Important Information: With the tax deadline approaching in a matter of days, it is critical that all necessary documents be filed promptly and accurately to prevent the Internal Revenue Service from taking legal action against you and filing unnecessary files. So, how far back are tax returns possible? What about beginning in 2022?
According to the California Franchise Tax Board, the majority of Californians whose properties were impacted by winter natural disasters were required to submit their taxes beginning in 2022 by November 2023 in order to avoid incurring additional penalties.
Further research indicates that it is not feasible to submit tax returns for 2022 in 2024 without facing penalties and legal action, as the deadline has already passed. As a result, it is prudent to file them as soon as possible in order to avoid more severe penalties, and to also seek the advice of an attorney before deciding on a course of action.
Can You Claim Both the Child Tax Credit and the Child and Dependent Care Credit?
Crucial data for the 2024 tax year
For the 2024 tax return, the IRS has raised income tax brackets, requiring additional qualifying conditions whether you file jointly or separately.
The IRS hiked tax rates to 7% in 2022 and 2023 to adjust for inflation. This has caused considerable changes in the numbers.
Single filers earning $44726 to $95375 will pay 22% tax in 2023, up from $41776 and $89075 in 2022. This is a big increase, but it helps suffering Americans financially.
The 2023 standard deduction increase is the second change. Individual taxpayers’ standard deduction has increased by $900, to $13850.
Consider whether medical expenditures and charitable contributions exceed the standard deduction before deciding if itemizing deductions will save you more.
Guide on requesting a tax return filing extension from the IRS
