The IRS will begin accepting 2024 tax returns on Monday, January 27th. So, what is new with the IRS this filing season?
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- Direct File, which allows eligible taxpayers to file their taxes directly with the IRS for free, has expanded to thirteen new states from last year. The IRS’s Free File program, which provides access to free software tools offered by IRS partners is available to taxpayers with an adjusted gross income of $84,000 or less in 2024.
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- Individual online accounts have more functionality and include a banner alerting taxpayers to potential scams.
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- Another eighty-four redesigned notices are scheduled to be deployed in 2025, adding to the two hundred redesigned notices that went out in 2024.
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- Voicebot services available to taxpayers in English and Spanish.
Tax Brackets –
Single taxpayers with taxable income at or below $11,600 are taxed at the lowest rate of 10%. This rate increases to 12% for income amounts above this threshold, up to $47,150. The highest bracket for single taxpayers is 37%, applied to all income over $609,350.
Married Filing Jointly taxpayers with taxable incomes of $23,200 or less also enjoy a low 10% tax rate. For incomes greater than this amount but not over $94,300, the 12% tax rate applies. The highest rate of 37% applies to these taxpayers for all taxable income over $731,200.
Standard Deductions –
Single filers, $14,600 (up from $13,850 in 2023). MFJ, $29,200 (up from $27,700 in 2023).
See the link below for a more in-depth tax season guide.
jofa-filing-season-quick-guide-tax-year-2024
