10/28/2024
📆 2024 Year-End Tax Planning Tips + 2025 Tax Rate Preview! 📆
With just two months left in 2024, now’s the time to lock in your tax-saving strategies for this year and prepare for the changes coming in 2025. Fils International Consulting Group, Inc. (FICG), with a team of highly qualified and experienced CPAs, is here to guide you through both.
2024 Tax Planning Tips:
✅ Max Out Retirement Contributions: Boost your 401(k) or IRA to reduce taxable income and grow your savings before year-end.
✅ Tax-Loss Harvesting: Offset gains by selling underperforming investments to lower your taxable income.
✅ Review Deductions: Maximize charitable donations, medical expenses, and business deductions for 2024.
2025 Tax Brackets & Standard Deduction Adjustments 📊
For 2025, the IRS has adjusted tax brackets to help you keep more of your income. Here’s the updated breakdown:
💰 10%: Up to $11,925 for single filers, $23,850 for joint filers
💰 12%: $11,925 – $48,475 (single); $23,850 – $96,950 (joint)
💰 22%: $48,475 – $103,350 (single); $96,950 – $206,700 (joint)
💰 24%: $103,350 – $197,300 (single); $206,700 – $394,600 (joint)
💰 32%: $197,300 – $250,525 (single); $394,600 – $501,050 (joint)
💰 35%: $250,525 – $626,350 (single); $501,050 – $751,600 (joint)
💰 37%: Above $626,350 (single); above $751,600 (joint)
The standard deduction has also increased to $15,000 for single filers, $30,000 for married couples, and $22,500 for heads of households.
Let FICG Help You Plan
With 2025 changes ahead, we’re here to help you make the most of your 2024 tax opportunities and start strategizing for 2025. Reach out today for personalized guidance! 💼📈
https://www.ficginc.com
