The 2024 Tax Season: What You Need to Know Before Filing

As the new year begins, tax season is just around the corner. Staying informed about changes to tax laws and regulations can help you feel more prepared and confident when it’s time to file. Here’s a quick overview of what’s new for 2024 and how you can set yourself up for success.

1. Standard Deduction Increases

For the 2024 tax year, the IRS has increased the standard deduction to adjust for inflation. The new amounts are:

$13,850 for single filers and married individuals filing separately.
$20,800 for heads of household.
$27,700 for married couples filing jointly.

If you’re unsure whether to take the standard deduction or itemize, consider factors like medical expenses, mortgage interest, and charitable donations. Filing correctly can save you thousands.

2. Expanded Energy-Efficient Home Improvements Credit

The federal government has extended and expanded tax credits for energy-efficient home improvements. This includes credits for solar panels, energy-efficient windows, and certain types of heating and cooling systems. If you made upgrades in 2023, be sure to keep receipts and documentation for your tax preparer.

3. Key Tax Credits to Review

Several tax credits have undergone changes that could impact your refund. For example:

Child Tax Credit: The maximum credit is $2,000 per qualifying child under age 17, with phase-out thresholds based on income.
Earned Income Tax Credit (EITC): Income thresholds have been adjusted, so check if you qualify.

Make sure to double-check your eligibility for these credits to avoid leaving money on the table.

4. Tax Filing Deadlines

For most taxpayers, the filing deadline is Monday, April 15, 2024. If you’re self-employed or own a small business, estimated tax payments are due quarterly, with the first payment for 2024 due on April 15 as well. Filing early can help you avoid last-minute stress and reduce the risk of identity theft.

5. How to Prepare Now

Preparation is key to a smooth tax season. Here are some tips to get started:

Organize Documents: Gather W-2s, 1099s, receipts, and any other relevant paperwork.
Review Last Year’s Taxes: Look for deductions or credits you may have missed.
Consult a Professional: Working with an experienced tax preparer like Shelley at ASL Tax ensures you file correctly and maximize your refund.

Partner with ASL Tax This Year

Navigating these changes alone can feel overwhelming, but you don’t have to. At ASL Tax, we specialize in helping individuals and small business owners file confidently and efficiently.

Ready to make tax season stress-free? Schedule your consultation today.