What's New in 2024?
Standard Deduction Amounts
For 2024, the standard deduction amount has been increased for all filers. The amounts are:
- Single or married filing separately: $14,600
- Married filing jointly or qualifying surviving spouse: $29,200
- Head of household: $21,900
Earned Income Tax Credit
Earned Income Tax Credit maximum amounts are as follows:
- No qualifying children: $649
- 1 qualifying child: $4,328
- 2 qualifying children: $7,152
- 3 or more qualifying children: $8,046
*Income limitations apply.
Child Tax Credit
The maximum child tax credit remains the same at the amount of $2,000.
1099-K Payment Card and Third Party Network Transactions
Payment apps and online marketplaces such as Venmo, CashApp, or Zelle will be reporting transactions for goods or services where the total payments received were more than $5,000 in 2024 through form 1099-k.
In 2025 the threshold will be $2,500; and more than $600 in calendar year 2026 and thereafter.
Standard Deduction Amounts
For 2024, the standard deduction amount has been increased for all filers. The amounts are:
- Single or married filing separately: $14,600
- Married filing jointly or qualifying surviving spouse: $29,200
- Head of household: $21,900
Earned Income Tax Credit
Earned Income Tax Credit maximum amounts are as follows:
- No qualifying children: $649
- 1 qualifying child:: $4,328
- 2 qualifying children: $7,152
- 3 or more qualifying children: $8,046
*Income limitations apply
Child Tax Credit
The maximum child tax credit remains the same at the amount of $2,000.
1099-K Payment Card and Third Party Network Transactions
Payment apps and online marketplaces such as Venmo, CashApp, or Zelle will be reporting transactions for goods or services where the total payments received were more than $5,000 in 2024 through form 1099-k.
In 2025 the threshold will be $2,500; and more than $600 in calendar year 2026 and thereafter.
Refer a Friend!
When you refer a family member or friend to our team, you will receive a $50 referral incentive. Make sure your referral tells us of your name so that we can say a special thank you with your incentive.