The filing season has officially kicked off for individual returns (the new beta IRS free-file system already opened on 1/12/24) with January 29th being the day the IRS began accepting and processing returns.
Because nothing is ever easy, I know some of our colleagues are WAITING to file the first return.
Why is that?
Congress!
There’s a tax bill currently in the legislature that could cause some retroactive tax changes to 2023, including the following:
- Increased amounts for child tax credit
- Full expensing of R&D items
- Increased bonus depreciation
- Increase limits on issuing 1099-NECs from $600 to $1000
- Loosen limits on deducting interest expense
As you can see, these items would have a significant effect on some returns in regards to paying less in taxes, so it’s wise to wait and see what happens before any filing is done.
As of 02/13/2024…..the bill is still waiting for a vote in the Senate……
