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What to Watch In Filing '24 Taxes
The Wall Street Journal|January 28, 2025
AS the early birds with simple returns can file away. Tax seaà son began Monday.
- ASHLEA ERELING
What to Watch In Filing '24 Taxes

Even though Congress didn't make major changes for this year, there are some new wrinkles to be aware of, especially for those who sell things online, bought an electric vehicle, or prefer to get their refund as a savings bond.

Taxes may also be slightly less aggravating now. The Internal Revenue Service upgraded its online services, adding features and making it easier to check the status of refunds. "The IRS has put a lot of effort into what it calls the taxpayer experience," said Larry Gray, a certified public accountant in Rolla, Mo., who is the government liaison for the National Association of Tax Professionals.

Before getting started, remember that the complex rules for income taxes change a bit every year, including annual inflation adjustments for tax brackets and the standard deduction. A bigger revamp could be in store for next year and beyond, depending on the fate of the 2017 tax cuts, which expire on Dec. 31.

It takes taxpayers an average of 13 hours and $290 to prepare and file, according to the IRS. Often, it is worth it. Last year, tax refunds averaged $3,138, according to the IRS.

Disaster relief

Taxes for 2024 returns are due April 15, for most filers. There are exceptions. The roughly 10 million taxpayers who live in Los Angeles County have an extension until Oct. 15 to file and pay to help those recovering from the recent wildfires.

They also can delay paying quarterly estimated taxes.

Taxpayers in certain 2024 disaster areas may benefit from disaster relief on their 2024 returns or by amending their 2023 returns.

This story is from the January 28, 2025 edition of The Wall Street Journal.

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This story is from the January 28, 2025 edition of The Wall Street Journal.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

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