IRS increases deductions for 2024 income taxes

It’s tax season. The Internal Revenue Service Began to accept 2024 returns on January 27, 2025.

IRS spokesman Luis Garcia says Americans will lodge more than 140 million individual returns by April 15.

Luis Garcia in the WDet -New Room
Luis Garcia works for IRS in Detroit

This year, taxpayers may require higher standard deductions, whether they are filing separately or jointly with a spouse.

Garcia says the higher deduction means that most filers should not have to specify their deductions.

“Unless you have a lot of medical bills unless you have a lot of mileage, it will probably not increase to the level of this standard deduction,” he says.

Families may be eligible to certain credits

IRS also increases the earned income tax credit for families with low to moderate income with at least three children qualifying.

Garcia says in Michigan that approx. 20% of EITC eligible taxpayers do not apply for credit.

Read more: Detroit -kalition spreads words about tax deduction

“Many times it’s families in transition,” he says. “A spouse is dead or there is a divorce. And they forget to claim it. “

Some of these families may also be entitled to submit their taxes at no cost.

There is free then there is “free”

IRS offers free filing on its website for people earning less than $ 78,000 by 2024.

Garcia says the agency is working with tax software providers to help people calculate how much they owe the government or how much refund they get.

But he warns those who archive on their own using third -party tax software may end up paying hidden fees.

“What they want to do is put ‘free file’ in a search engine, and then they have to click on one of the first items they get back,” he says. “At the end of this process, after spending a few hours entering all your information you will find out Software is free but there is a filing fee or other fee. “

Garcia says that more than half of the people who archive their taxes in 2024 will hire a tax professional. He says they should ask the preparation for any fees in advance, so they are not surprised at the end of the process.

A taxpro will help people find out if they get a refund – and how much – or whether they owe the IRS. Garcia says in the latter case that they should not hide it from Uncle Sam.

If you owe, don’t fudge

He says the government offers opportunities for people who cannot afford to pay their taxes, such as payment plans and archiving of extensions. He also says the IRS sometimes works with taxpayers to reduce their debt.

“Let’s say you owe $ 10 and we know that within five years you will never be able to pay it back,” Garcia offers. “What we have to do is that we say,” well, you can pay $ 5 back and we reduce the amount you owe in total. ”” ”

Garcia says people can visit The IRS website To see what credits they may require, you need to archive online and download forms to print.

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