Get ready for another tax season! Learn about important dates, changes to reporting requirements for gig workers, and how to file your taxes for free.
Another tax filing season is upon us.The IRS has not yet announced the official start date for the season, but the agency typically begins processing new returns the last week of January. Here are other key dates and important things to know about this year’s filings: Single filers: Tax brackets for joint filers: For 2024, the Child Tax Credit is worth up to $2,000 for each qualifying child. A child must be under age 17 at the end of 2024 to be a qualifying child.
Find more info from the IRS here. If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year. The law will not affect the amount of taxes owed, but it will change how you report income with 1099-K forms.Those who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. A copy of this form will be sent to the IRS as well.The 1099-K reporting threshold will eventually decrease to $600. RELATED: Social Security Fairness Act signed: What to knowThe IRS provides a couple options for taxpayers to file their taxes for free. Seventy percent of all taxpayers can use free brand name tax software to prepare and file their federal income tax return electronically using IRS Free File. All taxpayers, regardless of income level, can also use IRS Free File Fillable Forms.The IRS Free File is currently unavailable online as it is closed from last tax season, but more information will become available later in January. RELATED: 2021 Recovery Rebate Credit: What it is and who qualifiesSeveral factors can influence the timing of a refund after the IRS receives your tax return. Most refunds are issued in less than 21 days, but the IRS advises taxpayers not to depend on the refund for major purchases or bill
TAXES TAX_FILING IRS FREELANCER 1099-K
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