Federal Tax Savings: It’s pay to play now. Spend or set aside money for tax savings: Increase 401K/IRA contributions. Additional contribution allowed if over age 50. Increase Health Savings account contributions. No employer option? Set up your own fee free account at bank or brokerage. Contributions are tax deductible. Have almost enough to itemize? Prepay … 2024 Simplified Methods to Save on Federal and Ohio Taxes
From Annual Tax Newsletter: Not Every change but the changes that affect most Taxpayers and Small Business. . . . Ohio Tax Law Changes, Individuals Tax Rates: If taxable income is under 26,050 Ohio Income Tax Rate is $0 (yes, you read that correctly). if taxable income is 26,051 to $100,000 Ohio Income Tax Rate … 2024 Ohio Tax Changes
Scams: Fake Charities. To verify Charity legitimacy or tax donation deductibility, check the IRS Charity Database at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search Fake IRS bills/telephone calls. a. IRS contacts by MAIL. To check IRS bill legitimacy, log on to your IRS account or call their office (800-829-1040). IRS does not call and threaten people. Hang up! b. Ohio Taxation … Tax Scams–Don’t Believe Everything You Hear. . .
If Can’t Afford a Tax Preparer, Check With: Your bank (some offer free tax preparation). Local college (Accounting majors need experience!) IRS Volunteer Income Tax Assistance (VITA) or Tax Assistance for Elderly (TCE) preparation sites 888-227-7669.or https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers info only available during tax season =January Through April 2025. IRS Free File Program. If qualify will receive … But I Can’t Afford a Tax Preparer . . .
2024 IRS/Federal Law Changes: Election year= campaigning. Not a lot of tax law changes. Not an all inclusive list, general changes from tax newsletter that affect small businesses and individuals Condoms are medical supplies and are tax deductible as medical expense. Check with HSA provider to see if Health Saving Account qualified. Corporate Transparency Act—Still … IRS/Federal Tax Changes
Tax Year FACTS & FIGURES, TBA=To be announced 2024 2025 Social Security COLA 3.2% 2.5% Part B premium- income < $85,000 174.70 185.00 Early, Max earnings limits b4 Soc Sec reduced 22,320 23,400 Early, Max earning for … 2024/2025 Facts and Figures
2024 General Election—OHIO-Seneca, Crawford, Huron Counties Other counties see Ballotpedia.org, Vote411.org or League of Women Voters site for your area For Ohio US Senate Districts 5, Ohio Senate District 26 and Ohio House District 88. Not sure which Ohio District you’re in? See map links 1-4 above the Issue One discussion. . President Republican Democrat … What’s on the Ballot? 2024 Election Update. . .
From the 2023 Annual Tax Newsletter. . . . FACTS & FIGURES, Tax Year 2023 2024 Social Security COLA … 2023/2024 Facts and Figures
IRS will be accepting individual returns from non IRS partners January 29, 2024. For lower income taxpayers, IRS free file program is already up and running. For more information see: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free Program does not require a computer, can fill out your taxes on a tablet or mobile phone. . .
Recently announced. IR-2023-239, Dec. 14, 2023 WASHINGTON — The Internal Revenue Service issued the 2024 optional standard mileage rates for calcuating automobile costs for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car, vans, pickups or panel trucks) will be: 67 cents per … 2024 Mileage Rates