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Tax Law Changes and Your Guide to Filing Taxes in 2024

As we gear up for the upcoming tax season, there are critical changes in tax laws and key figures that could impact your federal tax return. At Butler Squared Consulting, we're here to simplify these changes, ensuring you understand their implications for your taxes and guiding you as you prepare for the upcoming tax season. Today we will review the tax law changes and your guide to filing taxes in 2024

You don't need to memorize all the nuances of these changes when filing your tax returns. If you have questions or need expert assistance, our team is ready to help. We offer a Butler Squared Full Service experience that can prepare your taxes in a day, and in some cases, within an hour, providing you with a seamless and hassle-free tax filing process.

Let's start with the basics: when can you file your 2023 tax return, the filing deadline for your 2023 tax return, and the standard deduction for this year. Once we have these essentials covered, we'll delve into the significant tax law changes, adjustments, and essential information to ensure a smooth tax filing experience.

When can I file my 2023 tax return?

The IRS typically opens for the season in January, and Butler Squared Consulting is ready to assist with your tax return preparations early in January. Stay tuned to the TurboTax blog for updates on the IRS e-file opening announcement.

Taxes 2024

When is the deadline for filing my 2023 tax return?

The filing deadline for your 2023 tax return is midnight on Monday, April 15, 2024, unless you file for an extension. Certain areas affected by natural disasters may have later deadlines.

What is the standard deduction for 2023 tax returns?

The standard deduction is adjusted for inflation every year. For single taxpayers (and married individuals filing separately), it increased by $900 from the previous year to $13,850 ($27,700 for married couples filing jointly). For heads of households, the standard deduction is now $20,800, up by $1,400.

But that's just the beginning. We'll also discuss the noteworthy 2023 tax law changes and their implications. Several key tax benefits related to COVID relief have reverted to pre-American Rescue Plan tax rules, which may impact your tax return. These changes affect credits like the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax Credit.

The Child Tax Credit, for example, has shifted from up to $3,600 under COVID relief in tax year 2021 to up to $2,000 in 2023. The Child and Dependent Care Credit provisions remain unchanged for 2023, reverting to pre-COVID relief rules. Similarly, the Earned Income Tax Credit (EITC) continues to offer valuable tax breaks for low- to moderate-income workers and families.

Income tax credit

The tax landscape has seen other significant changes, such as updates to Form 1099-K for payment card and third-party network transactions and provisions under the Inflation Reduction Act, impacting energy efficiency, healthcare, and corporate taxes. Electric vehicle credits and student loan interest deductions are also areas to watch.

But that's not all. We'll explore retirement plan contributions, Health Savings Accounts, Flexible Spending Accounts, deductible mileage rates, the Adoption Credit, annual gift tax exclusions, and other vital aspects to consider when filing your taxes. Plus, we'll guide you on the forms and documents you should gather.

Unemployment benefits, business and at-home deductions, and a range of common tax forms all play a role in your tax filing journey. Rest assured, you don't need to become a tax expert – Butler Squared Consulting simplifies the process by asking you questions and identifying eligible deductions and credits based on your responses.

Whether you're navigating self-employment, investments, or other financial complexities, Butler Squared Consulting is here to ensure you make the most of your tax return. Our experts can assist you throughout the process, making sure your taxes are done accurately and efficiently.

Stay tuned for updates and expert guidance from Butler Squared Consulting to make your upcoming tax season a smooth and stress-free experience.

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