Archive of the 2024 filing season changes, with an update for 2025–2026: new standard deduction, the $40,000 SALT cap, and new deductions.
Editor's update — September 2026: this guide covered the 2024 filing season and stays up as an archive. For the current season: the 2025 standard deduction is $15,750 single / $31,500 married filing jointly (rising to $16,100 / $32,200 for 2026); the SALT cap is now $40,000 for 2025 and $40,400 for 2026 (phasing back toward $10,000 above roughly half-a-million dollars of income); new deductions exist for tips, overtime, seniors, and car-loan interest; and the 1099-K threshold reverted to $20,000 and 200 transactions.
Tax season 2024 is just around the corner, and if you haven't started preparing yet, now is the time! Changes to tax laws this year may impact your filing, and staying informed can help you take advantage of deductions, credits, and planning opportunities.
Here are eight things to keep in mind as you prepare to file your 2024 taxes.
The IRS has updated the tax brackets for 2024 to adjust for inflation. Here’s a look at the updated ranges for each tax rate:
Taxable income brackets
| Tax rate | Single filers | Married couples filing jointly (and qualifying widows or widowers) |
|---|---|---|
| 10% | $0 to $11,600 | $0 to $23,200 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 |
| 37% | $609,351 or more | $731,201 or more |
For 2024, the IRS has increased the standard deduction to the following:
Why it matters: A higher standard deduction means less of your income will be taxable, potentially lowering your overall tax bill. Most people will find it easier and more beneficial to claim the standard deduction rather than itemizing.
While many will still benefit from the standard deduction, some may opt to itemize. Key deductions for 2024 include:
Why it matters: If you have significant mortgage interest, charitable donations, or medical expenses, itemizing may allow you to deduct more than the standard deduction. Be sure to track your expenses to determine which option is best for you.
For 2024, the contribution limits for retirement accounts have increased:
Why it matters: Contributing to your IRA or 401(k) can reduce your taxable income and help you save for retirement. Maxing out your contributions will not only set you up for a better financial future but also help reduce your tax burden for 2024.
If you’re enrolled in a high-deductible health plan (HDHP), 2024 brings higher contribution limits for your Health Savings Account (HSA):
Why it matters: HSAs are a tax-advantaged way to save for medical expenses. By contributing the maximum allowed, you can reduce your taxable income for 2024 and enjoy tax-free withdrawals when you use the funds for qualifying medical expenses.
The Child Tax Credit remains $2,000 per child in 2024 for children under 17. Here's the important phase-out information:
Additionally, there is a $500 credit for other qualified dependents.
Why it matters: The Child Tax Credit directly reduces your tax bill, meaning you owe less in taxes if you qualify. This is one of the most valuable credits for parents, so don’t forget to claim it if you qualify.
For 2024, the AMT exemption has increased to:
The phase-out begins at $609,350 for single filers and $1,218,700 for married couples.
Why it matters: If your income is above these thresholds, you could be subject to AMT, which ensures you pay a minimum amount of tax. The higher exemptions for 2024 may help you avoid paying AMT, depending on your income level.
The 2024 estate and gift tax exemption has increased to $13,610,000, with the annual gift exclusion rising to $18,000 per recipient. This allows more room to pass on assets without triggering taxes, but the exemption expires at the end of 2025 unless Congress acts. These updates can impact your filing process and savings, so staying informed is crucial.
In conclusion, the 2024 tax changes offer valuable opportunities to reduce your tax liability and plan for the future. Take advantage of higher contribution limits and the increased standard deduction. Just be mindful that some benefits, like the estate tax exemption, may expire soon. Plan ahead to make the most of these updates.
Now, to ensure you don't miss any critical filing deadlines, let’s take a look at the important tax dates for the 2024 tax year:
Talk it through with a licensed US tax professional — we'll tell you honestly whether it applies to your situation.
Extended S corp and partnership returns were due September 15. If yours didn't go out, the penalty meter is already on — here's how to stop it, and how first-time abatement can wipe it entirely.
Extended 2025 returns are due October 15 — and there is no second extension. Here is the three-week game plan, what missing it actually costs, and what to do if you can't pay.
Extended 1120-S and 1065 returns are due September 15, 2026 — and the late-filing penalty is $255 per owner, per month, even at $0 tax. What it costs, how abatement works, and the same-day Q3 estimate everyone forgets.
