2024 Tax Updates
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Each year the IRS makes changes to the tax laws and standard deductions. The following is the updated changes for the 2024 Tax year.
Tax Law Changes for Individuals:
Standard Deduction - Married $29,200
Standard Deduction - Head of Household $21,900
Single and Married filing separately $14,600
Annual Exclusion for gifts is $18,000.
Maximum earnings under full retirement age to receive full Social Security benefits: $22,320 for 2024 and $23,400 for 2025.
The business standard mileage rate is 67 cents per mile.
Child tax credit drops back down to $2,000 per child under 17 years of age and $500 per dependent 17 and older.
Contribution to an IRA is $7,000, additional $1,000 if over the age of 50.
RMD has increased to age 73, then will jump to 75 in 2033.
Form 1099-K will only be issued for 2024 (cash apps) when receipts are at least $5,000 in total for the year.