How to File Your 2024 Taxes

• Filing your 2024 taxes in 2025 brings several important updates to be aware of:

Standard Deduction Increases:

• Married couples filing jointly: The standard deduction rises to $29,200, up by $1,500 from 2023.
• Single filers and married individuals filing separately: The deduction increases to $14,600, an uptick of $750.
• Heads of households: The standard deduction is now $21,900, reflecting a $1,100 increase.

Tax Bracket Adjustments:

• Income thresholds for tax brackets have been adjusted for inflation.
• The top tax rate of 37% now applies to:
  • Single taxpayers earning over $609,350.
  • Married couples filing jointly with incomes over $731,200.

IRS Direct File Program:

• The IRS has expanded its Direct File program.
• Allows eligible taxpayers in 25 participating states to prepare and file their 2024 federal tax returns online for free.
• Includes features like data import from IRS accounts and real-time assistance in English and Spanish.

Form 1099-K Reporting Threshold:

• The reporting threshold for third-party payment platforms has been lowered.
• Earnings over $5,000 from platforms like Venmo, PayPal, or Etsy will now trigger a Form 1099-K.
• Affects freelancers and online sellers, making it crucial to track all income received through these platforms.

Filing Deadline:

• The deadline to file your 2024 tax return and pay any taxes owed is Tuesday, April 15, 2025.
• Residents of Maine and Massachusetts have until April 17, 2025, due to local holidays.
• Staying informed about these changes will help ensure accurate and timely filing of your 2024 tax return.

• Submitting Your 2024 Tax Return: Everything You Should Know
  • Wondering if you qualify for a refund or owe taxes? Find out using our tax calculator.

Filing Your 2024 Tax Return:

• Gather your income records, including W-2s or 1099s.
• Create an account to start the filing procedure.
• To guarantee correct computations, accurately provide your tax information.
• Prepare by reviewing and filing your return.
• To prevent fines, e-file before the official deadline on April 15, 2025.

What Happens If You Miss the E-File Deadline?

• Should the deadline pass, your tax return to the IRS has to be printed, signed, and mailed.
• E-filing is due by October 15, 2025, if you requested an extension.

How Long Do You Have to Claim a Refund?

• Any tax refund may be claimed within three years, according to the IRS.
• You have until April 15, 2028, to file for 2024 tax returns in order to get your refund. The money is gone after that.
• To guarantee correctness, prevent fines, and receive any refund you are due, don’t put off filing your 2024 tax return; do it as soon as feasible.

This entry was posted on Thursday, April 3rd, 2025 at 7:20 pm and is filed under E-File Related, Personal Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.