Tax Facts and Figures 2024

Stay informed about the latest tax rates and deductions with our “Tax Facts and Figures 2024” guide. This comprehensive resource provides key information on federal tax rate schedules, standard deductions, and various tax credits. It also covers the limits for retirement plan contributions and the benefits of specific deductions, making it an essential tool for individuals and businesses planning their tax strategies.

Highlights:

• Federal Tax Rates: Overview of the current tax brackets and rates for different filing statuses.

• Standard Deductions: Basic standard deduction amounts and additional amounts for those who are 65 or older, or blind.

• Retirement Plan Contributions: Limits for contributions to 401(k), IRA, and other retirement plans.

• Tax Credits: Information on the Child Tax Credit, Education Credits, and other available tax credits.

• Additional Medicare Tax: Guidelines on the additional tax applicable to high-income earners.

• Business Expenses and Deductions: Key figures for business-related deductions, including mileage rates and Section 179 expense limits.