Tax season for 2024, officially starts on January 29, the date the IRS begins accepting 2023 tax returns.

April 15. Tax Day always falls on that date, unless April 15 falls on a weekend or holiday. This year, it comes on a Monday.

Yes. Select taxpayers in some states will be able to prepare and file their 2023 federal income taxes online directly to the IRS through the Direct File pilot. And the IRS Free File program will offer free filing to taxpayers with limited income.

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Income tax brackets jumped by 7% for 2023. Income tax is progressive: the more you earn, the more you pay as a percentage of your earnings. Each bracket represents a range of incomes subject to a particular income tax rate. Tax brackets will rise again in 2024. Here are the 2023 tax brackets: For individual filers:
◾ 37% for incomes over $578,125.
◾ 35% for incomes over $231,250.
◾ 32% for incomes over $182,100.
◾ 24% for incomes over $95,375.
◾ 22% for incomes over $44,725.
◾ 12% for incomes over $11,000.
◾ 10% for income below $11,000. For married couples filing jointly:
◾ 37% for income greater than $693,750.
◾ 35% for incomes over $462,500.
◾ 32% for incomes over $364,200.
◾ 24% for incomes over $190,750.
◾ 22% for incomes over $89,450.
◾ 12% for incomes over $22,000.
◾ 10% for income below $22,000.

The standard deduction for 2023 also increased by about 7%, to $13,850 for individuals and $27,700 for married couples filing jointly.

People over 65 qualify for an additional standard deduction. For 2023, it’s $1,850 if you are single or filing as a head of household, and $1,500 for married taxpayers. Both figures increased by $100 over 2022.

Itemized deductions “mostly remain the same” in 2023, according to Charles Schwab. A few specifics:
◾ State and local taxes: Taxpayers who itemize may deduct up to $10,000 in property, sales, or income taxes they have already paid to local or state governments.
◾ Mortgage interest: You can generally deduct interest paid on the first $750,000 of mortgage debt, according to NerdWallet. People who bought a house before Dec. 16, 2017, may deduct interest on the first $1 million.
◾ Medical expenses: You may deduct only medical and dental expenses that exceed 7.5% of your adjusted gross income.

There's a limit to how much of your earnings are taxed by the Social Security Administration, at a rate of 6.2%. (Self-employed workers pay 12.4%.) In 2023, wages beyond $160,200 were not taxed for Social Security. In 2024, the limit rose to $168,600. When you reach the Social Security tax limit, you get to keep that much more of your earnings.

Employees who participate in company retirement plans could generally contribute $22,500 to their 401(k) this year, up from $20,500 in 2022. Those who didn’t participate in an employer-sponsored plan could contribute $6,500 to an individual retirement account (IRA). People 50 and older have higher limits. For 2024, the limits rise to $23,000 and $7,000.

HSA contribution limits were $3,850 for individual coverage and $7,750 for family coverage in 2023, according to Fidelity. In 2024, they rise to $4,150 and $8,300.

The 2023 child tax credit is worth up to $2,000 per qualifying dependent under age 17, according to NerdWallet. The credit decreases if your modified adjusted gross income exceeds $200,000, or $400,000 for a married couple filing jointly.

You can claim “Head of Household” status if you are single or unmarried and maintain a household that includes a child or relative. The status provides for a larger standard deduction and more generous tax rates, according to H&R Block.

In a month or less, in most cases. The IRS says it issues most refunds within 21 calendar days. Paper returns, however, can take four weeks or more. Allow for time for the refund check to reach your bank account or mailbox.

We recommend the following:

TurboTax : https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

AARP : https://www.aarp.org/money/taxes/1040-tax-calculator/

Please note that: TurboTax and AARP tax calculators do not store any personally identifiable information. It will not ask for your Social Security number or any other sensitive data. And there is no place for you to enter that.

In some situations, itemizing makes more sense. Here are some common situations: You have itemized deductions totaling more than the standard deduction you would receive. You incurred significant out-of-pocket unreimbursed medical and dental expenses within the tax year. You paid real estate taxes and home mortgage interest on your home (See more about deducted mortgage interest and Form 1098). You had large, uninsured casualty (fire, flood, wind) or theft losses from a federally declared disaster. You have large gambling losses (and enough gambling winnings to offset those losses) You made substantial charitable contributions. You had a large medical expense. You had other allowable deductions such as impairment-related work expenses of a disabled person or repayment of amounts subject to a claim of right over $3,000.