GET A FREE QUOTE TODAY - CALL US +1 (844) 556-3073
Blog Layout
IRS Standard Deduction Increase for 2024
Chad Dickinson • February 6, 2025
Tax season is here, and the IRS has increased the standard deduction for 2024! This update means potential tax savings for millions of Americans. Whether you file as single, married, or head of household, understanding these changes can help you maximize your tax benefits.
Check out this quick video from Chad Dickinson at Arch Tax explaining the new 2024 standard deduction amounts:
What Are the New Standard Deduction Amounts for 2024?
For the 2024 tax year, the standard deduction has increased across all filing statuses:
- Married Filing Jointly: $29,200 (Increase of $1,500 from 2023)
- Single & Married Filing Separately: $14,600 (Increase of $750 from 2023)
- Head of Household: $21,900 (Increase of $1,100 from 2023)
These increases mean that more of your income is tax-free, which could lead to lower taxable income and a reduced tax bill when you file.
Why Does the Standard Deduction Matter?
The standard deduction is a set amount you can subtract from your taxable income, reducing the amount of taxes you owe. Instead of itemizing deductions, most taxpayers opt for the standard deduction because it simplifies the filing process and often results in higher tax savings.
For many taxpayers, this increase means keeping more money in their pockets—especially for individuals and families who don’t have enough expenses to justify itemizing deductions.
Maximizing Your Tax Savings in 2024
With tax season approaching, now is the perfect time to review your tax situation and see how this deduction increase can benefit you. Need help preparing your taxes? Arch Tax is here to assist with:
- Understanding your deductions
- Optimizing your tax filing strategy
- Avoiding common tax mistakes
Contact us or give us a call at 872-267-3727, and we would be happy to help you with your 2024 tax filing.
Identity theft continues to be a major concern during tax season, and the IRS has taken steps to protect taxpayers through increased identity verification procedures. While these efforts help reduce fraud, they can also delay your refund if your return gets flagged. In this post, we’ll explain what triggers these IRS identity checks, how to respond if it happens to you, and the simple steps you can take now to avoid delays altogether. Watch the below video for a quick explanation:
What is an ID.me Account?
Life has a way of throwing unexpected challenges our way — medical emergencies, divorce, job loss, the death of a loved one, and natural disasters. When you’re facing one of these major life events, the last thing you want to worry about is dealing with the IRS. But here’s the tough truth: personal tragedy doesn’t always help when it comes to your IRS case. In this video, Chad Dickinson from Arch Tax breaks down how personal hardship affects your ability to work with the IRS — and what you need to prove to actually qualify for hardship relief. Watch the video below to get the full story:
If you’re self-employed or earning income without tax withholding, you could be in for a big surprise at tax time! Without making Estimated Tax Payments (ETPs) throughout the year, you may owe more than expected—plus potential IRS penalties. The below video explains what Estimated Tax Payments are:
If you're considering withdrawing money from your 401(k) retirement account, you may be in for a costly surprise when tax season rolls around. Read this article and learn how to be prepared.
If you’ve gone through a divorce and still have IRS tax debt from a joint return, you might be wondering what happens next. Does your divorce decree protect you? Can the IRS come after you for the full amount? What steps should you take to separate your liability from your ex-spouse? In this blog, we’ll cover what you need to know about handling joint tax debt after a divorce and how you can protect yourself from unwanted tax liabilities.
Want to save money on your taxes? If you’ve had significant out-of-pocket medical expenses, you may be eligible for a tax deduction—but only if you meet specific IRS requirements. In this guide, we’ll break down which medical expenses qualify for deductions, what doesn’t, and how to properly claim them on your tax return. Watch the video below for a quick explanation:
The 2024 tax season is here, and you might be wondering: how much do I have to pay in taxes? Whether you're filing as a single individual or married couple, understanding tax brackets and rates can help you better plan and avoid surprises. In this article, we’ll break down the 2024 tax brackets, explain the difference between marginal tax rate and effective tax rate, and share tips to help you optimize your tax planning.
If you’ve ever had health insurance through the Health Insurance Marketplace, there’s an important piece of paperwork you can’t overlook when it’s time to file your taxes: IRS Form 1095-A. Let’s dive into what this form is, why it matters, and how to get it, so you can avoid any tax season headaches.
Navigating taxes as a rideshare or delivery driver can feel overwhelming, especially if you're new to the gig economy. Whether you drive for Uber, Lyft, DoorDash, Grubhub, or similar platforms, understanding the tax process is crucial to maximizing your income and avoiding costly mistakes. In this guide, we'll break down the essentials you need to know for filing your taxes as a rideshare or delivery driver.
WHERE TO FIND US
Arch Tax Company, Inc.
1 East Erie Street, Suite 525-5358
Chicago, IL 60611
1704 Broadway, Suite 105
Cape Girardeau, MO, 63701
27027 Route 3
Olive Branch, IL, 62969
CONTACT
+1 (844) 556-3073
info@archtaxco.com
