- Income Tax Brackets: The income thresholds for tax brackets have increased to account for inflation. For example, the 22% tax bracket for single filers now starts at $47,150, up from $44,725 in 2023.
- Standard Deduction: The standard deduction has increased to $14,600 for single filers and $29,200 for married couples filing jointly. This is an increase from $13,850 and $27,700, respectively, in 2023.
- Alternative Minimum Tax (AMT): The AMT exemption amount has increased to $85,700 for single filers and $133,300 for married couples filing jointly. This is up from $81,300 and $126,500 in 2023.
- Earned Income Tax Credit (EITC): The maximum EITC amount has increased to $7,830 for taxpayers with three or more qualifying children, up from $7,430 in 2023.
- Health Savings Account (HSA) and Flexible Spending Account (FSA) Limits: The contribution limits for HSAs have increased to $4,150 and for FSAs to $3,200.
- Child Tax Credit: The Child Tax Credit has increased to $2,000 per qualifying child, up from $1,900 in 2023.
- Qualified Business Income Deduction: The threshold for the Qualified Business Income (QBI) deduction has increased to $170,050 for single filers and $340,100 for married couples filing jointly.
- S Corps, Partnerships, & LLCs taxed as a partnership: The first tax returns for the season are due on March 15, 2024.
- C Corps & Sole Proprietorships: This year, Tax Day falls on April 15, 2024
- Personal Income Tax Deadlines: Personal income tax returns filed in 2024 are due by April 15, 2024. Please note that if you miss filing taxes, you can always go for extensions. Extensions have to be filed by the due dates mentioned above.
