FILE – The Internal Revenue Service (IRS) building in Washington, DC, US, on Tuesday, Dec. 31, 2024. Photographer: Samuel Corum/Bloomberg via Getty Images
Another tax filing season is upon us.
The IRS has not yet announced the official start date for the season, but the agency typically begins processing new returns the last week of January.
Here are other key dates and important things to know about this year’s filings:
Tax brackets 2024
Single filers:
- 10%: Taxable income up to $11,600
- 12%: Taxable income over $11,600
- 22%: Taxable income over $47,150
- 24%: Taxable income over $100,525
- 32%: Taxable income over $191,950
- 35%: Taxable income over $243,725
- 37%: Taxable income over $609,350
Tax brackets for joint filers:
- 10%: Taxable income up to $23,200
- 12%: Taxable income over $23,200
- 22%: Taxable income over $94,300
- 24%: Taxable income over $201,050
- 32%: Taxable income over $383,900
- 35%: Taxable income over $487,450
- 37%: Taxable income over $731,200
2024 Child Tax Credit
For 2024, the Child Tax Credit is worth up to $2,000 for each qualifying child. A child must be under age 17 at the end of 2024 to be a qualifying child.
Find more info from the IRS here.
1099-K forms
If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.
The law will not affect the amount of taxes owed, but it will change how you report income with 1099-K forms.
Those who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. A copy of this form will be sent to the IRS as well.
The 1099-K reporting threshold will eventually decrease to $600.
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File taxes for free
The IRS provides a couple options for taxpayers to file their taxes for free.
Seventy percent of all taxpayers can use free brand name tax software to prepare and file their federal income tax return electronically using IRS Free File.
All taxpayers, regardless of income level, can also use IRS Free File Fillable Forms.
The IRS Free File is currently unavailable online as it is closed from last tax season, but more information will become available later in January.
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When do tax refunds come?
Several factors can influence the timing of a refund after the IRS receives your tax return.
Most refunds are issued in less than 21 days, but the IRS advises taxpayers not to depend on the refund for major purchases or bills.
Filing electronically and selecting direct deposit remains the fastest and safest way for taxpayers to receive their 2024 tax refunds, according to the IRS.
Taxpayers can check a refund’s status by using the Where’s My Refund? Tool online.
Tax filing deadline
The last day you can file your 2024 taxes without requesting an extension is Tuesday, April 15, 2025.
Some taxpayers affected by recent natural disasters get extra time to file. For example, victims in parts of Virginia that were affected by Hurricane Helene beginning Sept. 25, 2024 have until May 1, 2025 to file their federal tax returns.
RELATED: 2025 tax brackets: Key changes to know as filing season approaches
New 2025 tax brackets
Tax brackets for single individuals:
The IRS is increasing its tax brackets by about 2.75% for both individual and married filers across various income levels in tax year 2025:
- 10%: Taxable income up to $11,925
- 12%: Taxable income over $11,925
- 22%: Taxable income over $48,475
- 24%: Taxable income over $103,350
- 32%: Taxable income over $197,300
- 35%: Taxable income over $250,525
- 37%: Taxable income over $626,350
Tax brackets for joint filers:
- 10%: Taxable income up to $23,850
- 12%: Taxable income over $23,850
- 22%: Taxable income over $96,950
- 24%: Taxable income over $206,700
- 32%: Taxable income over $394,600
- 35%: Taxable income over $501,050
The Source: Information in this article was taken from various FAQ pages of the IRS’ official government website. This story was reported from Detroit.
