2024 TAX RATES

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2024

Rate     Single Filers                  Married Joint Filers         Head of Household Filers     

10%     $0 to $11,600                   $0 to $23,200                     $0 to $16,550

12%     $11,601 to $47,150          $23,201 to $94,300            $16,551to $63,100

22%     $47,151 to $100,525        $94,301 to $201,050          $63,101 to $100,500

24%    $100,526 to $191,950       $201,051 to $383,900         $100,501 to $191,950

32%    $191,951 to $243,725      $383,901 to $487,450          $191,951 to $243,700

35%    $243,726 to $609,350      $487,451 to $731,200         $243,701 to $609,350

37%   $609,351 +                       $731,201 +                           $609,351

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2024 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both. For example, if you claim the standard deduction, you cannot itemize deductions – and vice versa (if you itemize deductions, you cannot claim the standard deduction). You are allowed to use whichever type of deduction results in the lowest tax.

The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2024 the standard deduction amounts are as follows:

                                                 2023                                       2024

Filing Status                   Standard Deduction              Standard Deduction

Single                                   $13,850                               $14,600

Married Filing Jointly         $27,700                               $29,200

Married Filing Separately  $13,850                               $14,600

Head of Household             $20,800                              $21,900

Qualifying Widow(er)         $27,700                              $29,200

2024 Capital Gains Rates

The federal tax rate on long-term capital gains typically is determined by the type of asset and your marginal ordinary income tax rate. Capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets. For certain investment real estate, business, and collectible assets, gains could have different tax rates.

As a general rule, long-term capital gains rates apply to gains resulting from the sale of assets held for more than one year. Short-term capital gains on assets held for one year or less are taxed at ordinary federal income tax rates.

Rate     Single Filers                          Married Joint Filers            

0%     $0 to $47,025                           $0 to $94,050                  

15%     $47,026 to $518,900             $94,051 to 583,750       

20%     $519,801  +                          $583,751  +                      

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2024 Corporations and Business Rates

 - straight 21% tax rate applied on C-corp income; Biden has proposed a 28% tax rate to be determined

-  20% deduction of qualified business income of S-corps, partnerships and sole proprietorships, subject to limitations; this could go away after 2025 if not reinstated

2024 Retirement Contribution Rates

Maximum contribution amounts: ($1,000catch-up for those over age 50)(thresholds/eligibility/other rules apply/reduce max amounts)

- 401K, 403(b) etc    $23,000 (catch-up) + $7,500

- Simple plans          $16,000 (catch-up) + $3,500

- SEP's                     $69,000

- IRA                        $7,000 (catch-up) + $1,000