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Crucial Updates and Key Changes for This Tax Season You Can’t Afford to Miss!

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IRS is making major adjustments that could affect your income as the 2024 tax season approaches. Starting January 29, tax season may bring you additional money. According to financial analyst Ted Jenkin, the IRS  is boosting tax brackets by 5.5%, which could lower tax liabilities or increase refunds.

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Standard Deductions Exciting Opportunities for 2024!

Rising inflation-related standard deductions are a major change. Joint filers‘ standard deduction rises $1,800 to $27,700. For single taxpayers, the standard deduction rises from $900 to $13,850.

With these improvements, Jenkin hopes to streamline the tax filing process for more Americans, especially those with lower incomes who may not itemize deductions.

EV tax advantages are exciting this year. Based on income, new automobile purchasers might receive a $7,500 federal tax credit and used car buyers $4,000, respectively. Adding a home charger may earn an extra $1,000. Property owners considering energy-efficient upgrades can get tax incentives. By upgrading windows and doors, consumers may qualify for $3,200 in tax credits.

READ ALSO: Child Tax Credit: Americans To Recieve Upto $2,000; Check If You Are Eligible

Tax Filing: Dive into the Future with ‘IRS Direct File’

IRS direct file” is IRS-tested tax filing software designed to simplify the procedure. A free pilot program in 13 states, including Arizona, California, Massachusetts, Texas, Florida, and New York, allows individuals to submit their taxes online directly with the IRS. The benefits include no fees and speedier reimbursements than commercial tax preparation.

Jenkin stresses the significance of monitoring changes in politics, notably Democratic and Republican tax policy. The nation’s $34 trillion debt makes knowing personal income tax and payroll tax vital for financial planning.

This tax season has both obstacles and possibilities, so taxpayers should stay aware and proactive in managing their finances.

READ ALSO: Unexpected Decline In US Producer Prices Results In Ongoing Goods Deflation

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