in bigger refunds but also can help us use our money better.

Time to get your ducks in a row. It's tax season 2025. 👋 Nicole Fallert here and welcome to Your Week, our newsletter exclusively for Paste BN subscribers (that's you!). This week, we talk with Paste BN money correspondents Medora Lee and Daniel de Visé about all things inflation, taxes and not hating this time of year.

Be smart about how you spend your money (and time). Here are a few more headlines I've read this week from Paste BN:

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Taxes are coming. Money feels tight. You've got this.

A few things are hovering over tax season this year: The Trump administration, with the assistance of Elon Musk's Department of Government Efficiency, is putting pressure on the IRS to cut costs and refine its workforce. Meanwhile, the 2017 tax cuts are up for renewal in Congress this year. These factors occur against the backdrop of fitful wage growth and climbing inflation, with everyday prices for housing, energy and groceries bedeviling Americans.

So with the overall frustration of always seeming to have to pay more, many Americans are worrying about how they'll use their refund — and whether it'll be enough, says de Visé.

"The biggest question has been about people wondering if they will get their refund as fast," said de Visé, who recaps financial news and writes expert analysis for Paste BN's Daily Money newsletter (sign up here).

"Because inflation is dialing up, people can feel like the refund is behind," de Visé said. "People are deeper and deeper in their pockets, and there's a sense that refund has already been spent. There are so many ways these days to use about $2,000. If you're feeling squeezed more than in recent years, you can't spend that refund fast enough."

There are a few changes to 2024 tax filings to know about, said Lee, who will be guiding readers through the tax season with answers to every question (find her latest articles here!). A big first change is a new form 1099-K for gig workers who make more than $5,000 to document their income. Think freelance designers, virtual consultants and, yes, influencers.

"Gig work can be tricky and take time to think about what can be deducted," Lee said. This is a marked shift for gig workers who until now didn't need to file, she said. But deductions for these services aren't always assured: "Working from home for a gig doesn't mean you can take home office deductions right away. And all this could change next year based on what tax package Congress passes."

File early, file early! IRS cuts may mean refund delays and long waits.

Changes are also due for older Americans. In 2025, for the first time, Americans ages 60 to 63 by the end of the calendar year can rev up their retirement savings with a supersized catch-up contribution that can help reduce your taxable income when you do your taxes next year.

"That little bit could go a long way," Lee said.

Lee and de Visé recommend getting started on your 2024 preparation early (that means now) to determine if it makes sense to take an itemized or standard deduction.

"There's no harm in exploring," Lee said. Did you get married this year? Help your in-laws sell a house? All of these changes make a difference for your deduction and may warrant itemizing, Lee said. And don't let the details bog you down: The IRS is offering an expanded Direct File this year so Americans can file on their own taxes directly to the government at no cost.

But if it all feels like too much, you can always hire a pro (here are Paste BN's top recommended preparers!) to make sure your refund is just right.

"Get that payday soon!" Lee said.

Wages are rising faster than inflation. Why doesn't it feel that way?

How to tackle money problems right now

Besides taxes, inflation is plaguing Americans' money worries. De Visé suggests a few steps to take right away: First, take a look at your credit card account. If you have any debt, consider starting to chip away. Even a small payment can help take your finances out of the deep depths of your wallet and closer to the surface, he said.

Will there be a DOGE stimulus check? What to know about whether Americans will see savings

Another step to take is to start moving a few hundred dollars of your monthly take-home pay into an emergency savings fund, a dwindling backup many Americans have had to dip into amid rising costs. This could be $20 or $2,000, but no matter the size, an emergency fund can help should a medical crisis occur or your employment situation change.

"Even if it takes forever to save enough to make a safety net, anything you do to make a dent matters," de Visé said. "Start an emergency fund goal, big or small."

Read more about taxes from Paste BN

• Elon Musk, DOGE could access your personal info. Will this affect tax refunds and Social Security?
• Being older doesn't mean worse outcomes for tax savings.
• No, Elon Musk didn't get rid of Direct File. Here's how you can use it.
• Is there ever a scenario when you don't have to file taxes?
• Be careful when you rush to do your taxes so you don't make mistakes.

Thank you

I'll be spending the rest of the weekend preparing my own taxes with this helpful advice. Thank you for supporting our journalism with your subscription. Our work wouldn't be possible without you. 

Best wishes, 

Nicole Fallert