Leave a Message

Thank you for your message. We will be in touch with you shortly.

Demystifying Tax Season 2024: What You Need to Know

Oriana Suarez January 17, 2024

Tips

Demystifying Tax Season 2024: What You Need to Know

As January unfolds and tax season takes center stage, questions about filing dates, income brackets, and deductions begin to surface. Here's your comprehensive guide to the most common questions that typically arise in the last days leading up to the official kick-off of tax season. Let's navigate the complexities together!

13 Answers to your Questions this Tax Season

1. When is the tax deadline in 2024?

This year Tax Day is April 15, falling on a Monday, so mark your calendars and plan accordingly to meet the deadline.

2. When does tax season start?

Tax season generally commences in late January. The IRS officially began accepting 2022 tax returns on January 23, 2023. Stay tuned for the official start date for 2023 returns.

3. How early can I file my 2023 taxes?

The IRS typically starts accepting returns in late January. However, the official date for returns is yet to be announced. Stay informed to file promptly.

4. What are the new income tax brackets?

Income tax brackets jumped by 7% for 2023. Income tax is progressive: the more you earn, the more you pay as a percentage of your earnings. Each bracket represents a range of incomes subject to a particular income tax rate. Tax brackets will rise again in 2024.

5. What is the new standard deduction?

The standard deduction for 2023 increased by approximately 7% to $13,850 for individuals and $27,700 for married couples filing jointly. Consider how this impacts your overall tax strategy.

6. What is the standard deduction for seniors?

Individuals over 65 qualify for an additional standard deduction, with 2023 figures at $1,850 for singles or heads of households and $1,500 for married taxpayers. Take advantage of available deductions.

7. Have itemized deductions changed?

Itemized deductions remain the same in 2023, but specifics on state and local taxes, mortgage interest, and medical expenses are crucial to understanding potential deductions.

8. What are the new IRA and 401(k) contribution limits?

Contribution limits for 401(k)s and IRAs increased in 2023 and will rise further in 2024. Plan your retirement contributions accordingly.

9. What is the new health savings account (HSA) contribution limit?

Health Savings Account (HSA) contribution limits increased for 2024. Explore how this affects your healthcare savings strategy.

10. What is the income limit for child tax credits?

The 2023 child tax credit is up to $2,000 per qualifying dependent under age 17, with income limits. Understand eligibility to maximize available credits.

11. What’s the difference between filing as single or head of household?

You can claim “Head of Household” status if you are single or unmarried and maintain a household that includes a child or relative. The status provides for a larger standard deduction and more generous tax rates, according to H&R Block. 

12. Where can I find a tax refund estimator?

Platforms like TurboTax, H&R Block, NerdWallet, and AARP offer tax refund estimators. Utilize these tools to estimate your potential refund.

13. When can I expect my refund?

Most refunds are issued within 21 calendar days, but paper returns may take longer. Allow for processing time and plan your finances accordingly.

Navigating tax season can be daunting, but armed with this knowledge, you'll be well-prepared to tackle your 2024 taxes with confidence. Stay informed, meet deadlines, and make the most of available deductions for a smooth tax-filing experience, and if you need a hand don't hesitate - we're here to help! 

 

Recent Blog Posts

Stay up to date on the latest real estate trends.

Hero image for Florostone Realty’s 2025 affordability guide, titled “How Much House Can You Afford in Different NJ Counties,” with a suburban New Jersey neighborhood in the background.

Buyers

How Much House Can You Afford in Different NJ Counties in 2025?

June 24, 2025

2025 Home Affordability Guide Across Union, Middlesex, Essex, and Bergen Counties

Cover graphic for Florostone Realty’s article titled “Best NJ Towns for NYC Commuters – 2025 Guide for Buyers,” featuring a city skyline with New Jersey and New York postage stamp illustrations.

Tips

Best NJ Towns for NYC Commuters: 2025 Guide for Buyers

June 18, 2025

Featuring Union, Middlesex, Essex & Bergen Counties

Florostone Realty title graphic with skyline and benches, introducing a 2025 seller roadmap for Union County homeowners preparing to sell their property.

Sellers

Selling Your Home in Union County, NJ? A 2025 Seller’s Roadmap from Florostone Realty

June 11, 2025

Your step-by-step guide to selling a home in Union County, NJ—covering pricing, preparation, marketing, and closing in today’s 2025 real estate market.

Florostone Realty banner promoting first-time homebuyer programs in Roselle Park, NJ with aerial view of residential neighborhood. Text overlay reads 'First-Time Homebuyer Programs in Roselle Park, NJ (2025 Update)

Buyers

First-Time Homebuyer Programs in Roselle Park, NJ

June 4, 2025

Why Roselle Park Is a Great Choice for First-Time Buyers

Beige background with minimalist line art of a house in the background. Foreground text reads: “Where to Buy a Home in New Jersey: A County-by-County Guide.” Clean, modern design with soft tones and elegant typography.

Buyers

Where Should You Buy a Home in NJ? A Guide to Union, Middlesex, Essex, and Bergen Counties

May 21, 2025

Explore the top neighborhoods and housing markets in Union, Middlesex, Essex, and Bergen Counties with insights from the experts at Florostone Realty.

Florostone Realty graphic showcasing real estate marketing services, illustrating home staging, client interaction, and property sales with the tagline 'Want to see how our marketing makes homes shine?

Sellers

How to Sell Your Home Fast in Union, Middlesex, Essex, and Bergen Counties

May 13, 2025

Florostone Realty's Proven Strategies for Maximizing Home Sales in New Jersey's Competitive Markets

Florostone Realty graphic listing 5 key tips for selling a home in Union County, NJ, including pricing strategies, curb appeal, professional photography, optimal listing timing, and partnering with a local expert.

Tips

Selling a Home in Union County, NJ? 5 Key Tips for a Successful Sale

May 7, 2025

Expert Tips to Sell Fast and Maximize Value in 2025

Tips

How to Generate a Steady Stream of Buyer and Seller Leads Without Cold Calling

March 29, 2025

From SEO and social media to email marketing and referrals, this blog breaks down the best strategies to attract and convert leads without picking up the phone.

Sellers

Should You Get a Pre-Listing Inspection Before Selling Your New Jersey Home?

March 15, 2025

Learn why a pre-listing inspection may be the smartest move before putting your house on the market!

LET’S CONNECT

We strive to become your go-to Real Estate Advisors. Book a free consultation today and let’s get started with a buying or selling plan for your home customized to your unique timeline.