Brianna Juneau reports on things you should know as tax-filing season gets underway:
The official start date of this year’s tax season begins on January 27th. The IRS expects 140 million individual tax returns to be filed before the April 15th deadline. If you’ll need more time to file, request an extension by the April tax filing due date. This gives you until October 15th to file without penalties.
The IRS has adjusted income tax brackets for 2024 to account for inflation. Marginal rates still range from 10% to 37% but the income thresholds have increased slightly.
- 37% for incomes greater than $609,350 ($731,200 for married couples filing jointly)
- 35% for incomes over $243,725 ($487,450 for married couples filing jointly)
- 32% for incomes over $191,950 ($383,900 for married couples filing jointly)
- 24% for incomes over $100,525 ($201,050 for married couples filing jointly)
- 22% for incomes over $47,150 ($94,300 for married couples filing jointly)
- 12% for incomes over $11,600 ($23,200 for married couples filing jointly)
- 10% for incomes less than $11,600 ($23,200 for married couples filing jointly).
Families can still benefit from the Child Tax Credit which remains at $2,000 per eligible child under the age of 17. Middle income families can still take advantage.
It’s important to be aware of tax scams during the filing season as scammers are on the rise. The IRS warns against phishing emails and fraudulent tax preparers.
REMEMBER: The IRS will never demand immediate payment over the phone or through gift cards.
Don’t send important information like social security numbers, credit card information, or passwords to untrusted sources.
Tips for filing:
1. Make sure all documents arrive and are on hand before filing.
2. Use IRS-certified tax software or trusted preparers.
3. Review deductions and credits to maximize your refund.
Stay informed and take advantage of the IRS website.
