As we ring in the new year, it is important to remember that a new tax year is also upon us. The Internal Revenue Service (IRS) has released the updated tax brackets for 2024, and it is important to review them carefully to ensure you are paying the correct amount of taxes.

The good news is that the brackets have been adjusted for inflation, so you may not see a significant change in your tax liability. However, it is still important to review them to make sure you are not missing out on any potential deductions or credits.

Here are some key takeaways from the 2024 tax brackets:

• The top marginal tax rate remains at 37% for individuals with taxable income above $609,350 and married couples filing jointly earning $731,200.

• The standard deduction has increased to $14,600 for single taxpayers and married individuals filing separately, and $21,900 for heads of households.

• The Child Tax Credit has increased to $3,000 per child for children under 6 years old and $2,500 per child for children ages 6 to 17 years old.

• These changes can have a significant impact on your tax liability, so it is important to understand how they will affect you.

 

If you have any questions about the 2024 tax bracket updates, email or call us today to meet with one of our tax professionals. Please contact Val Aguirre, vaguirre@sethandalexander.com. Or call 713-965-7572 ext. 725

 

Seth & Alexander

Seth & Associates CPAs