2024 IRS Changes

The new year brings new tax brackets, deductions, and limits that will impact your 2024 federal income tax return. While 2023 did not see major federal tax reform legislation, the IRS has adjusted ranges for tax brackets, standard deductions, retirement savings contributions and more to account for inflation. These 2024 IRS tax code tweaks affect taxpayers across income levels and will change how much you owe or your refund amount. Understanding the latest IRS adjustments will allow you to update your withholding and take advantage of any new breaks. A financial advisor can help you stay up to date on the latest in tax rules and regulations.