01/24/2025
π‘ 2024 Tax Updates You Should Know! π‘
As the 2024 tax season approaches, staying informed about the latest changes can help you file confidently and maximize your refund. Here are some key updates for this tax year:
π Standard Deduction Increase
β’ Single filers: $14,600
β’ Married filing jointly: $29,200
β’ Head of household: $21,900
π Child Tax Credit Adjustments
The Child Tax Credit returns to pre-2021 levels: up to $2,000 per qualifying child under age 17.
π Retirement Contribution Limits
β’ 401(k) contributions: Increased to $23,000 (plus $7,500 for those 50+).
β’ IRA contributions: Increased to $7,000 (plus $1,000 for those 50+).
π Energy Tax Credits Expanded
Save big with credits for energy-efficient home improvements, like solar panels or upgraded HVAC systems.
π Earned Income Tax Credit (EITC)
EITC thresholds have been adjusted to offer greater benefits for eligible taxpayers.
π¨ Donβt Wait Until the Last Minute! π¨
Tax laws can be confusing, but B&A Tax Services Inc. is here to help you navigate these changes with ease.
π Call us at 630-480-2195 or email [email protected] to book your consultation today!
πΌ B&A Tax Services Inc. β Helping You Keep More of What You Earn πΌ