Whether you file your income tax return early or at the last minute, there are ways to simplify the process and reduce what you owe – or even increase your refund – before the deadline.
Filing Simplification Tip
Once you receive your W-2 and/or 1099 tax forms, see what income tax bracket you fall under to determine whether you should itemize expenses or take the standard deduction. Thinking about this step first can save you a lot of time. If you don’t come near the standard deduction amount, you will not be itemizing expenses. And if you are not itemizing expenses, you won’t have to gather all the receipts (e.g., mortgage interest, property tax, state and local income taxes, and sales tax paid in 2024).
2024 Tax Season Income Tax Brackets
| Single filer | Married filing separately | Married filing jointly (includes qualifying widow/er) | Head of Household | Tax Rate |
|---|---|---|---|---|
| $0 to $11,600 | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 | 10% |
| $11,601 to $47,150 | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 | 12% |
| $47,151 to $100,525 | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 | 22% |
| $100,526 to $191,950 | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 | 24% |
| $191,951 to $243,725 | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 | 32% |
| $243,726 to $609,350 | $243,726 to $365,600 | $487,451 to $731,200 | $243,701 to $609,350 | 35% |
| $609,351 or more | $365,601 or more | $731,201 or more | $609,351 or more | 37% |
2024 Tax Season Income Tax Brackets
| Single filer and married filing separately | Married filing jointly (includes qualifying widow/er) | Head of Household |
|---|---|---|
| $14,600 | $29,200 | $21,900 |
Retirement Saving Tips
| Filing Status | MAGI | Contribution amount |
|---|---|---|
| Single and Head of Household filers |
Below $146,000 Between $146,001 and 161,000 Above $161,000 |
$7,000/$8,000 (age 50+) Phased (IRS Worksheet 2-2) Nothing |
|
Married filing jointly (includes qualifying widow/er) |
Below $230,000 Between $230,000 and $240,000 Above $240,000 |
$7,000/$8,000 (age 50+) Phased (IRS Worksheet 2-2) Nothing |
| Filing Status | MAGI | Deduction amount |
|---|---|---|
| Single and Head of Household filers |
$77,000 or less Between $77,000 and 87,000 $87,000 or more |
Full deduction Partial (IRS Worksheet 1-2) None |
|
Married filing jointly (includes qualifying widow/er) |
$123,000 or less Between $123,000 and 143,000 $143,000 or more |
Full deduction Partial (IRS Worksheet 1-2) None |
| Married filing separately |
Less than $10,000 $10,000 or more |
Partial (IRS Worksheet 1-2) None |
| Filing Status | MAGI |
|---|---|
| Single and Married filing separately | up to $57,375 |
|
Married couples filing jointly (includes qualifying widow/er) |
up to $76,500
|
| Head of Household Filers | up to $57,375 |