As tax season approaches, Plantation residents need to stay informed about changes in the 2024 tax landscape. From updated tax brackets to new deductions, understanding these changes can help you file accurately and potentially save money. Here’s what you need to know.
1. Updated Federal Tax Brackets
The IRS adjusts tax brackets annually for inflation. Here’s what the 2024 brackets look like:
- 10% for incomes up to $11,000 (single) or $22,000 (married filing jointly).
- 12% for incomes above these thresholds, and so on.
- Pro Tip: Ensure your withholding or estimated payments reflect these updates to avoid surprises.
2. Higher Standard Deduction
The standard deduction for 2024 is:
- $13,850 for single filers (up from $12,950 in 2023).
- $27,700 for married couples filing jointly.
- Tip for Plantation Residents: If your itemized deductions are close to this amount, consider “bunching” deductions in alternate years.
3. Deductions and Credits Plantation Residents Should Know
- Child Tax Credit: Up to $2,000 per qualifying child.
- Clean Energy Tax Credits: Credits for installing solar panels or energy-efficient home upgrades.
Conclusion:
Staying informed is crucial for maximizing your tax refund. Contact Polaris Tax & Accounting for expert assistance. Visit our Plantation office today!
7. Small Business Tax Mistakes to Avoid in Plantation, FL
Introduction:
Tax season can be daunting for small business owners in Plantation. Avoiding these common mistakes can save you money and stress.
1. Misclassifying Employees vs. Contractors
Incorrectly categorizing workers can result in penalties. Follow IRS guidelines for proper classification.
2. Missing Tax Deadlines
Mark these key deadlines for 2024:
- March 15: S Corporation and Partnership returns.
- April 15: C Corporation and sole proprietor returns.
3. Forgetting Deductions
Common deductions include:
- Office supplies and rent.
- Equipment depreciation.
Avoid costly mistakes by working with professionals. Contact Polaris Tax & Accounting at our Plantation office.