Ahead of the Curve: Latest IRS Tax Changes for 2024

Greetings!

We hope this monthly newsletter finds you doing well. As we prepare for the upcoming tax season, we wanted to remind you to check in regularly with our Hex Solutions Business blog for updates and information that can help you prepare for tax season. 

One important update to keep in mind for the upcoming tax season is the new tax brackets for 2024 that will be set by the IRS. While the tax rates will remain the same, the cutoffs for each band of taxation will shift higher. This means that some taxpayers may get a break on their taxes next year due to the annual inflation adjustment of tax brackets.

For single filers, the tax brackets will rise, meaning filers with up to $11,600 in income will pay 10% in federal income taxes, compared with $11,000 in 2023. 

For married filers, the tax brackets will rise, meaning filers with up to $23,200 in income will pay 10% in federal income taxes, compared with $22,000 in 2023. 

The adjustment to the standard deduction may also help lower taxes for some taxpayers who don't itemize their taxes. The new standard deduction amounts for 2024 are as follows: 

• Single taxpayers: $14,600, up from $13,850 this year 

• Married couples filing jointly: $29,200, up from $27,700 

• Heads of households: $21,900, up from $20,800 

At Hex Solutions, we strive to provide you with the latest information and updates to help you prepare for tax season. Be sure to check in regularly for more information and resources. 

Thank you for trusting Hex Solutions as your go-to source for business and tax preparation information. 

Best regards, 

The Hex Solutions Business team