tax update for tax season 2024 (2024 tax year)
when are tax returns due for year 2024 in 2025?

1065, FTB 565, 1120S FTB 100S  any 2 member+ LLC  all due 3.15.25

time limit to form 1120S for 2025 3.15.25

individual 1040 FTB 540 4.15.25

C-Corp due 4.15.2025

990 990N non-profit due 5.15.25

C-Corp Fiscal year due 15th day of the 4th month after the close of the tax year

Non-profit fiscal year due 15th day of 5th month after close of tax year
​
1041 Trust and Estate returns due 4.15.25 Fiscal trust and estate returns due 15th day of 4th month following close of tax year

706 gift tax return due 9 months after decedents death

​2024 Tax Update: Key Changes and Reminders
The IRS has announced a number of tax changes for the 2024 tax year. Here are some of the most important updates:
Standard Deduction Increases:

• Married Filing Jointly: $29,200 (up $1,500 from 2023)
• Single Filers: $14,600 (up $750 from 2023)
• Head of Household: $21,900 (up $1,100 from 2023)

Tax Brackets and Rates:

• The tax rates themselves remain unchanged, with the top rate at 37%.
• However, the income thresholds for each bracket have been adjusted upwards slightly to account for inflation.

Capital Gains:

• The 0% capital gains rate now applies to individuals with taxable income up to $47,025 (up from $44,625 in 2023).

Alternative Minimum Tax (AMT):

• The AMT exemption amount has increased to $85,700 for single filers and $133,300 for married couples filing jointly.

Retirement Contributions:

• 401(k) Limit: The contribution limit for 401(k) plans in 2025 will be $23,500, up from $23,000 for 2024.
• IRA Limit: The IRA contribution limit remains at $7,000.
• Qualified Charitable Distributions (QCDs): Eligible IRA owners age 70½ and older can donate up to $105,000 to charity in 2024 through QCDs, up from $100,000.

Other Notable Changes:

• Social Security Tax: The maximum earnings subject to Social Security tax increased to $168,600.
• Bonus Depreciation: Businesses can deduct 60% in first-year bonus depreciation, down from 80% in 2023.
• Fringe Benefits: The monthly limit for tax-free qualified transportation and parking fringe benefits increa to $315. 
  
  
  

Reminders:

• Tax Day: As of right now, Tax Day is still April 15, 2025, for most taxpayers.
• Filing Electronically: The IRS encourages taxpayers to file electronically and choose direct deposit for refunds to ensure faster processing.
• 
  
• 1099K for 2024 tax year threshold to recive a 1099k is $5000
  

 

here are the tax numbers for 2024​