Tax Information for Individuals And Businesses...
Your Guide to Filing Head of Household vs. Single...
What you need to know about CTC, ACTC and ODC...
Your Guide to Filing Head of Household vs. Single...
Earned Income Tax Credit -
Child tax credit -
Adjusted Gross Income -
Tax Advantages of Filing as Head of Household...
Head of Household Filing Status...
''Business Tax Deductions''
IRS provides tax inflation adjustments for tax year 2024-2025
New for 2024
Starting in calendar year 2023, the Inflation Reduction Act reinstates the Hazardous Substance Superfund financing rate for crude oil received at U.S. refineries, and petroleum products that entered into the United States for consumption, use, or warehousing.
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Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).
The other rates are:
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)
The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
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- The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 for tax year 2023.
- The revenue procedure
contains a table providing maximum EITC amount for other categories,
income thresholds and phase-outs.
- For
tax year 2024, the monthly limitation for the qualified transportation
fringe benefit and the monthly limitation for qualified parking
increases to $315, an increase of $15 from the limit for 2023.
- For the taxable years beginning in 2024, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $3,200. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $640, an increase of $30 from taxable years beginning in 2023.
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- TAX INFORMATION FOR THIS YEAR...About filing your tax return...Different ways to file your taxes... FIRST CLASS CAN HELP...CONTACT ANTHONY AT: 305-784-6554 - MIAMI DADE, BROWARD, PALM BEACH COUNTY FLORIDA... WE'RE HERE TO HELP, WE'RE HERE TO SERVE!---------Guide to filing your taxes this year...Child Tax Credit (partially refundable)For 2024, the credit is up to $2,000 per qualifying child. To qualify, a child must: Have a Social Security number. Be under age 17 at the end of 2024. WWW.BUYHEREMARKET.BLOGSPOT.COM--------Standard Deduction...In 2024, the standard deduction is $14,600 for single filers and married persons filing separately, $21,900 for a head of household, and $29,200 for a married couple filing jointly and surviving spouses. WWW.FACEBOOK.COM/ZONEBUSINESS----------Earned Income Tax Credit (EITC)...The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.-----------Did you receive a letter from the IRS about the EITC?In 2024 (taxes filed in 2025), the maximum earned income credit amounts are $632, $4,213, $6,960 and $7,830, depending on your filing status and the number of children you have.Below are the maximum amounts you can earn in 2024 to qualify for the credit, plus the most you can earn before losing the benefit altogether...---------IRS provides tax inflation adjustments for tax year 2024-2025New for 2024-------Starting in calendar year 2023, the Inflation Reduction Act reinstates the Hazardous Substance Superfund financing rate for crude oil received at U.S. refineries, and petroleum products that entered into the United States for consumption, use, or warehousing.-------------Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).The other rates are:-----35% for incomes over $243,725 ($487,450 for married couples filing jointly)--------32% for incomes over $191,950 ($383,900 for married couples filing jointly)-----24% for incomes over $100,525 ($201,050 for married couples filing jointly)-------22% for incomes over $47,150 ($94,300 for married couples filing jointly)-----12% for incomes over $11,600 ($23,200 for married couples filing jointly)----The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).----------The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 for tax year 2023. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.---------For tax year 2024, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $315, an increase of $15 from the limit for 2023.-------For the taxable years beginning in 2024, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $3,200. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $640, an increase of $30 from taxable years beginning in 2023. WWW.TWITTER.COM/FINANCIALSCHOOL================2024 tax deadlinesThe end of the 2024 tax season for most Americans is April 15, 2024. If you are unable to file before that date, you still have options.-------You can file for an extension. Filing an extension gives you an additional six months to October 15, 2024, to submit a complete return.If you believe you will owe taxes, you must estimate how much you owe and pay the amount due with your extension form .You can file a late return without an extension.----If you do not owe taxes or you expect a refund, you may not owe a penalty. If you owe taxes, you may be charged a penalty for filing late. WWW.TWITTER.COM/VISIONONEREAL------If you do not owe taxes or you expect a refund, you may not owe a penalty. Still, it may be best to file as soon as you can to receive your refund or to ensure you don’t owe a balance. See below for more information on ways to file a return for free and claiming your tax refund.=========About filing your tax return...Different ways to file your taxes == WWW.VISIONONECAPITAL.BLOGSPOT.COM
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2024 tax deadlines
The end of the 2024 tax season for most Americans is April 15, 2024. If you are unable to file before that date, you still have options.
