Increased Standard Deduction The IRS is expected to adjust the standard deduction for inflation, allowing taxpayers to reduce their taxable income and potentially receive a larger refund.
Expanded Child Tax Credit Congress is considering increasing the Child Tax Credit, which means families with dependents may see a bigger refund.
Higher Earned Income Tax Credit (EITC) Low-to-moderate-income workers may qualify for a larger EITC, which can significantly boost refunds.
More Student Loan Deductions If you paid student loan interest in 2024, you might get a higher deduction, reducing taxable income and increasing your refund.
Energy-Efficient Home Credits Homeowners who made eco-friendly upgrades (solar panels, energy-efficient appliances) may qualify for expanded tax credits.
New Retirement Contribution Benefits Higher contribution limits for 401(k) and IRA accounts could lead to bigger deductions, lowering taxable income and increasing refunds.