As the 2024 tax season approaches, the IRS has released important updates regarding tax refunds and deductions that taxpayers need to be aware of. According to multiple sources, taxpayers can expect the first refunds of the 2024 tax season to be issued as early as February 12, 2025, assuming they file their returns electronically and choose direct deposit. The IRS will begin accepting tax returns for the 2024 season on January 23, 2025, marking a significant start date for taxpayers gearing up to file. Taxpayers are advised to submit their returns as soon as possible to expedite their refunds. The IRS anticipates that the majority of refunds will be issued within 21 days of tax return submission, contingent on accurate and complete returns. However, delays might occur if there are issues requiring additional review or if the returns include errors. In an important note for this tax year, the IRS has also increased the standard deduction amounts for taxpayers in response to inflation. For 2024, the standard deduction is raised to $14,600 for single filers and $29,200 for married couples filing jointly, up from $13,850 and $27,700 respectively in 2023. These increases aim to alleviate some of the financial burdens on taxpayers and provide relief amid rising costs. The tax agency is reminding taxpayers to check their filing status and all applicable deductions and credits to ensure they maximize their refund potential. “Taking advantage of the right deductions and correctly filling out your tax return can make a significant difference in your refund amount,” noted a finance expert. Taxpayers can use the IRS website or their tax preparers to get updates on their refund status using the ‘Where’s My Refund?’ tool, which is expected to be highly utilized as the filing season opens.
IRS Updates Tax Refund Timeline and Deductions for 2024
