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    • What you need to know before filing your 2024 taxes
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    What you need to know before filing your 2024 taxes

    Pabio Posted on

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    Tax season is fast approaching, and filers can expect to see a slight increase in the standard deduction based on the cost of living when they file their 2024 tax returns.

    It’s probably not enough to alleviate the lingering effects of inflation, but every little bit can help.

    “The tax rates will stay the same and the child tax credit might change a little bit,” for qualifying children, said Sue Blattner of Blattner Tax Services, a family-owned tax preparation business located at 1902 W .Northern Ave. in Pueblo.

    THE The IRS released the figures for tax year 2024 and for single taxpayers and married filing separately, the standard deduction increased by $750 for a total deduction of $14,600. For married couples filing jointly for tax year 2024, the amount increased by $1,500 for a total of $29,200 for the standard deduction.

    For the head of household, the standard deduction increased by $1,100, for a total of $21,900.

    Other changes to the 2024 taxes will include the mileage rate for business use, which will increase to 67 cents per mile, Blattner said.

    She also said workers who save retirement funds in an IRA will be able to have $7,000 set aside if they are under 50 or $8,000 for anyone over 50.

    Here are the tax rates for 2024

    The IRS has tax rates divided into seven tax brackets for tax year 2024:

    • 37% – Single income above $609,350 and married couples jointly reporting income above $731,200
    • 35% – Single income greater than $243,725 and married couples jointly reporting income greater than $487,450
    • 32% – Single income above $191,950 and married couples jointly reporting income above $383,900
    • 24% – Single income over $100,525 and married couples jointly reporting income over $201,050
    • 22% – Single income above $47,150 and married couples jointly reporting income above $94,300
    • 12% – Single income above $11,600 and married couples jointly reporting income above $23,200
    • 10% – Single income of $11,600 or less and married couples jointly reporting income of less than $23,200

    Deadlines and tips to remember

    Blattner said most of the detailed tax filing information for 2024 will be released by the end of January, so his office will be busy from the last week of January through April 15.

    Those seeking an extension have until October to file the paperwork, but “they should still pay what they owe by April 15.”

    “This is an extension of the case, not an extension of the payment and a lot of people don’t realize that,” Blattner said.

    She said the IRS is moving more toward measures to prevent fraud.

    “They want you to go to IRS.gov and sign up for a personal PIN for security and they will send you a new one every year. If you end up having to pay taxes, they want you to create one account online because it’s more secure than sending a check in the mail,” she said.

    Blattner, who has prepared tax returns for 43 years, has help from his daughter, son-in-law and a few seasonal preparers to run the business. She said Puebloans might notice that it’s increasingly difficult to get help with taxes.

    It’s “increasingly difficult to find preparers because a lot of small businesses are going bankrupt. Part of the reason is the constant changes and if they get older, they don’t have anyone to run the business for them ” Blattner explained. .

    More: Pueblo Chamber names 2024 Citizens of the Year and other local business news

    Chief reporter Tracy Harmon covers business news. She can be contacted by email at [email protected] or via x.com/tracywumps. Support local news, subscribe to The Pueblo Chieftain at subscribe.chieftain.com.

    Pabio
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