Key dates and changes for filing your 2024 income taxes.
Tax season started on January 27 and more than 10 million individual tax returns will be filed by the filing deadline in April. Here are key dates and changes for your 2024 income taxes.
Federal tax filing deadline
Tax returns for 2024 must be filed and taxes owed paid no later than midnight on Tuesday, April 15, 2025.
If you file a paper return, a return is considered on time if it is addressed correctly, has enough postage, is deposited in the mail and is postmarked by the USPS by the due date.
There are a few categories of taxpayers who might get more time to file and pay taxes. These include:
- Members of the Armed Forces who are serving in a combat zone or contingency operation or become hospitalized as a result of injury received while serving in such an area or operation.
- Taxpayers the IRS determines to be affected by a federally declared disaster, a significant fire or a terroristic or military action.
- Taxpayers living and working outside the U.S. and Puerto Rico or in the military or naval service on duty outside the U.S. and Puerto Rico may qualify for an automatic 2-month extension to file and pay income taxes without filing for an extension. However interest will be charged on any amount not paid by the regular due date.
What if you’re not ready to file by April 15?
Taxpayers can request an extension by filing Form 4868. Doing so gives you until midnight on Wednesday, October 15 to submit your return. However, taxes must be paid, and the extension request must be filed by Tuesday, April 15 (midnight).
Taxes unpaid or underpaid by April 15 are subject to penalties. Penalties are based on the amount of underpayment, when the taxes were due and published interest rates.
There is no fee charged by the IRS for requesting an extension.
Changes for this year
Every year, the IRS updates key figures and rules. Here are some changes that might affect you.
The IRS now requires third-party payment apps to send a Form 1099-K to users who received $5,000 or more for goods or services. This means income of $5,000 or more earned through apps like Venmo, Google Wallet, PayPal, Zelle and others is reported to the IRS and needs to be claimed as taxable income. (Payments to family and friends are not reported on 1099-Ks.)
2024 standard deductions for taxpayers who don’t itemize deductions are as follows:
- Married filing jointly: $29,200 (an increase of $1,500)
- Single and married individuals filing separately: $14,600 (an increase of $750)
- Heads of households: $21,900 (an increase of $1,100)
The child tax credit (CTC) holds steady at $2,000 per qualifying child under 17 and the refundable portion went up $100 to $1,700.
This is not a comprehensive summary of tax changes for 2024; check the IRS website or consult with your tax advisor about your particular situation.
How long will refunds take?
Electronic filers get their refunds the fastest. When e-filing, the IRS says you’ll usually receive your refunds within three weeks of them receiving the return. If you opt for direct deposit to a savings account or checking account, you can get your money faster.
Paper returns mailed in take longer to process, and it could take six to eight weeks from when the return was received to get a refund.
What if you can’t pay?
Even if you can’t afford to pay the taxes you owe, filing your return on time will help minimize penalties. If you can’t pay within 180 days, contact the IRS to arrange a short-term payment plan. If you need longer than 180 days to pay contact them to set up a payment plan. Get more details on IRS tax payment options here.
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