2024 Tax Rates:
Key Changes and What They Mean for You
As we enter 2024, the IRS has adjusted tax brackets to account for inflation, impacting how much you might owe based on your income level and filing status. Here’s what you need to know:
2024 Tax Brackets:
| Tax Rate | Single Filers | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | Up to $11,600 | Up to $23,200 | Up to $17,400 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $17,401 to $67,050 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $67,051 to $107,900 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $107,901 to $239,300 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $239,301 to $319,100 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $319,101 to $552,850 |
| 37% | Over $609,351 | Over $731,201 | Over $552,851 |
How These Changes Affect You
These adjustments can impact your tax liability and overall financial planning. For instance, with higher income thresholds, some taxpayers may find themselves in a lower bracket, potentially reducing their tax burden.
Maximizing Tax Benefits
To make the most of these changes, consider strategies such as maximizing retirement contributions, itemizing deductions, and tax-loss harvesting. These approaches can help lower your taxable income, keeping you in a more favorable bracket. At Gordon & Associates CPA, P.A., we’re here to guide you through these updates and optimize your tax planning. Contact us today to ensure you’re fully prepared for 2024.
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