After a short delay to start the tax filing season 2024, we have officially begun taking clients in person and via email. The IRS opened their offices on January 29, 2024 and will process tax returns on a first come first serve basis per usual. Some taxpayers may face a longer delay this year if they claimed either the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) and/or the Additional Child Tax Credit (ACTC). If your return falls into one of these categories, your refund may not be processed until mid February. You can always check on the status of your refund via Where's My Refund on the IRS website or for the status of your state refund directly on the FTB Website. Changes are coming soon for the child tax credits and more information to follow regarding this topic. As of today, an increase in the credit has passed the House but still needs to get the approval of the Senate. Stay tuned.
The Standard deduction for the 5 filing statuses are as follows for tax year 2024.
Single Filer (Unmarried): $13,850
Married Filing Separate: $13,850
Married Filing Joint: $27,700
Qualifying Widow(er): $27,700
Head of Household: $20,800
For more information, feel free to contact us.