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Planning your estate? Don’t overlook income taxes
August 14, 2024
Categories: Estate, Estate Tax, GiftTax
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs. Important: Keep in mind that the federal estate tax exclusion
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Key 2024 inflation-adjusted tax amounts for individuals
November 21, 2023
Categories: Estate, GiftTax, ITR, LTCG, Tax Brackets
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. That means that you can generally have about 5.4% more income next year without owing more to the federal government. Standard deduction Here are the inflation-adjusted standard deduction numbers for 2024 for those who don’t itemize: $14,600 if you’re single or use