Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Written By Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Tax Writer Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
Caren Weiner Personal Finance EditorSince her first tax article appearing more than three decades ago in Money magazine, Caren Weiner has written and edited stories about money management topics ranging from investment fees and health costs to household budgets. Her finance- and invest.
| Personal Finance Editor
Updated: Jan 30, 2024, 9:44am
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Ready or not, the 2024 tax filing season is here. As of January 29, the IRS is accepting and processing tax returns for 2023. The agency expects more than 128 million returns to be filed before the official tax deadline on April 15, 2024.
As you gather your financial documents, choose your preferred tax software and prepare to file, you may want to read up on some rule changes that could affect you. Among them are higher standard deduction amounts, expanded income tax brackets and changes to business deductions.
When filing your taxes, you can choose to claim the standard deduction or to itemize your deductions. The IRS estimates that 90% of tax filers claim the standard deduction, an amount set by the agency that’s linked to your filing status and other factors.
Americans can expect to see larger standard deduction amounts when filing their 2023 tax forms. These higher deduction amounts will result in lower taxes.
Here are the standard deduction amounts for the 2023 tax returns that will be filed in 2024.
Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) See More See LessTaxpayers who are 65 and older, or are blind, are eligible for an additional standard deduction. For the 2023 tax year, the additional standard deduction amounts are $1,850 for single filers or heads of household and $1,500 for married filers or qualifying widow(er)s.
Taxpayers who itemize their deductions can instead write off expenses such as mortgage interest, charitable contributions and state and local taxes.
Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year. The income tax bracket changes mean that, as with higher standard deductions, taxpayers can expect to see a slightly smaller tax bill.
For example, a single taxpayer who has taxable income of $44,000 for 2023 will be taxed at a marginal tax rate of 12%. If the taxpayer had received the same amount in 2022, they would have been taxed at a top rate of 22%.
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Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
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