These changes affect deductions, tax credits, filing deadlines, and eligibility for various tax benefits.

Key Filing Updates and Deadlines

The deadline for submitting Form 1040 or 1040-SR for the 2024 tax year is Tuesday, April 15.

Taxpayers are urged to wait until they receive all necessary documents before filing to avoid processing delays or errors. The IRS also recommends creating an IRS Online Account for secure access to tax records and streamlined filing.

Taxpayers with an Individual Taxpayer Identification Number (ITIN) should check if their number has expired, as filing with an expired ITIN may result in processing delays.

For tax year 2024, the standard deduction has increased to:

The IRA contribution limit has increased to $7,000 ($8,000 for individuals aged 50 or older).

1099-K Reporting Requirement Changes

Third-party payment platforms must report transactions exceeding $5,000, a change from prior reporting thresholds.

Stay Informed

The IRS encourages taxpayers to visit IRS.gov and consult Publication 17 for full details on these changes and additional tax benefits.