The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Here are the inflation-adjusted standard deduction numbers for 2024 for those who don’t itemize: $14,600 for single filers (up from $13,850 in 2023); $29,200 for married joint filers (up from $27,700); and $21,900 for heads of household (up from $20,800). Older taxpayers and those who are blind are entitled to additional standard deduction allowances. In 2024 for those age 65 or older or blind, the amounts will be: $1,550 for a married taxpayer (up from $1,500 in 2023) and $1,950 for a single filer or head of household (up from $1,850 for 2023).
Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.
Starting next year, employers with certain retirement plans can allow staff members to contribute to pension-linked emergency savings accounts. Here’s how they work and who can contribute.
You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
