01/24/2025
💡 2024 Tax Updates You Should Know! 💡
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:
📌 Standard Deduction Increase
• Single filers: $14,600
• Married filing jointly: $29,200
• Head of household: $21,900
📌 Child Tax Credit Adjustments
The Child Tax Credit returns to pre-2021 levels: up to $2,000 per qualifying child under age 17.
📌 Retirement Contribution Limits
• 401(k) contributions: Increased to $23,000 (plus $7,500 for those 50+).
• IRA contributions: Increased to $7,000 (plus $1,000 for those 50+).
📌 Energy Tax Credits Expanded
Save big with credits for energy-efficient home improvements, like solar panels or upgraded HVAC systems.
📌 Earned Income Tax Credit (EITC)
EITC thresholds have been adjusted to offer greater benefits for eligible taxpayers.
🚨 Don’t Wait Until the Last Minute! 🚨
Tax laws can be confusing, but B&A Tax Services Inc. is here to help you navigate these changes with ease.
📞 Call us at 630-480-2195 or email [email protected] to book your consultation today!
💼 B&A Tax Services Inc. – Helping You Keep More of What You Earn 💼