The IRS hasn’t said when the 2024 tax season will begin, but it normally does in late January.
When can I file my 2023 income taxes with the IRS? What is the new standard deduction and child tax credit? (Photo: Google)
How to Get Ready for Tax Season 2024 and Meet Due Dates
Taxpayers should keep their records in order, get their tax forms ready, and know about changes to the filing season. The last day to file or extend your 2023 tax return is April 15, 2023.
If the federal government shuts down in 2024, it could affect tax season that year. Even though there would be no tax season, a shutdown could make it harder for the IRS to help people and tax experts. Questions that need help from IRS employees could make the meeting tough, even with backup plans.
The IRS showed the tax rates for 2023 and 2024. Prices went up 7% in 2023 and 5.4% in 2024 to account for inflation that had been very high for decades. Taxpayers’ debts rest on these groups, so it’s important to know the rates to file correctly.
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How to Plan Your Taxes for 2023 and Beyond: Key Numbers and Possible Changes
The standard credit for 2023 is $13,850 for single people and $27,700 for married couples. In 2024, these numbers will go up to $14,600 and $29,200. This year, the most that can be put into a 401(k) is $23,000. The deadline for IRA contributions is April 15, and those under 50 can only contribute $6,500. People over 50 can only put in $7,500.
It’s still possible for kids under 17 to get a child tax credit of up to $2,000. But lawmakers may make the child tax credit bigger while they are still talking about it. Democrats have been asking for bigger awards, and talks are going on to try to make changes for the next tax season. Taxpayers should keep up with what’s going on.
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