Tax season 2024

Are you ready for the most exciting time of the year?

Tax season is upon us, and it's time to get your finances in order. Don't worry; we've got you covered. In the following article, we'll guide you through everything you need to know about tax season 2024.

When is tax season 2024?

The official start of tax season 2024 is January 24th, 2024. The deadline to file your taxes is April 15th, 2024. However, if you file for an extension, you'll have until October 15th, 2024. There are a few exceptions to this rule. For example, if you live in Maine or Massachusetts, you have until April 17th, 2024, to file your taxes. Please check with your state's tax agency for specific dates and deadlines.

What are the tax brackets for 2024?

Single
$0-$10,275: 10%
$10,275-$41,775: 12%
$41,775-$89,075: 22%
$89,075-$170,050: 24%
$170,050-$215,950: 32%
$215,950-$539,900: 35%
$539,900+: 37%
Married filing jointly
$0-$20,550: 10%
$20,550-$83,550: 12%
$83,550-$178,150: 22%
$178,150-$340,100: 24%
$340,100-$431,900: 32%
$431,900-$647,850: 35%
$647,850+: 37%
Married filing separately
$0-$10,275: 10%
$10,275-$41,775: 12%
$41,775-$89,075: 22%
$89,075-$170,050: 24%
$170,050-$215,950: 32%
$215,950-$323,925: 35%
$323,925+: 37%
Head of household
$0-$15,500: 10%
$15,500-$53,600: 12%
$53,600-$111,300: 22%
$111,300-$189,300: 24%
$189,300-$215,950: 32%
$215,950-$539,900: 35%
$539,900+: 37%

What are the standard deduction and personal exemption amounts for 2024?

Standard deduction
Single: $13,850
Married filing jointly: $27,700
Married filing separately: $13,850
Head of household: $20,800
Personal exemption
The personal exemption was eliminated for tax years after 2017.

What are the most common tax deductions and credits?

Deductions
Mortgage interest
State and local taxes
Charitable contributions
Medical expenses
Credits
Child tax credit
Earned income tax credit
Saver's credit
Adoption credit

How can I file my taxes?

There are three main ways to file your taxes:

Do it yourself
You can file your taxes yourself using tax software or by filling out the paper forms.
Hire a tax preparer
If you're not comfortable filing your taxes yourself, you can hire a tax preparer to do it for you.
File online
Many tax software programs allow you to file your taxes online. This is the most convenient way to file your taxes, and it's also the fastest.

What are the penalties for filing your taxes late?

If you file your taxes late, you may have to pay penalties and interest. The penalty for filing your taxes late is 5% of the tax you owe, for each month that your return is late. The penalty can be as high as 25% of the tax you owe.

What if I can't pay my taxes?

If you can't pay your taxes, you should contact the IRS immediately. The IRS may be able to work with you to set up a payment plan.

Tax season can be a stressful time, but it doesn't have to be. By following these tips, you can make the process as smooth and painless as possible.