01/16/2024
Takeaways for the upcoming 2024 Tax Season / 2023 Tax Year:
1. IRS's first day for electronic filing transmission is Tues., Jan. 30th. However, you can start your preparation as soon as you have your tax documents (W2, 1099s, 1098T, etc.).
2. Tax filing deadline: April 15, 2024, is the big tax deadline for all federal tax returns and payments.
3. Extension deadline: October 15, 2024, is the deadline if you request an extension.
4. Standard deduction increase: For tax season 2024, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly.
5. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.
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