References/Tools

• Between Jan 15th and Jan 31– IRS begins accepting and processing e-filed returns and extensions
• March 17th – Last day to e-file returns and extensions for S-Corps, LLCs, and Partnerships
• April 15th – Tax Day – Last day to e-file returns and extensions for individuals, C-Corps and Sole Proprieters
• September 15th – Last day to e-file tax returns with a 6-month extension for S-Corps, LLCs, and Partnerships
• October 15th – Last day to e-file tax returns with a 6-month extension for individuals, C-Corps and Sole Proprieters

It’s important to note that 2024 tax payments are still due to the IRS on April 15, 2025. Regardless of the extension on your forms, you still would need to pay your taxes, or set up a payment plan by April 15, 2025. 

• January 1 to March 31 – April 15
• April 1 to May 31 – June 16
• June 1 to August 31 - September 15
• September 1 to December 31 – January 15 of the following year (last day to pay for 4th Quarter 2024)

• January 31st, 2025 – Deadline for employers to file Form W-2s with the IRS, unless filed electronically for 2023 forms
• January 31st, 2025 – Deadline for reporting payments to contract workers on Form 1099-MISC for 2023

The standard deduction is adjusted for inflation every year. Refer below for 2024 tax year updates (tax returns filed in 2025)

• Single/Married Filing Separately: $14,600
• Married Filing Jointly: $29,200
• Head of Household: $21,900
• Qualifying Surviving spouse: $29,200
• Claimed as a dependent by another taxpayer: Limited to $1,300 OR the sum of $450 plus the individual's earned income, whichever is greater.
• Personal exemption:  Remains at $0 – Eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA)
• Single or Head of Household 
  • 65+ or Blind:  +$1950
  • 65+ and Blind:  +$3900
• Married filing jointly or separately and surviving spouse 
  • 65+ or Blind:  +$1550 (per qualifying individual)
  • 65+ and Blind:  +$3100 (per qualifying individual)