Tax Season 2024: Last Minute Key Tax Deadlines and Deductions

If you usually leave your filing until the last minute, you’re not alone. A survey found that almost one-third of all Americans (32%) wait until the last minute to file their taxes. The deadline for submitting your taxes is rapidly approaching, and there are several critical considerations to bear in mind as we approach Monday’s cut-off. For the 2024 tax season, there are several key points to keep in mind:

1. Tax Filing Deadline: The main deadline for filing federal tax returns and payments is April 15, 2024. This date is crucial for all taxpayers to remember to avoid penalties for late filing.
2. Extension Deadline: If you’re unable to file by April 15, you can request an extension. However, the extension only moves the filing deadline to October 15, 2024, not the payment deadline. Taxes owed are still due by April 15 to avoid penalties and interest charges.
3. Standard Deduction Increase: For the 2024 tax season, the standard deduction has risen to $13,850 for single filers and $27,700 for married couples filing jointly. This increase can affect your filing strategy and whether you choose to itemize deductions or take the standard deduction.
4. Tax Brackets Adjusted for Inflation: The income tax brackets have been adjusted upwards to account for inflation. These adjustments mean that the brackets now start at higher income levels, potentially affecting your tax rate depending on your income.
5. Last-Minute Tax Deductions: Even if you haven’t filed yet, you might still be able to reduce your tax liability by making contributions to a traditional IRA. Contributions for the 2023 tax year can be made until the April 15, 2024, deadline and can count towards a deduction on your 2023 taxes.

Moreover, ensure your tax documents, such as W-2s and 1099s, are well organized and that you double-check all important information like social security numbers and names to avoid errors. Also, consider e-filing with direct deposit to receive your refund more quickly.

State tax return deadlines typically align with the federal deadline, but there are exceptions, so it’s wise to confirm the specific deadline for your state.

These highlights should help you navigate the 2024 tax season more smoothly. Remember, each individual’s tax situation is unique, so consider consulting with a tax professional for personalized advice.