Your 2024 Tax Cheat Sheet: Key Deadlines, Deductions, and Limits for 2025

As we head into tax season, here are some key deadlines, deductions, and limits to help you prepare for your 2024 taxes, which will be filed in 2025. Mark these important dates and numbers on your calendar!

Filing Deadlines for 2024 Taxes (Filed in 2025)

• Standard Deadline: April 15, 2025

• Extended Deadline: October 15, 2025 (if you file for an extension by April 15, 2025)

Standard Deduction Amounts for 2024 Taxes

• Single Filers: $14,600

• Married Filing Jointly: $29,200

• Head of Household: $21,900

• Married Filing Separately: $14,600

If you are 65 or older or blind, you can take an additional standard deduction of $1,950 for single and head of household filers and $1,550 (per qualifying individual) for married filing jointly, married filing separately, and qualifying spouse filers.

If you are 65 or older and blind, you can take an additional standard deduction of $3,900 for single and head of household filers and $3,100 (per qualifying individual) for married filing jointly, married filing separately, and qualifying spouse filers.

Retirement Contribution Limits for 2024

• 401(k): Up to $23,000 (with an additional $7,500 catch-up contribution if age 50 or older)

  
  

• Traditional IRA & Roth IRA: Up to $7,000 (with an additional $1,000 catch-up contribution if age 50 or older)

  
  

• SIMPLE IRA: Up to $16,000 (with an additional $3,500 catch-up contribution if age 50 or older)

  
  

2024 Federal Tax Brackets

Here are the tax brackets for 2024 across different filing statuses:

Single Filers

Head of Household

Married Filing Jointly or Qualifying Widow

Married Filing Separately

Keep these numbers handy as you prepare for tax season, and if you need any help or have questions, Lindy Parker, CPA is here to assist you with personalized tax preparation and planning services. Let's make this tax season smooth and stress-free!