New for the 2024 Tax Year
Federal Standard Deductions:
Single $14,600
Married Filing Separately $14,600
Head of Household $21,900
Married Filing Jointly $29,200
Oregon Standard Deductions:
Single $2,745
Married Filing Separately $2,745
Married Filing Separately (if spouse claims itemized deduction) $0
Head of Household $
Married Filing Jointly $5,495
Qualified Widow(er) $
2024 Annual Gift exclusion is now $18,000. up by $1,000 from last year (2023).
Maximum Elective deferrals
- 401(k), 403(b), 457 and SARSEP is now $23,000, the catchup contribution limit for those aged 50 or older as of the end of the year remains at $7,000.
- SIMPLE plans is $15,500, the catch-up maximum remains at $3,500 (up $500 from 2021) .
- IRAs increase to $7,000, the catch-up for IRAs remains at $1,000 for those over age 50.
- SEP for employees are 25% of total compensation or a max contribution is $66,000.
- SEP for self employed are limited to 20% of net profit
2024 Mileage rates:
Business: $0.67 cent per mile
Please sure that you have contemporaneous mileage log of all business miles.
Charitable: 0.14 cents per mile
Medical: 0.21 cents per mile
Bonus depreciation Limitations:
2023 was limited to 80% and now in 2024 the limitation is 60%.
2025 drops to 40%, 2026 drops to 20% and in 2027 and beyond there is no longer bonus depreciation.
There are some new credits for businesses that start up new retirement accounts for their employees. Please ask about these.
Helpful Links:
Estimated Tax Withholding Calculator