2024 Tax Tips
Tax Season is here and if you haven’t already filed your taxes, you likely will soon. We’ve got some great tax tips specifically for those making less than 70K for you to consider as you prepare your taxes this year. Let’s dive in!
Tip #1: Tax Refund Are Delayed for Those With Kids
If you have kids, you likely won’t receive your tax refund until Feb 27th. This is due to the IRS aiming to prevent fraud around those claiming dependents. This is specifically for those claiming the Earned Income Tax Credit (EITC) and the portion of the Child Tax Credit that increases your refund—more info from IRS here.
If you don’t have dependents to claim on your taxes, you should get your refund (federal & state if applicable) 1 - 6 weeks after your taxes are filed.
Tip #2: There are many great ways to file your taxes for free in 2024
VITA - In-person tax filing by IRS-certified volunteers all across the US
Get Your Refund - File for free with virtual human help offered by nonprofit partners of the IRS.
My Free Taxes - Free self-prep taxes for those making less than $64,000. Powered by United Way.
IRS Direct File - A new free tax filing software provided by IRS. Like Turbo Tax, but built by the IRS. No income limits, but meant for those with W2 income, unemployment income, social security income, and less than $1500 in interest income. Other types of income are not accepted this year. Learn more in the tip below.
Tip #3: The IRS is launching and piloting its own tax software this year
IRS is testing its new Direct File software this year. It’s designed to help tax filers prepare their own returns for free. This 1st year, it’s focused on those with the simplest returns and is launching in 12 states (list below). Just like the 1st iPhone, it won’t be perfect this 1st year, but over time IRS should expand it to more states, accommodate more tax filers, and offer more features. Learn more.
Direct file states: AZ, CA, FL, MA, NV, NH, NY, SD, TN, TX, WA, WY
Tip #4: Congress is Considering Expanding the Child Tax Credit to Increase Refunds for Parents and Guardians
The US House of Representatives passed a bill that, if passed in the Senate, could increase the refunds for parents in 2024 or 2025. Are you a parent interested in more money to care for your children? Consider filling out this 2-minute form from a nonprofit partner that tells your state senators to vote for this bill in a few weeks.
Tip #5: Want to better understand your taxes and your refund? Or make changes to your taxes so you get a larger refund next year? Attend our workshop!
Feb 15, 23, and 29, we’re hosting a workshop series to help you understand your taxes and take action on your return. Wondering why your refund was smaller last year vs the year before? Maybe you want to better understand how tax credits and deductions work and what are the best ones for you. Sign up for our February 2024 tax course today!
Taxes are complicated, but we hope these tips help us save you some money and increase your tax refund this tax season. If you have a tax question, email it to us at hello@mymoneystory.com and we’ll get back to you and maybe feature it in a future blog post.
