What to look forward to for your 2024 Tax Year Individual Return?
Primarily the Standard Deduction. An increase of $750.00 from 2023.
Keep in mind that many of the tax write-offs that we enjoyed are no longer on the table, which explains the jump in Standardized Deductions.
While the marginal tax rates have remained the same the amount of income in each tax bracket has increased.
Earned Income Tax Credit for qualifying taxpayers of three or more children has increased. However, pay attention to “phase-out”.
The annual exclusion for gifts increased to $18,000.
The Lifetime Learning Credit has not been adjusted for inflation and is phased out for taxpayers with a modified adjustment gross income of over $80.000.