GREENSBORO, N.C. — Tax season is upon us and with it come changes for those filing in 2024. To help you sort it all out, WFMY News 2 invited Kevin Robinson of Robinson Accounting and Tax Services and Ryan Dodson of Stanaland, Dodson & Associates, CPA for a live Q&A at 5:30 pm.
Here are a few key items:
The IRS announced that Jan. 29 was the official start date for the 2024 tax season and expects more than 128.7 million tax returns to be filed by the April 15 deadline.
Here are the important dates for the 2024 tax season.
- January 12: IRS Free File opens
- January 16: Due date for 2023 fourth quarter estimated tax payments
- January 29: Filing season start date for individual tax returns
- April 15: Due date of filing a tax return or to request an extension
- October 15: Due date for extension filers
Another thing to keep in mind is the standard Deduction has changed this year.
- Married: $27,700 up from $25,900 in 2022
- Singles: $13,850 up from $12,950 in 2022
- Singles over 65: $15,700 up from $14,700 in 2022
- Head of Household:$20,800 up from $19,400 in2022
You can file your taxes for free online if your annual income is $79,00 or less.
Experts explain the basic changes for tax season 2024.
Energy Efficient Home Improvement Credit
For qualifying Energy Star equipment placed in service after December 31, 2022, and before January 1, 2033. Certain qualifying property ( ex. windows, skylights, doors, central AC & Heating Systems) has an annual limit(previously lifetime limit of lower amounts) of $1,200 in the aggregate.
There is also an additional $2,000 annual limit for specified heat pumps and heat pump water heaters for example. Encourage individuals to make sure to have their paperwork on hand where they purchased and had the qualifying energy-saving property installed in 2023 to give to their tax professional. Information on qualifying property can also be found on www.energystar.gov The said credit is claimed on Form 5695 and Part II.
Experts answer your tax questions: Part 2
