Tax season is upon us, and it’s time to turn those financial frowns upside down! This year introduces significant changes, such as an increased standard deduction, adjusted tax brackets, and modifications to common tax credits and deductions.
Let’s explore these changes and more. To kick things off, here are the key details you need for the 2023 tax season:
- Tax Filing Deadline: April 15, 2024, signifies the crucial deadline for all federal tax returns and payments.
- Extension Deadline: If you request an extension, the deadline extends to October 15, 2024.
- Standard Deduction Increase: For 2023 taxes, the standard deduction rose to $13,850 for single filers and $27,700 for married couples filing jointly, affecting tax returns filed in 2024.
- Tax Brackets Increase: Income tax brackets experienced an upward adjustment in 2023 to accommodate inflation, impacting the tax landscape for the 2024 tax season.
Looking ahead to the 2024 tax season, it is never too early to start planning. Here is what you should know:
- Standard Deduction Increase: The standard deduction for 2024, which applies when filing in 2025, increases to $14,600 for single filers and $29,200 for married couples filing jointly.
- Tax Brackets Increase: Anticipate an increase in income tax brackets in 2024.
File your taxes with confidence in 2024 by choosing Wisely Advised Accounting. Secure victories with taxes, steer clear of costly mistakes, and arrange your 2023 tax appointment with Chris at Chris@wiselyadvised.com or by clicking the button below for online scheduling.
Avoid procrastination – April 15th will arrive sooner than you anticipate.