Larger tax returns in 2024

Houston – The tax season is here and you may get more money back from Uncle Sam this year.

If you prepare your W-2S and 1099 forms, you should be aware of some changes that could increase your tax return.

The Federal Government hire the tax classes and the annual standard deduction every year to keep up with inflation. A positive result of inflation that we have experienced in recent years is that the government has less money under tax. Refunds are larger because the taxable income is lower.

The standard deduction for singles rose to $ 14,600 in 2024, an increase of $ 750.

For married couples, the standard deduction rose to $ 29,200, an increase of $ 1,500 around 2023.

This means that a married couple who submits together in the average tax class could see an additional 300 to 400 US dollars in their reimbursement check.

Relatives: When will Texans get their tax reimbursements? What you need to know

This time next year, the end of the first full year of the new government in Washington will be the end, which means that there will probably be further changes in the next tax season.

The IRS states that most reimbursements are processed within 21 days if they are submitted electronically and if there are no errors. However, taxpayers who submit a yield of paper can experience delays of four to six weeks or more.

Texans can use the “Where is my reimbursement?” Track? Tool on irs.gov. The tool updates once a day and offers three phases of the reimbursement status:

1. Receive return – the IRS has received and processed your tax return.
2. Reimbursement approved – your refund has been approved and is prepared for the deposit or shipping.
3. Refund sent – the IRS has sent its refund by direct deposit or check.

To check your status, you need:

• Your social security number or Itin
• Your registration status
• The exact reimbursement amount listed in your tax return