Get informed about the potential impact of recent tax changes on your refund, as explained by an enrolled agent. Learn how to navigate the evolving tax landscape to maximize your tax refund in 2024.
With tax season underway, changes in tax laws could significantly impact your Tax Refund in 2024. (Photo: Yahoo)
Discover How Modifications in Tax Laws Could Impact Your Tax Refund in 2024
With tax season underway, changes in tax laws could significantly impact your Tax Refund in 2024. Caryle Breeden, an enrolled agent, sheds light on the potential repercussions. The IRS anticipates over 128 million tax returns to be filed in 2024. Breeden emphasizes that the middle or lower class might bear the brunt of these changes. Despite expectations of refunds being issued within 21 days, amended returns filed months ago are still pending, leaving many taxpayers in limbo, according to Breeden.
Breeden points out that software alterations have complicated the processing of certain items, potentially leading to misinterpretations in the questions being asked. This misinterpretation could result in taxpayers missing out on substantial sums.
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Therefore, understanding these changes is crucial to avoid inadvertently affecting refund size. Breeden advises proactive filing, highlighting instances where retroactive laws have impacted returns in past years, urging individuals who usually don’t file to do so this year.
As Congress passed laws retroactively, potentially affecting the 2024 filing, Breeden stressed the importance of staying updated. It’s essential to be aware of these changes and their potential implications on your tax refund. The filing deadline for this year is April 15, making it imperative for individuals to act promptly and seek professional guidance, if necessary. Understanding the changes and their effects on your refund is imperative to navigate this year’s tax season successfully.
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