2024 Tax Season Must-Knows
With the tax season approaching, this year brings updates such as an increased standard deduction, adjusted tax rates, and changes to various credits and deductions. Here are the key details you need to know for the 2024 tax season:
Important Dates
End of January 2025
Tax season begins: The IRS starts accepting and processing 2024 tax returns.
January 31, 2025
Deadline for employers to send W-2 forms and for issuing Form 1099s to independent contractors, freelancers, and for miscellaneous income.
April 15, 2025
Tax filing deadline: Key deadlines for state tax filings and payments.
October 15, 2025
Extension deadline: Final date to file if you requested an extension (e.g., for the 2023 tax return, the deadline is October 16, 2024).
For the 2024 tax year, the Standard Deduction has been increased to account for inflation.
When calculating your tax due, you can choose between the standard deduction or itemizing deductions. Although itemizing can be tedious, it may be beneficial if your total deductions exceed the standard deduction amount.
Everyone’s situation is unique, so there’s no one-size-fits-all answer. If your situation is complex, consider consulting a tax professional. Feel free to Contact Us to learn more about itemizing deductions.
2024 Increase in Standard Deduction
2024 Adjusted Income Tax Rate Brackets
In tax year 2024, income tax rate brackets are adjusted for inflation.
Your tax rate depends on your tax bracket (income range). For example, if you are single and earn $75,000, you fall into the 22% tax bracket. However, this does not mean your entire income is taxed at 22%.
Instead, portions of your income are taxed at different rates: 10% for the initial portion, 12% for the next, and 22% for the remainder. (Details are outlined in the chart below.)
Tax Filing Checklist:
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Form W-2, provided by your employer. This table lists the income you earned in 2024 and the amount of tax you had withheld.
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Form 1098, showing the amount of interest you paid on your mortgage or student loan.
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Form 1099, reporting your income as an independent contractor or for unemployment benefits. You may also receive a 1099-INT form reporting interest income from your savings account.
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Records of any stocks or other investments you sold in 2024, including crypto transactions or other digital assets.
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Form 1098-T, a tuition statement for higher education expenses.
For more information on the documents you need to prepare for tax filing, please click Here.
Need help with your taxes?
Whether you've chosen us as your tax representative or used our other services, feel free to Contact Us for support with your tax return.