Tax Filing 2024: Deadlines, Changes, and Step-by-Step Guide

Tax filing is an essential annual task that many of us approach with a mix of anticipation and trepidation. As 2024 unfolds, understanding the ins and outs of tax filing becomes more crucial than ever. Filing your taxes on time isn't just about checking a box on your to-do list; it's about fulfilling your civic responsibility and avoiding potential penalties from the Internal Revenue Service (IRS). The IRS sets deadlines for tax filing to ensure the smooth functioning of the government and to collect the necessary funds for public services and programs.

Filing on time not only helps you avoid penalties but also ensures you receive any tax refunds you're owed promptly. Let's explore the details of tax filing in 2024 and make this process as seamless as possible.

When Can You File Taxes? 2024 tax deadlines

For most Americans, the end of the 2024 tax season is April 15, 2024. However, if you find yourself unable to file before this date, don't panic. You still have options. One option is to file for an extension, which grants you an additional six months, giving you until October 15, 2024, to submit a complete return.

If you anticipate owing taxes, it's essential to estimate the amount owed and pay it along with your extension form. Alternatively, you can file a late return without an extension. If you don't owe taxes or anticipate a refund, you may not incur a penalty. Nonetheless, filing as soon as possible is advisable to receive your refund promptly or ensure you don't owe a balance.

How to do Taxes Yourself Step-By-Step

Filing your taxes yourself can seem daunting, but with the right approach, it's manageable. Follow these step-by-step instructions to navigate the process smoothly:

Determine if you need to file taxes: Understand the filing requirements based on your income, age, and filing status.
Take note of tax deadlines and dates: Mark important tax deadlines on your calendar to ensure you file on time and avoid penalties.
Understand how your taxes are determined: Familiarize yourself with the tax forms and documents you'll need to complete your return and how your taxes are calculated.
Decide how to file your taxes: Choose between filing electronically or by mail, and decide whether you'll prepare your taxes yourself or use tax preparation software.
Gather tax filing information: Collect all necessary documents, including income statements, receipts, and any other relevant tax forms.
File and settle up with the IRS: Complete your tax return accurately and submit it to the IRS. If you owe taxes, be sure to pay the amount due by the filing deadline to avoid penalties and interest.

Importance of Filing Your Federal Income Taxes

Filing your federal income taxes every year is not just a legal requirement; it's also essential for several reasons. Firstly, filing your taxes ensures that you remain compliant with the law, avoiding potential penalties and legal consequences. Additionally, timely tax filing ensures that you receive any tax refunds you're owed promptly.

These refunds can provide a significant financial boost and help you cover essential expenses or save for the future. Furthermore, by filing your taxes accurately and on time, you contribute to the smooth functioning of the government and support vital public services and programs.

Why is it Important to File Your Federal Income Taxes Every Year?

Keeping up with your federal income taxes is crucial for several reasons. Not only does it help you avoid the stress and hassle of dealing with the IRS, but it also ensures that you receive any refunds you're owed in a timely manner.

Filing your taxes every year is a responsible financial habit that contributes to your overall financial health and well-being. Additionally, by fulfilling your tax obligations, you're actively participating in supporting the functioning of the government and the various public services and programs it provides.

How Long Does it Take to File Taxes?

The time it takes to file your taxes can vary depending on your individual tax situation, preparedness, and familiarity with your financial information. On average, the IRS estimates that it takes individuals around 13 hours to complete their tax returns each year. However, this estimate can be higher or lower depending on factors such as the complexity of your taxes and whether you file online or by mail.

To streamline the process and ensure you file your taxes accurately and efficiently, follow these step-by-step instructions:

I. Gather the documents you’ll need to file your taxes: Collect all necessary documents, including income statements, receipts, and any other relevant tax forms.

II. Calculate your taxable income by tallying your gross income: Determine your total income and subtract any applicable deductions to calculate your taxable income.

III. Claim all applicable tax deductions and credits: Take advantage of all available deductions and credits to minimize your tax liability and maximize your potential refund.

IV. File your tax return with the IRS: Complete your tax return accurately and submit it to the IRS. If you're filing online, you can typically e-file your return for faster processing and confirmation.

When Can You File a Child Tax Credit in 2024?

For tax year 2023, you can claim the child tax credit and the additional child tax credit on the federal tax return (Form 1040 or 1040-SR) that was due by April 15, 2024, or by Oct. 15, 2024, with a tax extension.

Income Tax Rates for 2024:

Below are the income tax rates for 2024, which will affect the tax return due in April 2025. These tax rates vary depending on your filing status and income level:

Tax Brackets	Tax Rate	Single	Married filing jointly	Married filing separately
10%	$0 to $11,600	$0 to $23,200	$0 to $11,600	$0 to $16,550
12%	$11,601 to $47,150	$23,201 to $94,300	$11,601 to $47,150	$16,551 to $63,100
22%	$47,151 to $100,525	$94,301 to $201,050	$47,151 to $100,525	$63,101 to $100,500
24%	$100,526 to $191,950	$201,051 to $383,900	$100,526 to $191,950	$100,501 to $191,950
32%	$191,951 to $243,725	$383,901 to $487,450	$191,951 to $243,725	$191,951 to $243,700
35%	$243,726 to $609,350	$487,451 to $731,200	$243,726 to $365,600	$243,701 to $609,350
37%	$609,351 or more	$731,201 or more	$365,601 or more	$609,350 or more

What are the New Tax Changes for 2024?

Tax laws and regulations are subject to change each year, and 2024 is no exception. For the tax year 2024, several key changes have been implemented. Firstly, the standard deduction has increased for most taxpayers. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600, an increase of $750 from 2023.

Additionally, for heads of households, the standard deduction will be $21,900 for the tax year 2024, representing an increase of $1,100 from the previous year. These adjustments to the standard deduction can significantly impact the amount of taxable income for many taxpayers, potentially reducing their overall tax liability.

In addition to changes in the standard deduction, there may be other adjustments to tax laws and regulations that could affect your tax return for the year 2024. It's essential to stay informed about these changes to ensure that you're taking advantage of all available tax benefits and credits. Consulting with a tax professional can help you navigate these changes and maximize your tax savings for the year.

Closing Note

As the tax filing season for 2024 unfolds, it's crucial to stay informed about the latest updates and changes to tax laws and regulations. Whether you're filing your taxes yourself or seeking assistance from a tax professional, understanding the deadlines, deductions, and credits available to you can help streamline the process and ensure that you file your taxes accurately and efficiently.

By staying organized and proactive, you can navigate the tax filing process with confidence and ease, maximizing your potential refunds and minimizing your tax liability for the year 2024.