2024 Tax Filing Guide – Simple Steps for Success
Are you ready to file your 2024 taxes? This easy guide will help you understand when to file, what’s new, and how to prepare your tax documents correctly.
What’s New for 2024 Taxes?
The 2024 tax season brings several important changes that affect how much you can save and deduct.
Key Takeaway:
Most people must file their taxes by April 15, 2024. Start early to avoid rushing and mistakes.
Important Changes and Numbers
Standard Deduction Increase
Single filers: $14,600
Married filing jointly: $29,200
Head of household: $21,900
IRA Contribution Limits
Regular contribution: $7,000
Age 50+ extra contribution: $1,000
401(k) Limits
Regular contribution: $23,000
Age 50+ extra contribution: $7,500
How to Prepare Your Tax Documents
Step 1: Gather Your Papers
Collect all W-2s from jobs
Get 1099 forms for other income
Find receipts for deductions
Have Social Security cards ready
Step 2: Check Your Forms
Income statements
Bank statements
Mortgage interest papers
Donation receipts
Step 3: Organize Everything
Make separate folders for:
– Income documents
– Expense receipts
– Tax forms
Common Mistakes to Avoid
Mistake #1: Filing Late
Start preparing in January or February. Don’t wait until April.
Mistake #2: Missing Documents
Use a checklist to track all your needed papers.
Tax Deadlines and Requirements
Important Deadlines
- January 29, 2024 – IRS starts accepting returns
- April 15, 2024 – Filing deadline
- October 15, 2024 – Extended deadline (if requested)
Required Documentation
- Personal ID and Social Security cards
- Income forms (W-2s, 1099s)
- Deduction records
- Bank account information for refund
Money-Saving Tips
Professional Tip #1: Check All Tax Credits
Look for credits like:
– Child Tax Credit
– Earned Income Credit
– Education credits
Professional Tip #2: Keep Good Records
Save tax documents for 3 years
Take photos of receipts
Use a simple filing system
Frequently Asked Questions
Q: When will I get my refund?
A: Most refunds come within 21 days if you file electronically with direct deposit.
Q: What if I can’t pay my taxes?
A: The IRS offers payment plans. Contact them before April 15 to set up payments.
Q: Do I need to file taxes?
A: You must file if your income is above:
Single: $13,850
Married filing jointly: $27,700
Head of household: $20,800
Need Professional Tax & Accounting Help?
Our team of certified experts is here to help you file your taxes correctly and get all the deductions you deserve.
Tax Team at Manjas Corporation
Our team of certified tax professionals has over 20 years of experience helping individuals and businesses with their tax needs.