2023 and 2024 federal income tax brackets — how much will you pay?
The Internal Revenue Service has unveiled its annual inflation adjustments for the 2024 tax year, featuring a slight uptick in income thresholds for each bracket compared to 2023. Your taxable income and filing status determine both the tax rate and bracket that apply to you, outlining the amount you’ll owe on different portions of your […]
4 ways to maximize your tax break for charitable donations on Giving Tuesday, according to experts
If you’re planning to donate to charity on Giving Tuesday, it can be tricky to claim a deduction on your taxes, experts say. Americans funneled an estimated $3.1 billion to their favorite organizations in 2022, a 15% increase from 2021, according to GivingTuesday. While tax breaks generally aren’t the main reason for giving, a higher standard deduction has made charitable tax breaks harder […]
How a tax break of up to $3,200 can help heat your home more efficiently this winter
Winter is almost here, meaning the year’s coldest temperatures aren’t far off. But homeowners can take advantage of recently enacted tax breaks to help boost their home’s efficiency, thereby trapping more heat inside and better defending against winter’s chill — and saving them money in the process. The Energy Efficient Home Improvement tax credit, offered by the Inflation […]