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2025 Tax news
Here are some recent updates on 2024 tax news:
IRS Tax Filing Season: The IRS will start accepting 2024 federal tax returns on January 27. It’s a good idea to get your documents in order early to ensure a smooth filing process.
Child Tax Credit: For 2024, the maximum tax credit per qualifying child is $2,000 for children under 17. The refundable portion of the credit can be up to $1,700 per qualifying child.
Tax Inflation Adjustments: The IRS has announced annual inflation adjustments for over 60 tax provisions for the 2024 tax year. This includes changes to the tax rate schedules and other tax-related items.