Tax Season Start Date, A Capital Gains Tax Repeal? 2023 and 2024 Standard Deduction Amounts

Tax Season Starts Soon: When Can You File? | How All 50 States (and Washington D.C.) Tax Retirees | Is a Controversial Capital Gains Tax Headed for Repeal? Created for {EMAIL} | [Web Version]( January 14, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Tax Season [] [Tax Season Starts Soon: When Can You File?]( [Tax Season Starts Soon: When Can You File?]( (Getty Images) As we reach the midpoint of January, many people wonder when they can file their federal income tax returns in 2024. Fortunately, the IRS has provided an answer, meaning the official start of tax season is just a couple of weeks away. To help you get ready, here is some important information you should keep in mind regarding the filing of your income tax return. This includes when the IRS Free File program will be accessible, which documents you should wait for, and [other factors that you should consider before filing](. [] Taxes in Retirement [] [How All 50 States (and Washington D.C.) Tax Retirees]( [How All 50 States (and Washington D.C.) Tax Retirees]( (Getty Images) How your retirement income is taxed depends on various factors including the type of income you receive and the state you reside in. While some states don’t tax retirement income, some tax certain types of income but not others. Also, taxes can vary for each type of retirement income even within the same state. To get an overview of how income from employment, investments, pension, retirement distributions, and Social Security is taxed in every state and the District of Columbia, you can refer to this alphabetical list. If you are planning to move this year to a new location, this guide can help you evaluate taxes in your new destination. And if you [plan to stay put, you can get an idea of the tax landscape in your state for 2024](. [Ask a Pro: Should I Convert My IRA to a Roth after age 60?]( Ask a pro. Try this free tool to get matched with up to 3 vetted financial advisors serving your area who can help answer your questions and work towards a comfortable retirement. Get your financial advisor matches today. [LEARN MORE]( ADVERTISEMENT [] In the News [] [Is a Controversial Capital Gains Tax Headed for Repeal?]( [Is a Controversial Capital Gains Tax Headed for Repeal?]( (Getty Images) Capital gains taxes have been making headlines lately. Last year, the Washington Supreme Court upheld a controversial tax on the sale or exchange of long-term capital assets. And now, due to a legislative initiative, the capital gains tax may appear on the November 2024 ballot, where voters will have the opportunity to decide its fate. Additionally, a new long-term care payroll tax might be up for a vote in November. This state payroll tax, which is the first of its kind, aims to help eligible families who are struggling with the high costs of long-term care. In the past, some of these costs were covered by long-term care insurance. [What happens in Washington could influence other states that are considering long-term care taxes, including California](. 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]( [] Tax Planning [] [Estimated Tax Payment Due Dates in 2024]( If you're someone who makes estimated tax payments, you know that the deadline for the final payment for the 2023 tax year is coming up on Jan. 16. It's crucial to make these payments because the U.S. tax system operates on a "pay-as-you-go" basis, which means the IRS expects you to pay a portion of your income as soon as you earn it. Failing to pay enough taxes during the year can result in penalties. Even if you're expecting a refund when you file your return, the IRS can still penalize you for late or insufficient estimated tax payments. To avoid this, it's important to understand how to calculate and make quarterly estimated tax payments this year. [Read More]( [How To Get Premium Financial Advice at a Low Cost]( Vanguard advisors are fiduciaries, and they don't earn commissions—so you can trust they'll always put your interests first. You get advice that's tailored to your unique goals. [Take the first step with Vanguard today](. Paid non-client promotion [LEARN MORE]( ADVERTISEMENT [] In Case You Missed It [] [Here Are the Standard Deductions Amounts for 2023 and 2024]( Deciding whether to take the standard deduction or itemize your deductions is an important step when preparing your federal income tax return. The standard deduction is a fixed dollar amount that reduces your taxable income, whereas itemized deductions can also reduce your taxable income, but the amount varies and is not predetermined. With the tax season approaching, it's good to know the standard deduction amounts. So, in case you missed it, Kiplinger has provided a guide to the standard deduction for 2023 and 2024. [Read More]( [How Dividend Reinvestments Boost Your Returns]( If you invested in an S&P 500 index fund starting in January 2000 until September 2020 your average annualized return would have been 4.2%, a cumulative return of 136%. But if you reinvested all dividend payments your annualized return would have been 6.2%, a cumulative return of 247%. Just reinvesting dividends would have nearly doubled your gains. [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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