Tax Refunds 2024: New Changes and Potential Increases Generate Excitement

Get ahead of the curve with insights into the Tax Refunds 2024. Learn about potential IRS alterations, increased refunds, and how to maximize your tax return.

New Changes and Potential Increases in Tax Refunds 2024 Generate Excitement (Photo: CBS News)

Discover the Potential Impact of IRS Alterations on Your Tax Refunds 2024

As the 2024 tax season approaches, the anticipation for tax refunds 2024 is palpable among many Americans. After a decrease in refunds due to the expiration of pandemic-era federal benefits last year, taxpayers are eager to uncover what changes and potential increases they might experience this year.

Good news may be on the horizon, as experts predict the possibility for taxpayers to have larger Tax refunds 2024. The average tax refund in 2022 was $3,167 reflected a nearly 3 percent decrease from the prior year, prompting concerns among filers. However, the potential for notable increases in Tax Refunds 2024, including a 15.5 percent rise in the average refund check, leaves taxpayers hopeful and eager for the upcoming filing season.

One ironic twist in this year’s tax landscape is the potential positive impact of inflation. Despite its impact on purchasing power in 2023, inflation adjustments made by the IRS could lead to a more generous standard deduction and a historically significant 7.1 percent increase in tax brackets, brightening the prospects for taxpayers in 2024.

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Potential Tax Refund Increases Benefit Homeowners, Low-Income Families, and Eligible Filers

Various groups are expected to benefit from these potential increases, including homeowners utilizing expanded home energy tax credits, individuals whose incomes didn’t keep up with inflation, and low-income families with children. Additionally, the expanded Earned Income Tax Credit, with a maximum credit of $7,430 for the 2023 tax year, is projected to bring relief to eligible filers.

Recognizing that some returns may require additional review, the IRS advises taxpayers to use the “Where’s My Refund?” tool on IRS.gov or the IRS2Go app to verify the status of their refunds before the January 29 start of the new tax filing season. As Americans anxiously await the possibility of a refund increase this year, this transparency is intended to provide accurate and individualized information regarding tax return processing and refunds.

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