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Tax season officially started Monday, with the IRS planning to accept tax returns until April 15. Whether you’re filing now or later, here are some changes that may affect your bill that you’ll want to keep tabs of, according to Kiplinger.
2024 child tax credit
Congress is considering an enhanced child tax credit deal that would expand and benefit around 15 million children in the country. Stay tuned to potential changes by checking out Kiplinger’s coverage of the tax deal.
IRS 1099K form delay
The IRS has delayed the $600 rule for 1099-K reporting. The rule would’ve meant that people paid at least $600 for goods and services through a third-party network would have received a form 1099K in January or February.
Despite the delay, individuals might receive a 2023 1099K from providers that paid you through an online platform. The IRS still expects you to report all taxable income on your federal income tax return
Free file taxes
IRS Free file allows people whose adjusted gross income is $79,00 or less to file their federal income tax returns for free. The program connects taxpayers with trusted tax prep partners who have various eligibility rules and products.
To find the right product for you, visit the IRS Free File site.
Tax brackets 2023
Federal income tax rates are tied to tax brackets that change yearly for inflation. To learn more about federal tax brackets and income tax rates for 2023 visit the IRS website.
Direct File Pilot
Direct File is an in-house tax preparation and filing system that the IRS is rolling out as a pilot program this year. It’ll allow eligible taxpayers to file their returns directly with the IRS at no cost. The pilot will mainly involve state government employees with straightforward federal tax returns. Several hundred taxpayers will be selected to participate.
Noah Johnson (he/him/his) is a Chicago-based journalist. Follow him on X: @noahwritestoo.
Edited by NaTyshca Pickett