Higher income tax brackets and online filing options without income limits are some of the new updates to filing this year.
The Internal Revenue Service (IRS) has begun accepting and processing tax returns for the 2024 tax-filing season on Monday, with the agency expecting over 146 million individual returns to be filed this season.
On Friday, there were speculations that the IRS was facing widespread system issues ahead of the season opening. However, the agency dismissed these concerns, assuring taxpayers that systems are “ready” to accept and process returns. Here are some of the things taxpayers should keep in mind when filing taxes.
Who Is Required to File
Only individuals making $11,000 or more in a year and married couples earning $22,000 or more will have to file taxes in the 2024 season. This is up from $10,275 and $20,550, respectively, from the previous season. Be sure to check which income bracket you belong to as the revised limits could mean you are bumped to a lower tax rate this year.How to File
There are three ways you can file taxes: 1) fill in IRS Form 1040 by hand and mail it; 2) use an online tax software to file returns; or 3) hire a tax preparation expert to do the job.
