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.
- more news to come once available.
If you have any specific questions or need more details on any of these topics, feel free to ask!
Here are the federal income tax brackets for 2024:
Single Filers
- 10%: $0 – $11,600
- 12%: $11,601 – $47,150
- 22%: $47,151 – $100,525
- 24%: $100,526 – $191,950
- 32%: $191,951 – $243,725
- 35%: $243,726 – $609,350
- 37%: $609,351 and above
Married Filing Jointly
- 10%: $0 – $23,200
- 12%: $23,201 – $94,300
- 22%: $94,301 – $201,050
- 24%: $201,051 – $383,900
- 32%: $383,901 – $487,450
- 35%: $487,451 – $1,218,700
- 37%: $1,218,701 and above
Head of Household
- 10%: $0 – $17,400
- 12%: $17,401 – $70,725
- 22%: $70,726 – $161,050
- 24%: $161,051 – $243,725
- 32%: $243,726 – $365,550
- 35%: $365,551 – $609,350
- 37%: $609,351 and above
These brackets are adjusted annually to account for inflation and help prevent “bracket creep,” where inflation pushes taxpayers into higher tax brackets without an actual increase in real income. If you have any specific questions about how these brackets might affect you, feel free to ask!