Latest News & Updates
Latest News & Updates for the 2024 Tax Year
Stay informed with the latest tax news and updates for the 2024 tax season. At Professional Tax Preparer, we keep track of important changes in tax laws, deadlines, and other updates to help you stay compliant and maximize your tax benefits.
- 2024 Tax Filing Deadlines
- Individual Tax Returns: The deadline to file your 2023 federal income tax return is April 15, 2024. Be sure to gather all your necessary documents early.
- Extensions: If you need more time to file, the deadline for filing an extension is also April 15, 2024, but the extended return must be filed by October 15, 2024.
- Important Changes for the 2024 Tax Season
- Standard Deduction Increase: The IRS has increased the standard deduction for the 2024 tax year:
- Single filers: $14,600
- Married couples filing jointly: $29,200*
- Tax Bracket Adjustments: The tax brackets for 2024 have been adjusted for inflation. Make sure you know which bracket you fall into to optimize your tax planning.
- New Tax Credits and Deductions
- Expanded Child Tax Credit: For the 2024 tax year, the Child Tax Credit remains at $2,000 per qualifying child. Make sure to claim the full credit if eligible.
- Energy Efficient Home Improvements: If you made energy-efficient upgrades to your home in 2024, you may qualify for federal tax credits. This includes credits for solar panels, heat pumps, and energy-efficient windows.
- IRS Updates & Notices
- IRS Enforcement of Digital Payments: Starting in 2024, payments over $600 made through digital platforms (like Venmo, PayPal, etc.) may be reported to the IRS. This could affect small business owners and freelancers.
- Inflation Adjustments for Retirement Accounts: Contribution limits for 401(k) plans have increased to $23,000 for 2024, with an additional catch-up contribution limit of $7,500 for those over 50.
- Tips for a Smooth Tax Filing Process
- Gather Your Documents Early: Be sure to collect all necessary documents such as W-2s, 1099s, and receipts for deductions to avoid last-minute stress.
- Utilize Tax Planning Services: Proper tax planning can help you maximize deductions and credits. Contact us for a consultation to ensure you’re taking full advantage of the tax laws for 2024.
- Beware of Tax Scams
- IRS Impersonation Scams: As tax season approaches, be on alert for tax-related scams. The IRS will never call or email you asking for immediate payment. If you receive suspicious communication, report it immediately.
- Free Consultation Available!
Have questions about your 2024 taxes? Contact Professional Tax Preparer today for a free consultation and ensure you’re prepared for the upcoming tax season.
