Georgia Finance and Tax Professionals

The 2024 tax season is upon us! Last year, over 162 million taxes were filed in the US. As you prepare to file your 2024 taxes, you must be aware of important dates and upcoming changes to 2024 tax laws. Continue reading to learn more! 

Important Dates for the 2024 Tax Season: 

There are several important dates for the 2024 tax season, outlined below: 

January 12, 2024 

This is the date the IRS Free File opens. IRS Free File is a free filing service offered through the IRS for taxpayers that have an AGI of $79,000 or less. While taxpayers can file returns now, the IRS will not start processing them until a later date. 

January 16, 2024 

This is the due date for businesses to submit the quarterly tax payments for quarter four of 2023. 

January 26, 2024

January 26, 2024, is Earned Income Tax Credit awareness day. 

January 29, 2024 

This is the official start of the 2024 filing season and the date the IRS will start processing returns. 

February 1, 2024

Employers are required to issue W-2s and 1099 documents by this date. If you have not received these documents, you must contact your company’s HR department or person responsible for these documents to determine where it is and when you’ll receive it. 

For those individuals who receive tax documents for other situations (dividends, interest, retirement plan distributions), this is also the due date for those. 

February 27, 2024

Tax law states that the IRS cannot issue Earned Income Tax or Child Tax Credit refunds before mid-February. While most taxpayers can view their expected return date by February 17th, the IRS expects most of these refunds for filers who have completed their returns without errors to hit bank accounts around February 27th. 

March 15, 2024

S corporation and partnership tax returns are due on this date. 

April 15, 2024 

This is the tax filing due date for most Americans. This is the last day taxpayers can request an extension or make contributions to HRA, traditional or Roth IRA, or SEP-IRA accounts. 

For taxpayers that hold $10,000+ in signature authority for a foreign bank, you must file the appropriate documentation on or by this date. 

April 17, 2024

Due to holidays, this is the tax filing due date for individuals residing in Massachusetts and Maine. 

June 15, 2024

Are you a US citizen or resident alien living abroad? Your 2024 taxes are due on this date. You do have an option to file for an extension due on October 15, 2024. 

October 15, 2024 

This is the due date for those filing an extension. Remember, the extension must be filed before the April 15th due date! October 15th is the date the taxes are due. 

Steps You Can Take to Make Your 2024 Taxes Easier: 

Preparing to file your 2024 taxes doesn’t have to be stressful! The below tips will make the process run smoothly: 

• Collect your documents in a folder (digital or physical) so you know where everything is
• Gather all required information (SS cards, health insurance forms, etc.) 
• Visit IRS.gov to review updates or announcements regularly
• Create an IRS account to monitor personal information
• Determine how you want to receive your refund
• File with RWB Tax Service to make your life easier! 

**Critical 2024 Tax Updates** 

Tax Law Provisions for Inflation

The IRS makes changes to tax laws every single year. Many times, the changes are to reflect and account for inflation. We all know 2023 was a hard year regarding inflation and that will reflect in tax returns this year for many Americans. 

For 2023, the tax provision adjustment was 7% (higher than average!). Some people will see smaller tax liabilities because of this. If you’re uncertain if this change to 2024 tax laws will impact your tax return, RWB Tax Service is happy to help! Contact us today to get started. 

Tax Bracket Changes Are Coming 

The IRS predicts the inflation adjustment for taxes filed in 2025 will be around 5.4%. This means tax filers may see tax benefits for the next two years. In fact, there will be tax bracket changes for 2024 taxes that are filed in 2025! 

