IRS Tax Credit Schedule 2024 – Dates and Amounts from June to December

By Ehsteem Arif

Published on:

Danny Werfel

If you’re wondering about the IRS Tax Credit Schedule for 2024, you’re in the right place. Tax credits are essentially deductions from your income tax liability, which is the amount of money you owe to the government based on your earnings. In this article, we’ll walk you through the tax credit schedule, how to receive your credit amount, and the important dates you need to keep in mind from June to December.

Overview

The IRS Tax Credit helps reduce your tax bill, making it essential for taxpayers. There are two types of taxpayers: General Taxpayers and Fiscal Taxpayers. General taxpayers can refer to the Employer’s tax calendar, which is divided into four quarters:

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  • First Quarter: January, February, March
  • Second Quarter: April, May, June
  • Third Quarter: July, August, September
  • Fourth Quarter: October, November, December

Fiscal taxpayers might have different schedules, so it’s crucial to check for any specific changes.

Eligibility

To receive the IRS Tax Credit, you need to meet certain eligibility criteria. After filing your tax return and if deemed eligible, the IRS will deposit the amount directly into your bank account. Here’s what you should do if you haven’t received your amount:

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  • File Early: Submit your tax return as soon as possible.
  • Update Information: Ensure your bank details and personal information are up-to-date on the IRS portal.
  • Check Updates: Regularly visit the IRS website for the latest updates.

Key Dates (June-December)

Here’s a breakdown of the key dates for 2024:

  • 16 January 2024: Due date for the 2023 tax payment.
  • 29 January 2024: Due date for the 2023 tax returns.
  • 15 April 2024: Last date for the first due tax payment of 2024.
  • 17 June 2024: Second estimated due tax payment for 2024.
  • 16 September 2024: Third estimated due tax payment for 2024.
  • 15 October 2024: Extended deadline for the 2023 income tax return.
  • 15 January 2025: Due date for the fourth estimated tax payment of 2024.

If you filed your income tax return online, expect a refund within approximately three weeks. For direct deposits, refunds generally take about six weeks.

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Tax Credit Amounts

For 2024, the maximum deduction amount is set at $1.22 million, with a limit of expenses at $3.05 million. For property services, the deduction amount increases to $1.29 million, with an expense limit of $3.22 million. These amounts are adjusted for inflation.

Itemized Deductions

  • Standard Deduction: A set amount subtracted from your income.
  • Itemized Deduction: Subtracting specific expenses from your income. These expenses might include:
    • Alimony payments
    • Business car and phone expenses
    • Capital losses
    • Home mortgage interest
    • Losses from disasters

2023 Standard Deduction Amounts

  • Single or Married Filing Separately: $13,850
  • Married Filing Jointly: $27,700
  • Head of Household: $20,800

Benefits of Tax Credits

Tax credits can provide numerous benefits, such as reducing your tax burden and helping you manage your finances better. They can support various aspects of your financial planning, ensuring a secure future and improving household well-being.

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Using tax credits effectively can help you maintain a better standard of living and manage your expenses more efficiently.

Tax credits are not just about saving money; they’re about creating a financially secure future and enhancing your overall financial health. Keep an eye on the IRS updates and ensure you meet all eligibility requirements to take full advantage of the tax credits available.

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FAQs

How do I check my IRS tax credit status?

Visit the IRS official website and log into your account.

When are the estimated tax payments due in 2024?

Payments are due on 17 June and 16 September 2024.

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What is the standard deduction for single filers in 2023?

The standard deduction is $13,850.

How long does a tax refund take if filed online?

Approximately three weeks.

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Can I update my bank details for tax credits?

Yes, update your details on the IRS portal.

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Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Ehsteem Arif

A tax law expert with a knack for breaking down complex regulations into digestible insights. Ehsteem's articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.

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