Tax Information
Everything you need to know about filing your taxes
Tax Tips
Maximize Your Deductions
- Keep detailed records of all business expenses
- Track mileage for business travel
- Save receipts for charitable donations
- Consider home office deduction if eligible
Avoid Common Mistakes
- Double-check Social Security numbers
- Report all income, including side gigs
- File on time to avoid penalties
- Choose the right filing status
Tax Credits to Claim
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- Education credits (American Opportunity, Lifetime Learning)
- Retirement savings contributions credit
Year-Round Planning
- Adjust withholding if needed
- Make quarterly estimated payments
- Contribute to retirement accounts
- Review tax situation after major life changes
2024 Tax Rates
Federal Income Tax Brackets
| Tax Rate | Single | Married Filing Jointly |
|---|---|---|
| 10% | $0 - $11,600 | $0 - $23,200 |
| 12% | $11,601 - $47,150 | $23,201 - $94,300 |
| 22% | $47,151 - $100,525 | $94,301 - $201,050 |
| 24% | $100,526 - $191,950 | $201,051 - $383,900 |
| 32% | $191,951 - $243,725 | $383,901 - $487,450 |
| 35% | $243,726 - $609,350 | $487,451 - $731,200 |
| 37% | $609,351+ | $731,201+ |
* Rates shown are for 2024 tax year. Consult with a tax professional for personalized advice.
Document Retention Guide
Keep 3 Years
- • Employment tax records
- • Income documents (W-2, 1099)
- • Expense receipts
- • Bank statements
- • Cancelled checks
Keep 7 Years
- • Tax returns and supporting docs
- • Business expense records
- • Property records
- • Investment statements
- • Loan documents
Keep Permanently
- • Tax returns (copies)
- • Property deeds
- • Stock certificates
- • Retirement account records
- • Business formation documents
Important Notes
- The IRS generally has 3 years to audit your return
- If you underreport income by 25%+, the IRS has 6 years
- No statute of limitations if you don't file or file fraudulently
- Keep records longer if you have ongoing tax issues
Need Help With Your Taxes?
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