As the IRS tax deadline for 2024 approaches, it’s essential to navigate the intricacies of tax filing. Stay informed and prepared with our comprehensive guide, ensuring a smoother process for meeting your tax obligations this year.
Let’s begin with something more informative today! Here we are with whole information about IRS tax deadline for 2024 which is surely necessary to know right now!
When is the tax deadline in 2024?
April 15. Tax Day always falls on that date, unless April 15 falls on a weekend or holiday. Next year, it comes on that darkest of days, a Monday.
When does tax season start?
Late January. In 2023, the IRS set January 23 as the official start of tax season, marking the date the agency began accepting 2022 tax returns.
How early can I file my 2023 taxes?
Again, late January. The IRS has not yet set the date it will begin accepting 2023 returns.
What are the new income tax brackets?
The 2023 income tax brackets raised by 7%. Income tax is progressive, meaning that your percentage of earnings is increased the more you earn. A range of incomes subject to a specific income tax rate are outlined by each bracket. In 2024, tax brackets will rise once again.
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What is the new standard deduction?
The standard deduction for 2023 also increased by about 7%, to $13,850 for individuals and $27,700 for married couples filing jointly.
What is the standard deduction for seniors?
People over 65 qualify for an additional standard deduction. For 2023, it’s $1,850 if you are single or filing as a head of household, and $1,500 for married taxpayers. Both figures increased by $100 over 2022.
What are the new IRA and 401(k) contribution limits?
Employees who participate in company retirement plans could generally contribute $22,500 to their 401(k) this year, up from $20,500 in 2022. Those who didn’t participate in an employer-sponsored plan could contribute $6,500 to an individual retirement account (IRA). People 50 and older have higher limits.
For 2024, the limits rise to $23,000 and $7,000.
When can I expect my refund?
In most situations, within a month or less. According to the IRS, most refunds are processed within 21 business days. On the other hand, paper returns may require up to four weeks. Additionally, give yourself enough time for the refund cheque to show up in your inbox or bank account.
Here are the 2023 tax brackets:
For individual filers:
- 37% for incomes over $578,125.
- 35% for incomes over $231,250.
- 32% for incomes over $182,100.
- 24% for incomes over $95,375.
- 22% for incomes over $44,725.
- 12% for incomes over $11,000.
- 10% for income below $11,000.
For married couples filing jointly:
- 37% for income greater than $693,750.
- 35% for incomes over $462,500.
- 32% for incomes over $364,200.
- 24% for incomes over $190,750.
- 22% for incomes over $89,450.
- 12% for incomes over $22,000.
- 10% for income below $22,000.
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