Whether you file your income tax return early or at the last minute, there are ways to simplify the process and reduce what you owe – or even increase your refund – before the deadline.
Filing Simplification Tip
Once you receive your W-2 and/or 1099 tax forms, see what income tax bracket you fall under to determine whether you should itemize expenses or take the standard deduction. Thinking about this step first can save you a lot of time. If you don’t come near the standard deduction amount, you will not be itemizing expenses. And if you are not itemizing expenses, you won’t have to gather all the receipts (e.g., mortgage interest, property tax, state and local income taxes, and sales tax paid in 2024).
2024 Tax Season Income Tax Brackets
| Single filer | Married filing separately | Married filing jointly (includes qualifying widow/er) | Head of Household | Tax Rate |
|---|---|---|---|---|
|
$0 to $11,600 |
$0 to $11,600 |
$0 to $23,200 |
$0 to $16,550 |
10% |
|
$11,601 to $47,150 |
$11,601 to $47,150 |
$23,201 to $94,300 |
$16,551 to $63,100 |
12% |
|
$47,151 to $100,525 |
$47,151 to $100,525 |
$94,301 to $201,050 |
$63,101 to $100,500 |
22% |
|
$100,526 to $191,950 |
$100,526 to $191,950 |
$201,051 to $383,900 |
$100,501 to $191,950 |
24% |
|
$191,951 to $243,725 |
$191,951 to $243,725 |
$383,901 to $487,450 |
$191,951 to $243,700 |
32% |
|
$243,726 to $609,350 |
$243,726 to $365,600 |
$487,451 to $731,200 |
$243,701 to $609,350 |
35% |
|
$609,351 or more |
$365,601 or more |
$731,201 or more |
$609,351 or more |
37% |
2024 Tax Season Standard Deductions
| Single filer and married filing separately | Married filing jointly (includes qualifying widow/er) | Head of Household |
|---|---|---|
|
$14,600 |
$29,200 |
$21,900 |
Retirement Saving Tips
It’s not too late to contribute to an IRA. Both the traditional and Roth IRAs allow you to make contributions for 2024 up until the tax-filing deadline of the following year – which this year is Tuesday, April 15. The advantage to this later deadline is that you can complete your taxes before they are due, then adjust them to reduce your tax liability if needed by contributing to your IRA. The total maximum contribution you can make to all of your IRAs combined (both Roths and traditional) is $7,000 for 2024 or $8,000 if you are 50 years or older.
However, if you have a Roth IRA, there are restrictions to contributions based on your 2024 income. You may make the maximum contribution to your Roth only if your 2024 modified adjusted gross income (MAGI) is less than a certain threshold.
| Filing Status | MAGI | Contribution amount |
|---|---|---|
|
Single and Head of Household filers |
Below $146,000 Between $146,001 and 161,000 Above $161,000 |
$7,000/$8,000 (age 50+) Phased (IRS Worksheet 2-2) Nothing |
|
Married filing jointly (includes qualifying widow/er) |
Below $230,000 Between $230,000 and $240,000 Above $240,000 |
$7,000/$8,000 (age 50+) Phased (IRS Worksheet 2-2) Nothing |
Be aware that the amount of deduction you can claim for a traditional IRA contribution may be limited if you or your spouse are covered by a retirement plan at work.
| Filing Status | MAGI | Deduction amount |
|---|---|---|
|
Single and Head of Household filers |
$77,000 or less Between $77,000 and 87,000 $87,000 or more |
Full deduction Partial (IRS Worksheet 1-2) None |
|
Married filing jointly (includes qualifying widow/er) |
$123,000 or less Between $123,000 and 143,000 $143,000 or more |
Full deduction Partial (IRS Worksheet 1-2) None |
|
Married filing separately |
Less than $10,000 $10,000 or more |
Partial (IRS Worksheet 1-2) None |
If you make a traditional and/or Roth IRA contribution by the April 15 deadline, you may qualify for the Retirement Saver’s Credit (also available if you contributed to an employer plan by Dec. 31, 2024). The maximum credit is $1,000 ($2,000 for married couples), and it can increase your refund or reduce the tax you owe. However, the saver’s credit is subject to other deductions, credits, and income restrictions.
| Filing Status | MAGI |
|---|---|
|
Single and Married filing separately |
up to $57,375 |
|
Married couples filing jointly (includes qualifying widow/er) |
up to $76,500
|
|
Head of Household Filers |
up to $57,375 |
Work with an experienced tax preparer to take advantage of legitimate deductions and credits to ensure that you only pay what is required for your situation.