The 2024 tax season began on January 29, when the Internal Revenue Service (IRS) began accepting and processing individual tax returns for the 2023 period. The season has other relevant dates such as April 15, which is the deadline for receipt of such tax returns.
Another important date is May 17, which is the deadline for claiming 2020 tax refunds: this milestone is extraordinary, because it is an unusual extension of the ordinary for those people who, due to the past coronavirus pandemic, have not been able to complete that process.
Here Are the Important Dates for the 2024 Tax Season
Now, if you are an American taxable in the USA, but you reside abroad, June 17th is the date you should keep in mind, since it is the deadline for that population of taxpayers, while October 15th is the deadline for those who requested an extension on their 2023 tax returns.
Now, let’s talk about tax brackets, that are divisions that determine the percentage of taxes that a person must pay on their income in federal income tax. These sections are established depending on the income level of each taxpayer. Usually, as income increases, so does the percentage of taxes that must be paid. The Tax Cuts and Jobs Act of 2017 determined the tax brackets in the United States until 2025.
For example, in a progressive tax bracket system, taxpayers with lower incomes would be in a bracket with a lower tax rate, while those with higher incomes would be in brackets with higher tax rates.
This means that people who earn more will pay a higher percentage of taxes on their higher incomes, while those who earn less will pay a lower percentage of taxes on their lower incomes.
These are the tax brackets for the 2023 tax period:
| Tax Rate | Single | Married filing jointly | Married filing separately | Head of household |
|---|---|---|---|---|
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $11,000 | $0 to $15,700 |
| 12% | $11,001 to $44,725 | $22,001 to $89,450 | $11,001 to $44,725 | $15,701 to $59,850 |
| 22% | $44,726 to $95,375 | $89,451 to $190,750 | $44,726 to $95,375 | $59,851 to $95,350 |
| 24% | $95,376 to $182,100 | $190,751 to $364,200 | $95,376 to $182,100 | $95,351 to $182,100 |
| 32% | $182,101 to $231,250 | $364,201 to $462,500 | $182,101 to $231,250 | $182,101 to $231,250 |
| 35% | $231,251 to $578,125 | $462,501 to $693,750 | $231,251 to $346,875 | $231,251 to $578,100 |
| 37% | $578,126 or more | $693,751 or more | $346,876 or more | $578,101 or more |
Don’t Miss the 2024 Tax Season Deadline: It’s a Bad Idea
Once again I have to emphasize that the deadline is next Monday, April 15, 2024, a date that you do not want to miss because you expose yourself to penalties, default interest and complications that the IRS will not hesitate to apply to you.
In case you miss the date, these are some of the penalties that you expose yourself to:
- Late filing: 5% for each month that the return is overdue, up to a maximum of 25%.
- Late payment: 0.5% for each month that the payment is late, up to a maximum of 25%. They are accrued on any unpaid tax from the day after the deadline.
- Withholdings on your refund: If you owe money to the IRS, it may withhold your tax refund from later years.
- Difficulties in obtaining loans or credits: A history of late declarations can affect your credit score and make it difficult to obtain loans or credits.
- Possible audit: The IRS is more likely to audit returns that are filed late.