The 2024 tax filing season brings several notable changes that could affect taxpayers' bottom lines, particularly for individuals who sell goods online or purchased an electric vehicle, according to a report by The Wall Street Journal.

Among the key developments this season are updated rules for online sellers, who may face new reporting requirements as platforms are required to issue more documentation to the IRS regarding transactions. Taxpayers who use platforms such as eBay, Etsy, or similar marketplaces should review their reporting obligations carefully to ensure compliance and to identify any potential deductions.

For electric vehicle purchasers, changes to the EV tax credit structure under recent federal legislation may alter the amount buyers can claim. Eligibility requirements have shifted, including income caps and vehicle price limits, meaning some buyers who previously qualified may no longer do so, while others may find new opportunities for savings.

The IRS has also adjusted standard deduction amounts and tax brackets to account for inflation, which could reduce the overall tax burden for many filers.

Taxpayers are encouraged to review all applicable credits and deductions before filing. The deadline for most individual filers remains April 15, 2024.

Source: The Wall Street Journal, 'What's New This Tax Season That Can Save You Money,' https://www.wsj.com/articles/tax-season-2024-irs-filing-dates-explained-628a8b37?mod=rss_markets_main