By MIKE COURSON
Great Bend Post
Benjamin Franklin famously said, "In this world, nothing be can said to be certain, except death and taxes." As many have pointed out, not everyone pays taxes. For those who do, the 2024 tax season officially began on Jan. 29. Barry Bowers, a certified public accountant at Spectrum CPA Partners in Great Bend, said there are not many changes from last year's tax season. One change could be an increase in the child tax credit in a bill that has already passed the House and now needs Senate approval.
"The IRS has come out and said if that changes after somebody has already filed, they will actually correct it for people," Bowers said. "Hopefully, that won't be a thing that will hold anybody up."
The credit currently offers a break of up to $2,000 per child, with up to $1,600 of that being refundable. The bill, if passed, would increase the refundable amount to $1,800 for 2023 tax returns, $1,900 for 2024, and the full $2,000 for 2025 returns.
Last year, the Internal Revenue Service (IRS) bumped the standard deduction to $13,850 for single filers and $27,700 for those filing jointly. Bowers said many use the standard deduction when filing federally, but reminds taxpayers that Kansas, which has a much smaller standard deduction, allows taxpayers to itemize deductions even if they used the standard deduction on their federal taxes.
The deadline to file this year returns to April 15. Bowers suggests filing early to increase the chance of a quick refund. He said the public should be wary of companies that promise an advance on refunds.
"If you have a refund and you do a direct deposit, you can have your refund they say in 10-12 days," he said. "We've seen people get them in half that time. It depends on how you hit their schedule - when you file versus where they are in their cycle. None of those things people advertise are free, and if you can have your refund in under two weeks, I don't really why I'd spend money to have it sooner."
Bowers said filing early can also be a way to minimize the risk of identity theft. "If you filed and someone tries to use your name or social security number later, they can't," he said. "Whoever files first gets to use your identity so it may as well be the right person. We encourage people to file early."
More good news is on the horizon as the IRS changed its tax brackets for 2024. For some, that could mean significantly fewer dollars taken out of each paycheck. The standard deduction will also increase $750 to $14,600 for single filers, and increase $1,500 to $29,200 for those filing jointly.