WHAT’S NEW FOR TAX YEAR 2024

THE FAST CASH ADVANCE IS BACK

The maximum amount has increased up to $7000 and is available beginning January 3, 2024.

If you can’t wait weeks for your tax refund, this is a great option for you!

*ask for details*

The items that are of the greatest interest to taxpayers are the following :

• The standard deduction for married couples filing jointly rises to $29,200 up $1,500 from the prior year.

• Single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 up $750 from the prior year

• Heads of households, the standard deduction will be $21,900 up $1,100 from the prior year

• For tax year 2024, the top tax rate remains 37% for taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

• The other rates are:

  • 35% for incomes over $243,725 ($487,450 for married couples filing jointly)

  • 32% for incomes over $191,950 ($383,900 for married couples filing jointly)

  • 24% for incomes over $100,525 ($201,050 for married couples filing jointly)

  • 22% for incomes over $47,150 ($94,300 for married couples filing jointly)

  • 12% for incomes over $11,600 ($23,200 for married couples filing jointly)

  • The lowest rate is 10% for taxpayer incomes of $11,600 or less ($23,200 for married couples filing jointly)

• The 2023 maximum Earned Income Tax Credit is $7,830 for qualifying taxpayers who have three or more qualifying children, up from $7,430 from the prior year.

Items that has not changed:

• The personal exemption remains at 0, as it was for 2023 
• For 2024, since 2018 itemized deductions

For Small Businesses:

• Income and expenses are required and MUST be documented. NO EXCEPTIONS!

• All documentation must be presented at the time of filing.

Payment for services are due the day of service. NO Exceptions!

Forms of payment accepted are:

• Cash
  
• Debit / Credit cards
  
• Zelle
• Pay By Refund *bank fees apply*