Don’t Leave Money on the Table: 2024 Tax Season Updates & Overlooked Tips

As the April 15th tax filing deadline quickly approaches, it's time to get serious about your 2024 tax return. Whether you're a seasoned filer or tackling taxes on your own for the first time, knowing the latest updates—and the commonly overlooked deductions—can help you avoid costly mistakes and potentially boost your refund.

Here’s what you need to know this season:

Key Tax Updates for 2024

1. Unclaimed 2021 Refunds
Did you know the IRS is holding more than $1 billion in unclaimed refunds from 2021? Over 1.1 million Americans haven’t filed that return, and if that’s you—time is running out. You must file by April 15, 2025 to claim it. Don’t let your refund slip through the cracks!

2. Missed the $1,400 Stimulus Check?
You may still be eligible for the Recovery Rebate Credit if you didn’t receive your 2021 stimulus payment. To claim it, make sure you’ve filed both your 2021 and 2024 returns. The deadline is April 15, 2025—same as the unclaimed refunds.

3. Disaster Relief Extensions
If you live in an area that was declared a FEMA disaster zone (like parts of Florida, California, West Virginia, and others), you may qualify for an extended filing deadline—some as late as November 2025. In Florida, for example, the deadline is extended to May 1, 2025.
[Click here for the latest IRS updates on disaster relief deadlines.]

Often-Overlooked Tax Deductions

1. Out-of-Pocket Charitable Contributions
Volunteered your time or resources? You might be able to deduct small expenses like supplies or mileage driven for charitable work (14 cents per mile). Every bit helps!

2. Sales Tax Deduction for States Without Income Tax
If you're in a state like Florida with no state income tax, you can deduct state sales taxes instead. This is especially helpful if you’ve made large purchases like a car or completed home renovations.
[Use this IRS table to estimate your deduction.]

3. Student Loan Interest Paid by Someone Else
If a parent or someone else paid your student loan interest, you may still be able to deduct up to $2,500. The IRS treats it as if you received the funds and paid the interest yourself—score!

4. Medical Expenses
You can deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI). This includes insurance premiums, travel for medical care, and even certain out-of-pocket treatments.

Final Tax Season Reminders

• File On Time: Missing the April 15 deadline = penalties. File Form 4868 if you need an extension—but remember, it extends your time to file, not your time to pay.

• Stay Organized: Avoid delays and errors by gathering all your documents before you file.

• E-File When Possible: The IRS is shifting toward mandatory e-filing for many taxpayers. Bonus? It’s faster, reduces errors, and gets your refund to you quicker when combined with direct deposit.

Filing your taxes doesn’t have to be stressful. Staying on top of key deadlines and taking advantage of under-the-radar deductions can make a major difference in your refund—or your peace of mind.

Need help navigating it all? Reach out to a trusted tax professional (hi, we know a few 😉) for personalized advice.