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WASHINGTON — The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of April 15, 2024.

With the start of the 2024 filing season, the IRS will be extending hours of service in nearly 250 Taxpayer Assistance Centers (TACs) across the country, providing additional help to people. The IRS will also be working to continue improvements on its phone service as well as expanding online tools. The Where’s My Refund? tool on IRS.gov will add more details for taxpayers checking on the status of their tax refund.

Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.

https://www.irs.gov/newsroom/2024-tax-filing-season-starts-as-irs-begins-accepting-tax-returns-today-taxpayer-help-expands-this-year-with-more-in-person-hours-better-service-improved-tools

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

For 2024, the credit is worth up to $7,830 (up from $7,430 for 2023) with three qualifying children, $6,960 (up from $6,604) with two qualifying children, $4,213 (up from $3,995) with one qualifying child, and $632 (up from $600) with no qualifying children.

Claiming the EITC requires that you have earned income (such as from wages, business income, investments, etc.). Additionally, your income cannot exceed the thresholds set for the 2024 tax year.

https://www.kiplinger.com/taxes/how-much-is-the-child-tax-credit-for-2024 #:~:text=For%202024%2C%20the%20credit%20is,%24600)%20with%20no%20qualifying%20children.

Child Tax Credit: How Much Is It for 2024? The IRS has announced inflation-adjusted amounts for several family tax credits and deductions. Which will you qualify for in 2024? And how much are they worth?

The SBA is lifting a 40-year moratorium that prevented the agency from bringing in new lenders to its flagship 7(a) and 504 loan programs. While the agency works with a number of banks, the SBA has constrained its lending network to just 14 non-bank small business lending companies since 1982. Read the full article below.

SBA Expands Its Lending Network to Spur Access to Capital for Underrepresented Founders The measure could draw in more financial technology companies and other alternative lenders.