Tax season is officially here.
The Internal Revenue Service begins accepting returns for the 2024 tax year on Jan. 27, and filers have until April 15 to submit their returns or request an extension.
If you experienced a major life event in 2024, like getting married, having a child or buying a house, filing your taxes will probably be a bit different this year. Otherwise, there aren’t too many major changes from last year.
Here are four things for everyone to be aware of as you file your 2024 taxes.
The IRS expanded its popular Direct File program to make more taxpayers eligible to file for free directly through the agency. Filers in Alaska, Connecticut, Idaho, Illinois, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin join taxpayers in the 12 states where the Direct File program was previously available.
Additionally, only filers with “simple” tax situations could use the Direct File option last year, but in 2025 taxpayers claiming the following credits can also use Direct File:
- Child and Dependent Care Credit
- Premium Tax Credit
- Credit for the Elderly and Disabled
- Retirement Savings Contribution Credits
For tax year 2024, the standard deduction for single filers is $14,600 and rises to $29,200 for joint filers.
Top-earners — individuals earning more than $609,350 in taxable income or couples earning more than $731,200 — will continue to pay a 37% marginal tax rate. Here are the rest of the tax brackets for 2024 filings:
Filers who purchased an electric vehicle in 2024 can claim up to a $7,500 credit for new cars and $4,000 for used vehicle purchases. However, President Donald Trump has said he plans to end this credit, so it may not be available to filers in the future.
Married parents earning up to $400,000 or single filers earning up to $200,000 can also claim the Child Tax Credit worth up to $2,000 per dependent child under age 17. Trump’s 2017 Tax Cuts and Jobs Act increased this credit from a $1,000 maximum in 2016, though it was temporarily expanded during the pandemic.
The TCJA is scheduled to expire at the end of this 2025, which would bring the maximum Child Tax Credit back down to $1,000, unless Congress decides to continue Trump’s signature tax policy.
If you received over $5,000 on Venmo, PayPal or other payment platforms in exchange for goods and services, you’ll probably receive a 1099-K form to report that income on your taxes.
That means if you sold concert tickets, clothes or other items online, you may owe taxes on your profits. For tax year 2025, the threshold will drop to $2,500 and the following year it will be $600.
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