Archive for the ‘2024 Tax Season’ Category.

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers

Hear Ye Hear Ye read all about it—in IRS- IR2024-04--With the tweaking on the IRS platform form the upcoming 2024 tax season for the 2023 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 29, 2024! Anchors away. With tax day on Apri...

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Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA

Protax reminds taxpayers of the Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA (due to sunset on January 1, 2026) passed by ex-president Trump on December 22, 2017 that became effective January 1., 2018 and affected the Standard Deduction, tax brackets, the SALT Limita...

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IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023

The IRS announces with IR-2022-239 2024 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for busines...

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Social Security wage base, COLA set for 2024

Here we go the IRS announces the Federally indexed Social Security Wages base for 2024, both OASDI which goes to $168,600 from or a max of $10,453.20 in tax and Medicare which has no wage base limit. Individual taxable earnings of up to $168,600 annually will be subject to Social Security...

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IRS provides tax inflation adjustments for tax year 2024

As is usual this time of the year the IRS under Revenue Procedure 2023-34 using IR-2023-208 advises the tax practitioner community and taxpayers of the upcoming 2024 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IR...

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401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

As is usual this time of the year the IRS under Notice 2023-75 through IR-2023-2023 advises the tax practitioner community and taxpayers of the upcoming 2024 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and De...

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HSA amounts continue trend, increase again in 2024

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2024 H.S.A. Contribution limits for the upcoming 2024 (done in 2023) tax year for an individual with self-only coverage will be $4,150, and for an individual with family coverage,...

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