When you’re ready to prepare your tax paperwork, these organizers we put together can help you to get organized and prepared.
Updated April 9th, 2024:
We are providing links to some articles that can help you to understand the child tax credit changes and other 2023 tax changes. Keep in mind that the 1099-K changes that were scheduled to send out for any payment in excess of $600 is now been increased to $20,000. That is a big sigh of relief for many taxpayers. Please be assured that we are here to help you navigate this ever changing environment.
2023 Mileage Rates
2024 Mileage Rates
Things that can impact this 2023 tax year’s tax return:
Things that will affect your 2023 & 2024 tax return:
Filing Status | Standard Deduction Amount |
---|---|
Single | $13,850 |
Married Filing Jointly or Qualifying Widow(er) | $27,700 |
Married Filing Separately | $13,850 |
Head of Household | $20,800 |
There is an additional standard deduction of $1,500 for taxpayers who are over age 65 or blind. The amount of the additional standard deduction increases to $1,850 for taxpayers who are claiming the “single” or “head of household” filing status.
2023 EIC Qualification Item | No Children | With 1 Child | With 2 Children | With 3+ Children |
---|---|---|---|---|
1. Max 2023 Earned Income Tax Credit Amount | $600 | $3,995 | $6,604 | $7,430 |
2. Earned Income Base Amount required to get maximum credit | $7,840 | $11,750 | $16,510 | $16,510 |
3. Phaseout Threshold Amount Begins (for Single, SS, or HoH) | $9,800 | $21,560 | $21,560 | $21,560 |
4. Income (AGI) Maximum When Credit Eligibility Ends (for Single, SS, or HoH) | $17,640 | $46,560 | $52,918 | $56,838 |
5. Phaseout Threshold Amount Begins (for Married Filing Jointly) | $16,370 | $28,120 | $28,120 | $28,120 |
6. Income (AGI) Maximum When Credit Eligibility Ends (for Married Filing Jointly) | $24,210 | $53,120 | $59,478 | $63,398 |
Single | 2024 Numbers | 2023 Numbers |
---|---|---|
Traditional 401k Contribution Limit | $23,000 | $22,500 |
Traditional IRA Contribution Limit | $7,000 | $6,500 |
HSA Contribution Limit | $4,150 | $3,850 |
Student Loan Interest Deduction | $2,500 | Unchanged |
Mortgage Interest Deduction | Max at $750,000 principal | Unchanged |
Married Filing Separately | 2024 Numbers | 2023 Numbers |
---|---|---|
Traditional 401k Contribution Limit | $23,000 | $22,500 |
Traditional IRA Contribution Limit | $7,000* | 6,500 |
HSA Contribution Limit** | $4,150 | $3,850 |
Student Loan Interest Deduction | Cannot Take Deduction | Unchanged |
Mortgage Interest Deduction | Max at $750,000 principal | Unchanged |
Married Filing Joinly | 2024 Numbers | 2023 Numbers |
---|---|---|
Traditional 401k Contribution Limit | $23,000 | $22,500* |
Traditional IRA Contribution Limit | $7,000* | $6,500 |
HSA Contribution Limit** | $8,300 | $7,700 |
Student Loan Interest Deduction | $2,500 | Unchanged |
Student Loan Interest MAGI Max | $175,000 | $170,000 |
Student Loan Interest MAGI Phaseout | $165,000 | $150,000 |
Mortgage Interest Deduction | Max at $750,000 principal | Unchanged |