Updates to 2024 Federal Taxes
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Tax season is here.
As of Monday, the Internal Revenue Service is now accepting individual income tax returns. The IRS predicts four out of five returns will be filed electronically. January 23 is the first day the IRS will truly start processing them, as well. The IRS is taking more security measures to combat fraud and identity theft this year as the issue soared in 2016. With more than 153 million unique returns expected, the time to get your money back will be extended. Refunds claiming the Earned Income Tax Credit and Additional Child Tax Credit will be held until February 15, 2017. With weekends, President’s Day, and the time it takes to process through various financial establishments, the IRS predicts many won’t see money in the bank until roughly February 27. That being said – the ultimate filing date, or deadline, to complete your individual tax return is April 18, 2017. Normally, it is April 15, which in 2017 is a Saturday. The following Monday – April 17 – is a legally recognized holiday in Washington, D.C. Legal holidays such as Emancipation Day affect the filing deadline, resulting ultimately in the April 18th deadline.
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.