Important 2024 Tax Deadlines, A $2,500 Often-Missed Tax Break?, Avoiding Capital Gains Taxes

When Taxes Are Due in 2024 | Income the IRS Doesn t Tax | The IRS $1B Employee Retention Credit Crackdown Created for {EMAIL} | [Web Version]( March 31, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Deadlines [] [When Taxes Are Due in 2024]( [When Taxes Are Due in 2024]( (Getty Images) As we say goodbye to March, many people are thinking about the deadline for filing their federal income tax returns, which is April 15, 2024. It's important, of course, to know that date, but there are also other tax deadlines throughout the year to be mindful of. Keeping track of all these deadlines can be difficult, and failing to meet them can result in penalties and interest charges from the IRS. To make it easier, [here is a list of important 2024 federal tax due dates for individual taxpayers](. [] Income Tax [] [Income the IRS Doesn’t Tax]( [Income the IRS Doesn t Tax]( (Getty Images) With Tax Day around the corner, knowing the IRS will likely tax a significant portion of your earnings can be frustrating. After all, taxable income generally includes wages, tips, royalties, commissions, and up to 85% of Social Security benefits. And that's not an exhaustive list. However, several income categories are nontaxable in the eyes of the IRS. Whether income is taxable depends on various rules, requirements, and regulations or whether you're discussing federal or state taxes. [Read on to learn more about some of the most common types of untaxed income](. [3 reasons to make your will this tax season]( As tax season rolls around, there's more at stake than just balancing the books. Here are three compelling reasons why creating your will during tax season makes practical and financial sense. [READ MORE]( ADVERTISEMENT [] In the News [] [The IRS $1B Employee Retention Credit Crackdown]( [The IRS $1B Employee Retention Credit Crackdown]( (Getty Images) Recently, the IRS announced its ongoing efforts to address erroneous claims involving the Employee Retention Tax Credit (ERC). The agency has protected over $1 billion in revenue in just six months by enforcing stricter regulations around questionable ERC claims, often driven by misleading and aggressive marketing tactics. The IRS' Criminal Investigation division is reviewing an additional $3 billion in improper employee retention credit claims. [What does this mean for you and your business](? Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] Deductions [] [A $2,500 Tax Break for Paying Your Student Loan?]( Did you know that if you paid student loan interest last year, you could be eligible for a tax deduction of up to $2,500? Although this often overlooked tax break will not come to you as a refund, it can help lower your taxable income. However, the IRS has strict rules for determining who can claim this deduction, and not everyone qualifies for the maximum amount. So, how much student loan interest, if any, can you deduct this year? [Read More]( [Is your money working hard enough?]( It should be! Learn how Betterment's automated investing and savings technology can make your money hustle, while you don't. [LEARN MORE]( ADVERTISEMENT [] In Case You Missed It [] [How to Avoid Capital Gains Taxes]( Investing profitably can be a challenging task, and it can be frustrating to see hard-won returns reduced by capital gains taxes. If you are looking for ways to avoid these taxes altogether, the truth is that you likely cannot. However, in case you missed it, here are some changes you can make to your investing approach that may help you take advantage of potentially significant tax deductions. [Read More]( [8 Year-Round Tax-Savings Tips]( When it comes to filing your federal income taxes, it can pay to review your situation and plan ahead. By planning throughout the year, you can implement different strategies to lower your taxable income. This proactive mindset may be worth it when it comes time to file. [READ MORE]( ADVERTISEMENT [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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