- You can file for an extension. Filing an extension gives you an additional six months to October 15, 2024, to submit a complete return. If you believe you will owe taxes, you must estimate how much you owe and pay the amount due with your extension form .
- You can file a late return without an extension. If you do not owe taxes or you expect a refund, you may not owe a penalty. If you owe taxes, you may be charged a penalty for filing late.
- If you do not owe taxes or you expect a refund, you may not owe a penalty. Still, it may be best to file as soon as you can to receive your refund or to ensure you don’t owe a balance. See below for more information on ways to file a return for free and claiming your tax refund.
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Understand refund anticipation checks and refund advance loans -
Refund Anticipation Check (RAC)
If you use a fee-based tax preparer and you don’t have the necessary filing fees, some tax preparers may offer you a refund anticipation check (RAC). A RAC allows you to pay the tax preparation fee out of your refund instead of upfront. When you receive your refund, the tax preparer will take out the RAC fee, filing fee, and any other service fees they charged you. A RAC doesn’t deliver your refund more quickly.
RAC fees typically range from $30 to $50.
Refund Advance Loan (RAL)
Some fee-based tax preparers may offer you a refund advance loan (RAL) so that you can get a portion of your expected refund in advance. Tax preparers may call them a “tax refund advance.” If you decide to do an advance, you will borrow money upfront from the preparer, and once the IRS issues your refund to the tax preparer, you receive the remaining portion, minus the RAL fee, and any other service fees they charged you. The amount of a RAL is typically a percentage of your estimated tax refund.
All tax preparation firms are different. Some firms offer RALs with no fees or interest, but others may charge fees and interest.
Keep in mind that when you file electronically, the IRS typically issues most refunds in less than 21 days, so you may end up paying a big RAL fee for a short-term advance.
As with any financial product or service, carefully consider all fees and charges, as well as timing, to help make an informed decision that’s best for your situation.
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TAX, CASH ADVANCE REFUND...
Access your tax refund quickly and safely
If you think you may receive a refund, here are some things to think about before you file your return:
- Electronically filing and choosing direct deposit is the fastest way to get your refund. When
using direct deposit, the IRS normally issues refunds within 21 days.
Issuance of paper check refunds may take much longer. The IRS estimates 4
to 6 weeks.
- If you already have an account with a bank or credit union, make sure you have your information ready — including the account and routing number — when you file your tax return.
- You can provide that information on the tax form and the IRS will automatically deposit the funds into your account.
- If you have a prepaid card that accepts direct deposit, you can also receive your refund on the card. Check with your prepaid card provider to get the routing and account number assigned to the card before you file your return.
- Learn more about choosing the right prepaid card.
- If you don’t have a bank account or prepaid card, consider opening an account or getting a prepaid card.
- Many banks and credit unions offer accounts with low (or no) monthly maintenance fees when you have direct deposit or maintain a minimum balance.
- These accounts may limit the types of fees you can incur and may also offer free access to in-network automated teller machines (ATMs). You can often open these accounts online.
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REAL ESTATE IS THE WAY TO GO TO BUILD WEALTH.
REAL ESTATE, BEST WAYS TO BUILD WEALTH.. South Florida; Discover ways to make money with income properties. http://twitter.com/AGENTANTONY------Experience Opportunities: How do I get involved in real estate. Is there money to do deals? Find out how to get up to... http://www.linkedin.com/in/agentantonyMonthly Cash-Flow: How do I get a hold of pre-market and tax deed auction properties and turn them into cash or hold them for long-term monthly income?-------Reduced Risk: Is it possible to avoid the common road blocks and avoid the risks most real estate investors eventually face?-------If you just have the slightest, interest in changing your life and you're frustrated where you're at, you must start buying at least one piece of real estate.!------Get Smart About Real Estate!Right now, for the real estate investors, the opportunities are endless. http://anthonyrealestate.blogspot.com/--------Looking to buy/sell your home? Let me help you. Contact me so that I can explain how I can offer you world class service and real estate advice.---------My goal as a real estate professional is to be honest and genuine with everyone I come in contact with and to operate my business with the highest degree of integrity.-------I strive to deliver world class service and build long lasting relationships with everyone I meet!I will always make the needs of my clients my top priority. Whether buying or selling your home, my mission is to provide you the best service possible.1. Your REALTOR® can help you determine your buyingpower -- that is, your financial reserves plus your borrowingcapacity. www.twitter.com/agentantony-------2. Your REALTOR® has many resources to assist you in yourhome search.---------Your REALTOR® can assist you in the selection processby providing objective information about each property. www.twitter.com/visiononereal-------Your REALTOR® can help you negotiate. There are myriadnegotiating factors, including but not limited to price,financing, terms, date of possession and often the inclusionor exclusion. https://www.facebook.com/Antonyrealestate- Electronically filing and choosing direct deposit is the fastest way to get your refund. When
using direct deposit, the IRS normally issues refunds within 21 days.
