2025 Tax Filing Season Guide
Everything you need to know about filing your 2024 income taxes
Filing Season Opens
January 27, 2025
Tax Deadline
April 15, 2025
Extension Deadline
October 15, 2025
๐ 2024 Tax Brackets (For 2025 Filing)
| Tax Rate | Income Range |
|---|---|
| 10% | $0 - $11,600 |
| 12% | $11,601 - $47,150 |
| 22% | $47,151 - $100,525 |
| 24% | $100,526 - $191,950 |
| 32% | $191,951 - $243,725 |
| 35% | $243,726 - $609,350 |
| 37% | $609,350+ |
Single Filers
Married Filing Jointly
Head of Household
๐ฐ 2024 Standard Deductions
Single
$14,600
Married Filing Jointly
$29,200
Head of Household
$21,900
๐งฎ How Tax Calculation Works
Progressive Tax System
The US uses a progressive tax system, meaning different portions of your income are taxed at different rates. You don't pay the highest rate on all your income!
Example: Single Filer with $75,000 Income
First $11,600 ร 10%$1,160
Next $35,550 ($47,150 - $11,600) ร 12%$4,266
Remaining $13,250 ($60,400 - $47,150) ร 22%$2,915
Total Federal Tax$8,341
Effective Tax Rate11.12%
๐ 2024 Tax Year Updates
Key Changes
- โStandard deduction increased due to inflation adjustments
- โTax brackets adjusted for inflation
- โ401(k) contribution limit: $23,000 (under 50)
- โIRA contribution limit: $7,000 (under 50)
Important Reminders
- โ ๏ธChild Tax Credit: Up to $2,000 per qualifying child
- โ ๏ธEarned Income Tax Credit updated income limits
- โ ๏ธHealth Savings Account limit: $4,150 (individual)
- โ ๏ธSocial Security wage base: $168,600