Tax Day is weeks away and the Internal Revenue Service (IRS) has some advice as well as updates that could net you a bigger refund. 

Among the standard reminders, the agency encourages taxpayers to avoid filing their taxes until they have all their tax documents in hand, such as W-2s and a variety of 1099s reporting everything from unemployment benefits to earned interest. Filers also should double check those documents and their return for inaccuracies before submitting by the April 15 deadline. 

Here are some of the other updates to keep in mind: 

• All standard deductions have increased. Those filing as single or married filing separately can now deduct $14,600; heads of household, $21,900, and those married filing jointly or qualifying surviving spouses will receive a $29,200 standard deduction. 

• The Child Tax Credit (CTC) and Additional Child Tax Credit (ACTC). Both are credits for individuals who claim a child as a dependent if the child meets certain eligibility requirements, including being under the age of 17 at the end of tax year. The CTC is a nonrefundable credit and the ACTC is a refundable credit. The initial amount of the CTC is $2,000 for each qualifying child. The credit begins to phase out when adjusted gross income exceeds $200,000 ($400,000 in the case of a joint return). The ACTC has increased to $1,700 for each qualifying child. The IRS cannot issue a taxpayer’s refund before mid-February 2025.  

• Changes to the Earned Income Tax Credit (EITC). To claim the EITC without a qualifying child in 2024, taxpayers must be at least age 25 but under age 65 at the end of 2024. If a taxpayer is married filing a joint return, one spouse must be at least 25 but under age 65 at the end of 2024. 

• IRA contribution limit increased. Beginning in 2024, the IRA contribution limit increased to $7,000 ($8,000 for individuals aged 50 or older) from $6,500 ($7,500 for individuals aged 50 or older) the prior year. 

• Attention, gig economy workers: Third-party settlement organizations, also known as payment apps and online marketplaces, are now required to report transactions when the amount of the total payments for those transactions in 2024 was more than $5,000. To understand what to do, taxpayers should become familiar with Form 1099-K. 

The AARP Foundation is providing free tax assistance and preparation through its Tax-Aide program at sites around the Tri-Cities. For locations, click here.