Tax Season 2024 Changes: What Will Be Different This Coming Tax Season?
The IRS wants to make sure you’re ready for the next tax season in 2023. They’ve given some important tips to help you prepare for the upcoming changes to federal taxes. Here’s what’s new, and what you should keep in mind before filing your taxes next year.
In 2024, the federal income tax brackets and the standard deduction are going up. This is happening because prices for things have been high due to inflation throughout the year. These increased amounts will affect your taxes for 2024, the ones you file in 2025.
What Tax Changes Are Being Made For 2024?
Next year, there are changes in taxes that might mean more money in your paycheck. If you get Social Security, you’ll get a 3.2% increase in 2024 to adjust for the cost of living. Since January 1 is a holiday, your first bigger payment will come at the end of December. The IRS is also making other adjustments for 2024. They’re raising the maximum amount for the Earned Income Tax Credit and making changes to the gift tax exclusion. There’s also an increase in the foreign-earned income exclusion. Moreover, if you file your taxes as a single person, the standard deduction is going up to $14,600, which is $750 more than in 2023. For those married and filing jointly, the standard deduction is now $29,200, an increase of $1,500 from the previous year. For most people with straightforward tax situations, taking the standard deduction is the way to go. This deduction lowers the amount of your income that gets taxed. If you get your wages from a regular job as a W-2 employee, going for the standard deduction is typically the best choice to get a bigger tax refund. But, if you’re self-employed or have special deductions you want to claim, you might go for itemizing your deductions instead.
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