The tax marginal rates are the same for the 2023 tax season, however, they will be updated for taxes filed in 2025. Below is the chart of changes coming: 

Married filing jointly taxpayer rate changes: 

• 10%: $0 to $22,000 for 2023 will change to $0 to $23,200 for 2024
• 12%: $22,001 to $89,450 for 2023 will update to $23,201 to $94,300 for 2024
• 22%: $89,451 to $190,750 for 2023 will become $94,301 to $201,050 for 2024
• 24%: $190,751 to $364,200 for 2023 will change to $201,051 to $383,900 for 2024
• 32%: $364,201 to $462,500 for 2023 will become $383,901 to $487,450 for 2024
• 35%: $462,501 to $693,750 for 2023 will change to $487,451 to $731,200 for 2024
• 37%: $693,751 or more for 2023 will become $731,200 or more for 2024

Single taxpayer rate changes: 

• 10%: $0 to $11,000 for 2023 → $0 to $11,600 for 2024
• 12%: $11,001 to $44,725 for 2023 → $11,601 to $47,150 for 2024
• 22%: $44,726 to $95,375 for 2023 → $47,151 to $100,525 for 2024
• 24%: $95,376 to $182,100 for 2023 → $100,526 to $191,950 for 2024
• 32%: $182,101 to $231,250 for 2023 → $191,951 to $243,725 for 2024
• 35%: $231,251 to $578,125 for 2023 → $243,726 to $609,350 for 2024
• 37%: $578,126 or more for 2023 → $609,351 or more for 2024

Standard Deduction Increases Are On the Horizon 

With the tax rates changing, there will also be a slight increase in standard deductions for taxes filed in 2025. It’s important to note these changes will not be reflected in taxes filed this 2024 season. 

• Single will go from $13,850 to $14,600 for 2024 taxes
• Married, filing jointly will increase from $27,700 to $29,200 for the 2024 tax season
• Married, filing separately will grow from $13,850 to $14,600 for the 2024 taxes
• Head of household will increase from $20,800 to $21,900 for 2024 taxes

Gift Tax Exclusions 

The gift tax exclusion states how much a person can give to another without paying a tax on it. The amount increases to $18,000 in 2024. 

Estate Tax Exclusions 

The estate tax exclusion determines the threshold for wealthy estates. In 2024, the estates equal or less than $13.9 million will not be required to pay an estate tax. 

Boosts for HSA and FSA Contributions  

For taxpayers who contribute to health or flexible spending accounts, there are changes to the amounts you can contribute in 2024. 

Taxpayers can contribute up to $4,150 for self coverage and $8,350 for family coverage. There is also the option to carry over $640 into the next year for applicable plans. 

Earned Income Tax Credit Changes 

The earned income credit will also see increases in 2024. The credit is calculated based on how much someone makes and how many children they have. Taxpayers without children may also qualify for this credit if they fall into the income bracket. The credit will range from $600 to $7,830 (for a taxpayer with three children) in 2024. 

Things You Should Know About IRS Processing Times 

The IRS is busiest during tax filing season. So, while you may be tempted to call for an update about your return, we encourage you to take other actions. You can use online tools or contact us to determine when your refund will be issued. 

Most refunds are processed and deposited within 21 days of filing. Some exceptions apply (see above’s important dates). Tax returns with errors must be manually processed, which will delay your refund. RWB Tax Services helps individuals and businesses with filing tax returns so they avoid delays. Contact us today to get started! 

Prepare for the 2024 Tax Season

Here are a few additional tips to prepare for the 2024 tax season: 

Check Your Withholdings 

Do you not get the refund you expect each year? You may want to check your withholdings! This can save you time and money in the long run. It’s essential to remember to adjust your withholding after any major life event, like the birth of a child, a marriage or divorce, or an adoption. 

Collect Your Documents

Tax time means you need a lot of documents from the previous years. These may include: 

• W-2s from your job(s)
• 1099 documents from banks, distributions, dividends, or unemployment payments
• 1099-K or 1099-MISC for self-employed or gig workers 
• 1099-INT for interest payments 
• Health insurance and premium documents 
• Other tax documents, such as student loan documents or non-taxable benefits

Work With a Tax Professional 

Are you ready to file your 2023 taxes? Do you want to relieve the stress of doing it by working with a tax professional? RWB Tax Service has a team of tax experts to help with your personal and business returns. Call us today at 770-456-9980 or stop by the office to get started!

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