Tax Planning
Taxes
Navigate tax basics, deductions, and strategies to keep more of your money. Understand how taxes work and optimize your tax situation.
2024 Federal Tax Brackets
Single Filers
| Tax Rate | Income Range |
|---|---|
| 10% | $0 - $11,600 |
| 12% | $11,601 - $47,150 |
| 22% | $47,151 - $100,525 |
| 24% | $100,526 - $191,950 |
| 32% | $191,951 - $243,725 |
| 35% | $243,726 - $609,350 |
| 37% | Over $609,350 |
* These are marginal rates. Only income in each bracket is taxed at that rate.
2024 Standard Deduction
$14,600
Single
+$1,950 if 65+
$29,200
Married Filing Jointly
+$1,550 each if 65+
$21,900
Head of Household
+$1,950 if 65+
Common Tax Deductions
Itemized Deductions
- Mortgage Interest - Up to $750,000 in mortgage debt
- SALT - State/local taxes up to $10,000
- Charitable Donations - Cash and property gifts
- Medical Expenses - Over 7.5% of AGI
Above-the-Line Deductions
- Traditional IRA - Up to $7,000 ($8,000 if 50+)
- HSA Contributions - $4,150 single / $8,300 family
- Student Loan Interest - Up to $2,500
- Self-Employment Tax - 50% deductible
Explore Topics
Tax Basics
Understanding how taxes work
Deductions & Credits
Reduce your tax bill legally
Tax Planning
Strategic tax optimization
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