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IRS Releases 2024 Tax Brackets

2024 tax brackets were released by the IRS in Revenue Procedure 2023-34. For detailed information, please refer to the Tax Foundation.

2024 Tax Brackets

Woof-tastic Tax Deductions: Can Your Guard Dog Save You Money?

2024 Standard Deduction Table

Standard deduction table for 2024
Standard Deduction

Child Tax Credit

The maximum child tax credit is $2,000 per qualifying child and is not adjusted for inflation. The refundable portion of the child tsx credit is adjusted for inflation and will increase from $1,600 to $1,700 in 2024.

Sec. 199-A Qualified Business Income Deduction

The Tax Cuts and Jobs Act of 2017 includes a 20% deduction for pass-through businesses. Limits on the deduction begin phasing in for taxpayers with incomes above $191,950 ($383,900 for joint filers) in 2024.

QBI thresholds for 2024
Qualified Business Income Deduction

2024 Earned Income Tax Credit

Earned income tax credit table for 2024

Do you need assistance with tax planning and consulting? Request a free consultation HERE with Mark W. Sullivan, EA

About the author

Mark W. Sullivan, EA, the founder of Sullivan Consulting, established the firm's roots in St. Louis, MO, in 1998. In 2020, he made a strategic move to the thriving business environment of Arizona. Mark specializes in the intricate realm of federal tax controversy representation, appeals, and consulting, catering not only to individuals and businesses but also extending his expertise to renowned law and accounting firms nationwide.

Mark's distinguished career includes serving as a consulting and expert witness in a multitude of civil and criminal cases, spanning several federal district courts. His credentials are underscored by an unlimited Enrolled Agents license, a testament to his exceptional knowledge and unwavering commitment to his craft. His recognition by the Internal Revenue Service for admission to practice is grounded in his extensive background as a Revenue Officer, having worked in demanding locations such as New York, NY, St. Louis, MO, and Washington, D.C.

Mark's extensive experience as a Revenue Officer has uniquely positioned him to navigate the intricate landscape of federal tax matters. Now, based in Scottsdale, AZ, Mark continues to offer his expertise to clients across the nation, ensuring that their interests are diligently and professionally represented.

Disclaimer: This article is for information purposes only and cannot be cited as precedent or relied upon in a tax dispute before the IRS.

Copyright 2022-2023 Mark Sullivan Consulting, PLLC

Source: "2024 Tax Brackets", Alex Durante, Tax Foundation (November 8, 2023)

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