Welcome
I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
2024/2025 Facts and Figures
Tax Year
FACTS & FIGURES, TBA=To be announced 2024 2025
Social Security COLA 3.2% 2.5%
Part B premium- income < $85,000 174.70 185.00
Early, Max earnings limits b4 Soc Sec reduced 22,320 23,400
Early, Max earning for year attain full retirement age 59,520 62,160
Standard Deduction
Single/Married Filing Separately 14,600 15,000
Married Filing Joint 29,200 30,000
Head of Household 21,900 22,500
Additional ded. over 65 or blind Single/Married 1,950/1,500 2,000/1,600
Child Tax Credit–Per child under 17 $ under 400,000 2,000 2,000
Income over 400,000 2,000 2,000
Family Credit—unqualified dependents 500 500
Mileage-Business/Charity/Medical .67/.14/.21 TBA
Retirement Contributions Limits
IRA under 50/over 50 7,000/8,000 7,000/8,000
401K/403B/457 under 50/over 50 23,000/30,500 23,500/31,000
Annual Gift Exclusion–Person/Couple 18,000/36,000 19,000/38,000
Estate Tax Exclusion for Deaths in 13,610,000 13,990,000
HSA Maximum Contribution Under 55/Over 55 Under 55/Over55
Single 4,150/5,150 4,300/5,300
Family 8,300/9,300 8,550/9,550
Flex Spend Maximum Contribution 3,200 3,300
Long Term Capital Gains Rates
2024 IF Taxable income (Minus Standard deduction) + Capital Gain under: CG Tax
47,025 Single 94,505 Married Joint or 63,000 H of Household rate = 0%
518,900 Single, 583,750 Married Joint or 551,350 15%
Over above limits 20%
2025 IF Taxable income (Minus Standard deduction) + Capital Gain under: CG Tax
48,350 Single, 96,700 Married Joint or 64,750 H of Household rate = 0%
533,400 Single, 600,050 Married Joint or 566,700 H of H 15%
Over above limits 20%