Tax Law Updates (2024)
- Dana Pinkston
- Cassandra Watkins
This article outlines the Tax Law Changes for Tax Year 2024.
Third-Party Network Transactions (1099-K) Reporting Requirements
The IRS has delayed the 1099-K reporting requirements for tax year 2022 and 2023 (see IR-2023-221)
Beginning with tax year 2024, individuals who receive $5,000 or more through a third party network transaction will receive Form 1099-K
This includes apps such as Venmo, Uber, Lyft, Cash App, PayPal, E-bay, etc.
Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services
In 2025 taxpayers will receive a 1099-K for transactions totaling over $2,500
If taxpayer receives an incorrect 1099-K, they must contact the issuer, not the IRS
Standard Business Mileage Rate
67 cents per mile
Additional Child Tax Credit
Increased to $1,700
Standard Deductions Adjusted For Inflation
Standard Deductions Tax Years 2024-2020 | |||||
|---|---|---|---|---|---|
Filing Status | 2024 | 2023 | 2022 | 2021 | 2020 |
Single | $14,600 | $13,850 | $12,950 | $12,550 | $12,400 |
Married Filing Jointly | $29,200 | $27,700 | $25,900 | $25,100 | $24,800 |
Married Filing Separately | $14,600 | $13,850 | $12,950 | $12,550 | $12,400 |
Head of Household | $21,900 | $20,800 | $19,400 | $18,800 | $18,650 |
Qualifying Surviving Spouse | $29,200 | $27,700 | $25,900 | $25,100 | $24,800 |
For a full list of limits and dollar amounts adjusted for inflation in tax year 2024, refer to the Tax Toolkit.
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