• Second quarter 2024 individual estimated tax payments are due.
• Due date for filing 2023 retirement or employee benefit plan returns (5500 series) for calendar year plans.
• Third quarter 2024 individual estimated tax payments are due.
• Extension deadline for 2023 S-Corporation and partnership returns.
• It never hurts to be proactive: Check in with your CPA and advisor for a tax and financial review and to go over your personal or professional goals.
Whether you had an unexpected tax bill this year or received an abnormally large refund from Uncle Sam, take this time after tax season to review your pay stubs and Form W-4 for the remainder of 2024. Consult with your CPA and refer to the IRS’s online Tax Withholding Estimator to ensure your current year withholdings are correct.
The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from 2023.
New ‘Grandparent Loophole’ allows nonparents to contribute to a child’s 529 plan without affecting financial aid eligibility. Previously, distributions from any nonparent were included as untaxed student income, which reduced eligibility for need-based aid. Congress now allows $35,000 of unused funds to be rolled over tax-free into a Roth IRA.
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