Issuance of paper check refunds may take much longer. The IRS estimates 4
to 6 weeks.
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What you need to know about CTC, ACTC and ODC...
CTC/ACTC
The Child Tax Credit (CTC) and Additional Child Tax Credit (ACTC) are credits for individuals who claim a child as a dependent if the child meets certain eligibility requirements. The CTC is a nonrefundable credit and the ACTC is a refundable credit.
- A qualifying child for CTC/ACTC must:
- Be under 17 at the end of the tax year.
- Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew).
- Not provide more than half of his or her own support for the tax year.
- Have lived with you for more than half the tax year.
- Be claimed as a dependent on your return.
- Not file a joint return for the year (or filed the joint return only to claim a refund of taxes withheld or estimated taxes).
- Be a U.S. citizen, U.S. National or a U.S. resident alien.
- Must have a Social Security Number that is valid for employment and is issued before the due date of your tax return (including extensions).
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ODC
The Credit for Other Dependents (ODC) is a non-refundable tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the Child Tax Credit (CTC) or Additional Child Tax Credit (ACTC).
- A qualifying dependent for ODC must:
- Be a dependent claimed on your return.
- Be a dependent who can't be claimed for the CTC/ACTC.
- Be a U.S. citizen, U.S. national, or U.S. resident alien.
- Have an SSN, ITIN, or ATIN that was issued before the due date of the return (including extensions).
Ways the Upper Class Builds Wealth While the Middle Class Struggles..
Ways the Upper Class Builds Wealth While the Middle Class Struggles... This article prepared by Antony Jeanty, the content creator for: VISIONONE REAL ESTATE INVESTMENT GROUP -
www.visiononerealestate.
blogspot.com - and also: youtube.com/
visiononerealestate - why not? www.twitter.com/visiononereal
In today’s economic landscape, the divide between the upper and middle classes continues to widen, with many middle-class families struggling to achieve financial stability.
While the wealthy employ sophisticated strategies to build and maintain their wealth, the middle class often finds itself constrained by rising costs and stagnant wages.
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By understanding these strategies, individuals at all income levels can gain insights into effective wealth-building techniques that may help them navigate their financial futures more successfully.
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Leveraged Investing: Amplifying Returns with Borrowed Funds
The upper class has mastered the art of leveraged investing, a strategy that uses borrowed money to increase investment potential. While the middle class often relies solely on personal savings for investments, the wealthy tap into leverage to amplify their returns. They can invest more capital by borrowing funds, potentially increasing their profits significantl. But the other classes are more like to borrow money to increase liabilities...
Leveraged investing works on the principle that investment returns will be higher than the cost of borrowing. For instance, if an investor borrows at 6% interest but achieves a 15% return on investment, they pocket the difference. This approach allows the wealthy to control bigger positions in the stock market or own more real estate holdings without tying up all their capital.
However, it’s crucial to note that leverage is a double-edged sword. While it can magnify gains, it can also amplify losses.
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Building Multiple Income Streams: Creating More Than One Source of Cash Flow
The upper class excels at creating systems that generate income without requiring their constant involvement. They focus on building or acquiring cash-flowing assets that appreciate over time and produce regular cash flow. These might include rental properties, dividend-paying stocks, or royalties from intellectual property.
