As you prepare to file taxes for 2024, use this guide for important dates (and extensions), filing requirements, tax changes, and other useful information.
Filing status2025 AMT phaseout threshold Single or head of household $626,350 Married, filing separately $626,350 Married, filing jointly $1,252,700 How the AMT can affect your eligibility for tax breaks With the AMT, many of the items you might deduct for your regular taxes no longer appl...
Tax filingbegan today, with the IRS accepting tax returns starting January 29. Last year, the average tax refund was $3,167, or almost 3% less than the prior year,accordingto IRS statistics. By comparison, the typical refund check jumped 15.5% to almost $3,300 in 2022, when taxpayers re...
You may have heard about new tax law that trigger a tax form if you receive more than $600 from any one of these types of platforms. While this rule was put on hold for 2022 and 2023 taxes, a transition threshold of $5,000 is expected to apply for 2024 taxes (2025 filing season)...
The student loan interest deduction is worth up to $2,500 per year. But your deduction will be phased-out if your modified AGI exceeds a certain amount that’s based on your filing status. The phase-out ranges are adjusted upward each year to account for inflation. For ...
800. Form W-2 may not be issued to a household employee below this threshold amount. However, if you paid cash wages to household employees totaling more than $1,000 in any calendar quarter during the calendar year or prior year, those wages are subject to federal and state unemployment ...
The Self-Employment Tax is an often-overlooked requirement for self-employed individuals who reach a certain income threshold. If you are working as a sole proprietorship, independent contractor, or freelancer and you earn at least $400 in a year, you may be required to pay SE tax. Even if...
For tax year 2024, joint filers with MAGI up to $165,000 can claim the whole deduction, and joint filers with MAGI up to $195,000 can deduct a portion. (This is up from $155,000 and $185,000, respectively, in 2023). The MAGI threshold for claiming this deduction also increased ...
They had more than $1,300 inunearned income, such as that from investments. This is the threshold for tax year 2024. They had an overall 2024gross incomeof more than $1,300 or earned income up to $14,150 plus $450, whichever is more. ...
You can claim up to $3,000 ($1,500 if married filing separately) in capital losses as a tax deduction as of the 2024 tax year. If your losses were greater than that, you can “carry them forward” to the following year or years.15 What Are Tax Deductions? Tax deductions are ...