Key Dates for Tax Season 2024 Kickoff

Key Dates for Tax Season 2024 Kickoff: As the holiday season comes to an end, tax season quickly takes center stage, raising questions about due dates, tax rates, and donation limits. Here are some answers to common tax questions and important changes that will happen this year to help you get ready.

Tax Day will be April 15, 2024, which is a Monday. Mark your calendars. Usually, the IRS starts taking tax returns in late January. They began taking returns for 2022 on January 23, 2023. Even though there isn’t a set date for 2024 yet, it’s likely to be in late January.

The income tax rates went up by 7% in 2023, and they’re likely to go up even more in 2024. For example, people whose income is more than $578,125 will have to pay 37% in taxes. In 2023, the standard deduction went up by 7%, to $13,850 for single people and $27,700 for married couples filing equally. People over 65 can take more than the usual amount.

Most itemized expenses haven’t changed, but state and local tax benefits can’t be more than $10,000. In 2023, workers who were in company retirement plans could put up to $22,500 into their accounts.

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When can I file my 2024 taxes?

The IRS thinks that the first day to file taxes for 2023 will be January 18, 2024. This will give people a chance to send in their forms earlier than in previous years. If you file online and use direct pay, you will get your refund faster. You might get it in as little as 21 days.

In 2023, the most you could put into a health savings account (HSA) was $3,850 for single coverage and $7,750 for family coverage. These amounts will rise to $4,150 and $8,300, respectively, in 2024. Up to $2,000 was given as a child tax credit to each qualified relative under 17 in 2023. Higher incomes got less money.

If you file your taxes early, you may get your return faster. To help you plan, sites like TurboTax, H&R Block, NerdWallet, and AARP all have tax payout estimators. It’s important to remember, though, that just because you file your taxes early doesn’t mean you have to pay them early. By April 15, 2024, taxes for 2024 are due.