Diversification is key in this strategy. The wealthy often maintain multiple income streams, which provides financial stability and flexibility. If one stream falters, others can compensate, ensuring a consistent flow of wealth. This approach contrasts sharply with the middle-class reliance on a single income source, typically their job, which leaves them vulnerable to economic downturns or job loss.
The wealthy also prioritize scalable businesses that can grow without a proportional increase in time or effort. This allows them to exponentially increase their earnings potential beyond what a single salary could provide.
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- A qualifying child for CTC/ACTC must:
Network Building: The Value of High-Level Connections
The upper class prioritizes building and maintaining valuable networks. They join exclusive clubs, attend high-level conferences, and participate in mastermind groups with other successful individuals. These connections often lead to lucrative investment opportunities, business partnerships, and insider knowledge that can be leveraged for financial gain.
Wealthy individuals also prioritize relationships with top-tier advisors, including financial planners, tax specialists, and legal experts. These professionals provide valuable insights and strategies for wealth preservation and growth that may not be readily available to the middle class.
The power of these networks extends beyond immediate financial opportunities. They also provide a platform.
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Ways To Reach the Upper Middle Class, According to Dayan from Knowledge Financial Group - www.knowledgefinancialgroup.
People who aspire to be wealthy will have to make a pit stop there on their way to joining the 1%.
But what is the upper-middle class, and how can average earners get there from where they are today?
Middle to Upper-Middle — How Far Is the Leap?
According to Pew Charitable Trusts, the middle class shrunk from 61% of households in 1971 to 50% in 2021 as wages soared for the rich and stagnated for everyone else.
The Pew Research Center defines middle-class households as those with incomes between two-thirds and double the national median income.
U.S. Census Bureau data shows the national median household income is just shy of $75,000, which means those who earn between $50,000 and $150,000 can count themselves among the middle class.
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Lower-middle class: The 20th to 40th percentile of household income, between $28,008 and $55,000.
Middle class: The 40th to 60th percentile of household income, between $55,001 to $89,744.
Upper-middle class: The 60th to 80th percentile, between $89,745 and $149,131.
That analysis and Pew’s put the goal line at about $150,000 for anyone aspiring to upper-middle-class comfort. Here’s how to get there.
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Ways to Improve Your Finances
Give your money a makeover.
The new year is the perfect time to hit "refresh" on your finances. Whether you need to update your insurance, revamp your budget or scale back some shopping habits, take some time to consider these 50 action steps. They can help you improve your finances over the next 12 months.
1. Decide on financial goals.
For some people, there's nothing more appealing than saving for a three-bedroom house with a white picket fence. Others dream of taking a trip around the world or a sabbatical from work. Choosing your money goals makes it easier to work toward them.
2. Create a spending plan.
Most people spend about two-thirds of their income on three essentials: food, housing and transportation. Then there are debt payments, savings, household costs and optional items such as entertainment to consider. Create an annual budget by allocating spending goals for each category.
3. Resist retailers' enticements.
Stores are in the business of getting us to spend money, but if we know their tricks, we can better resist the temptation. Rewards cards, enticing smells (like cinnamon around the holidays) and short-term flash sales are a few of the techniques retailers use; being aware of them can make it easier to just say "no."
4. Track your spending.
Keeping track of every expenditure over a two-week period can offer insight into unnecessary wastes, from restaurant meals to cab rides. You can use a pen and pencil or take advantage of free online tools, such as Mint.com or those offered by your financial institution.
5. Don't accept posted prices.
Prices are often a lot more negotiable than you think, even in big-box department stores. If you've seen a lower price listed elsewhere, don't hesitate to ask the store clerk if they can match it. The worst-case scenario is they'll say "no."
6. Research products online before visiting stores.
Product review sites, coupon code sites and online discount warehouses often provide information and insight into how (and where) to find the best deals. With the proliferation of free shipping codes, the lowest price is often online.
7. Earn money from more than one source.
The lack of job security in today's market means anyone could lose their job or face a salary cut. To create a second source of income, consider turning to one of the fast-growing online marketplaces, such as Fiverr or Etsy, for ideas on how to earn more money.
8. Launch your own business.
The recession inspired many Americans to explore entrepreneurship, partly as a way to take back control of their financial lives. Even relatively small businesses, such as a blog that earns money through advertisements or a garden that produces marketable flowers, can turn into a source of financial security.
