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 […]
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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.
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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.
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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.
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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.
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