10Dec
Year End Tax Information
Current Year Engagement Letter
Client Organizer
Client Questionnaire
E-File & Direct Deposit Authorization Forms
2024 E-File & Direct Deposit Authorization
Current Year Tax Tables
| Single | Married, Filling Jointly | Head of Household | Married, Filing Separate | |
| 10% Tax Rate | $0 – $11,600 | $0 – $23,200 | $0 – $16,550 | $0 – $11,600 |
| 12% Tax Rate | $11,601 – $47,150 | $23,201 – $94,300 | $16,551 – $63,100 | $11,601 – $47,150 |
| 22% Tax Rate | $47,151 – 100,525 | $94,301 – $201,050 | $63,101 – $100,500 | $47,151 – $100,525 |
| 24% Tax Rate | $100,526 – $191,950 | $201,051 – $383,900 | $100,501 – $191,950 | $100,526 – $191,950 |
| 32% Tax Rate | $191,951 – $243,725 | $383,901 – $487,450 | $191,951 – $243,700 | $191,951 – $243,725 |
| 35% Tax Rate | $243,726 – $609,350 | $487,451 – $731,200 | $243,701 – $609,350 | $243,726 – $365,600 |
| 37% Tax Rate | $609,351 + | $731,201 + | $609,351 + | $365,601 + |
| FILING STATUS | STANDARD DEDUCTION |
| Single | $14,600 |
| Married Filing Jointly or Qualifying Widow(er) | $29,200 |
| Married Filing Separately | $14,600 |
| Head of Household | $21,900 |
Retirement Contribution Limits
| This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year. | |||
| Maximum Dollar Limits | 2025 | 2024 | 2023 |
| Annual employee contribution limit for 401(k), 403(b), or 457 savings plans | $23,500 | $23,000 | $22,500 |
| Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over | $7,500 | $7,500 | $7,500 |
| Maximum annual benefit payable by a defined contribution plan | $345,000 | $330,000 | $305,000 |
| Annual limit for combined employer – employee contributions to a defined contribution plan | $70,000 | $69,000 | $66,000 |
| Annual contribution limit to an Individual Retirement Account for individuals | $7,000 | $7,000 | $6,500 |
| Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over | $1,000 | $1,000 | $1,000 |
| Annual employee contribution for SIMPLE plans | $16,500 | $16,000 | $15,500 |
| Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over | $3,500 | $3,500 | $3,500 |
| Maximum amount of wages taxable by Social Security | $176,100 | $168,600 | $160,200 |
Current Year Education Credit Information
| 2024 – Education Incentives & Phaseouts | ||||||
| (Schedule provided for your review as to opportunities available based on your income – same expenses cannot be used for more than one program) | ||||||
| American Opportunity Credit (formerly Hope Credit) | Lifetime Learning Credit | Penalty-free withdrawals from regular and Roth IRAs | Scholarships | Employer Provided Educational Assistance Plan | U.S. Savings Bond Proceeds | |
| Phase-out | Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000 | Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000 | None | None | None | Single: AGI $96,800 – $111,800 Married Filing Joint: AGI $145,200 -$175,200 |
| Comment | Available first four years of college; $2,500 maximum per yr. per half-time student 40% can be refundable | Available indefinitely; $2,000 maximum per year per taxpayer; nonrefundable | Withdrawals from regular IRAs are generally subject to income tax but not to 10% early withdrawal penalty | Excludible from gross income as long as degree program & no services performed | Excludible from gross income up to $5,250. Extreme restrictions on plan | Interest income may be excludible from gross income. Bonds must have been issued after 1989 |
| Student Loan Interest Deduction | Qualified State Tuition Program | Coverdell Education Savings Account (Education IRA) | |
| Phase-out | Single: AGI $80,000 – $95,000 Married Filing Joint: AGI $165,000 – $195,000 | None | Single: AGI $95,000-110,000 Married Filing Joint: AGI $190,000 – $220,000 |
| Comment | $2,500 maximum deduction per year from AGI | Earnings used for education purposes will generally not be taxable in tax years beginning after 2001 | $2,000 per year per beneficiary nondeductible contribution. Beneficiary must be less than 18. Asset of parent for financial aid |