9. Negotiate your salary.
While many workers feel lucky to simply have a job, sometimes asking for a raise can be a smart move. If you've recently changed jobs, received a promotion or realized you are underpaid compared to your peers, it might be time to sit down with your supervisor and request a raise.
10. Track any additional income carefully.
Earning money outside of a full-time job can complicate matters at tax time; be sure to keep a careful record of all income earned, as well as copies of receipts related to expenses. When it comes to writing off the home office as a tax deduction, be sure to study the IRS rules, which specify that the space can't be used for other purposes.
11. Don't shy away from all debt.
While debt has earned a bad reputation in the wake of the subprime mortgage crisis, managing credit and even taking on some debt can be useful. Mortgages allow people to buy homes, and student loans enable people to go to school. Evaluate your debt decisions by considering the pros and cons carefully.
12. Pay off high-interest rate debt quickly.
Credit cards have among the highest interest rates around, averaging approximately 15 percent. Retail credit cards are even higher, with the average APR at 23 percent, according to CreditCards.com. Paying off credit cards as soon as possible can help reduce fees and interest-rate charges that balloon over time.
13. Build a solid credit history.
Lenders base their decisions on whether or not to loan consumers money, and at what rate, partially on their credit histories. That means someone with a limited credit history (because they have few or no financial accounts) can have trouble taking on a mortgage. Pay bills on time, and be sure to have some accounts in your name.
14. Check your credit report.
Everyone is entitled to a free credit report once a year; you can get yours at AnnualCreditReport.com. Reviewing it gives you the chance to fix any mistakes that could be dinging your credit score.
15. Track and review account statements.
An unfamiliar charge on a credit card is often the first sign of identity theft. Review all mail from financial institutions carefully to make sure your accounts aren't being misused. If you see an erroneous charge, contact your financial institution immediately.
16. Take advantage of rewards cards.
If you're among the roughly half of credit card users who pay off their balance each month, you're well-positioned to enjoy the benefits of credit card use. That includes earning rewards points, automatic fraud protection and, in some cases, certain types of warranties and liability protection.
17. Choose the best credit card for you.
Credit card benefits vary widely. If you tend to carry a balance, it pays to find the card with the lowest interest rate possible. If you're a frequent traveler, you might want an airline card or a card that comes with travel insurance. Comparison websites such as NerdWallet.com or CreditCards.com can help you find the best card for you.
18. Motivate yourself to pay off debt.
If you're trying to unload credit card debt or student loans, remind yourself of your bigger goals with photos of places you want to visit or the home you want to buy one day. Staying focused on those targets can make it easier to say "no" to new purchases.
19. Adopt a hands-off approach to investing.
Unless you love studying annual reports and quarterly earnings statements (and even if you do), you'll probably be better off investing in index funds and other types of securities that reflect the market broadly, instead of one or two companies.
20. Minimize your investment fees.
Fees on mutual funds and other investment products can take a big chunk out of your earnings over time. Minimize fees by avoiding expensive products, such as actively managed funds, and opting for index funds instead.
21. Remember the risk-versus-reward rule.
Along with the importance of diversity, the risk-versus-reward tradeoff is one of the classic rules of investing: If you want higher rewards, you have to take on greater risk. Assess your risk profile and invest accordingly. If you like to know your money is safe, you probably want to keep it in more conservative investments.
22. Start early, invest often.
The power of compounding means saving early will lead to a much bigger nest egg at retirement time than waiting to save until midcareer. If your company offers a matching-contribution program for your retirement plan, taking advantage of it will only add to your saving efforts.
23. Don't try to time the market.
Since it's impossible to predict the market's fluctuations, investing at a slow and steady pace, like through automatic deductions from a biweekly paycheck, can be a better strategy than dropping money into the market whenever it looks promising.
24. Consider your time horizon.
As retirement gets closer, you'll want to shift into more conservative accounts. A general rule of thumb is to subtract your age from 100 or 110. Put that percent in stocks and the rest in more conservative investing vehicles, like bonds.
25. Don't follow the market every day.
The market goes up and down, and if you're investing for the long term, there's no need to stress over every dip. Instead, check in with your portfolio once a quarter to rebalance it, and make any other necessary adjustments.
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