Tax season can be daunting, but arming yourself with knowledge about tax filing deadlines and recent changes can significantly ease the process. As we approach the 2024 tax season, it’s essential to note the Internal Revenue Service (IRS) deadlines and the adjustments in tax laws that could impact your filings.
Keep these critical dates in mind to ensure a smooth tax filing experience in 2024:
- January 1st: The IRS will start accepting electronic tax returns.
- April 15th: The official deadline to file your federal income tax return—with an exception for residents of Maine or Massachusetts, where the deadline is April 17th due to local holidays. This date also marks the cutoff for requesting an extension.
- June 15th: For U.S. citizens or residents abroad, this is your deadline to file federal income tax returns.
- October 15th: If you’ve obtained an extension, your tax return must be submitted by this date.
Changes to Tax Laws
The IRS has implemented several changes that will affect taxpayers in 2024:
Standard Deduction Increases
The standard deduction has seen a slight increase, which could lead to a reduced tax liability for single filers and married couples filing jointly.
Elimination of Personal Exemptions
Starting from January 2024, personal exemptions have been removed, meaning there will be no reduction in taxable income for personal and dependency exemptions.
Contribution Limits Increase
The limit for 401(k) contributions has risen, allowing employees to contribute more towards their retirement plans, including catch-up contributions for those over fifty.
Tips before Filing Taxes
To prepare for tax filing, consider the following:
- Gather all necessary documents, such as W-2s and 1099s.
- Decide whether to enlist a tax professional or file independently.
- Explore deductions or credits for which you may be eligible to reduce your taxable income.
These steps will help ensure accuracy and potentially save money on your tax filings.
Q: What is the tax filing deadline for 2024? A: For most U.S. residents, the tax filing deadline is April 15, 2024. However, residents of Maine or Massachusetts have until April 17, 2024.
Q: Are there any changes to tax policies for 2024 I should know about? A: Tax laws frequently change; stay updated by visiting IRS.gov or consulting with tax professionals.
Q: How can I save money on my taxes throughout the year? A: Consider early retirement contributions, researching eligible deductions, and managing investment gains and losses.