"Anticipating Bigger 2024 Tax Refunds and Surprising Tax Benefits, According to H&R Block"
The IRS has adjusted tax brackets and standard deductions for 2024 to account for inflation, potentially leading to larger tax refunds for many Americans, with some expecting up to a 10% increase compared to last year. Middle- and lower-income workers who didn't keep pace with inflation are most likely to see higher refunds, while homeowners who tapped into expanded home energy tax credits and low-income families with children may also benefit. However, Social Security beneficiaries may face higher taxes, as the threshold for paying taxes on Social Security remains unchanged. Taxpayers can file their returns starting January 29, with most refunds expected within 21 days, but some returns may take longer to review.