Member-only story
I had to slow my roll and create a video on new tax laws for 2024, it took me an entire day, here’s why
The US Congress voted in some new tax laws that can save you BIG, REALLY BIG, on your tax return. First let’s briefly talk about the normal boring annual adjustments.
There were the normal tax changes, which occur each year. Every year, the standard deduction is adjusted for inflation, and for single taxpayers (and married individuals filing separately), the standard deduction rose $900 from the previous year to $13,850 ($27,700 for married individuals filing jointly). As for heads of households, the standard deduction will increase by $1,400 to $20,800.
And then there were the child tax credits and the tax benefits that go along with having children and adult dependents, such as the credit for child and dependent care. The Earned Income Credit and the adoption credit up to $15,950, but here’s when things got interesting.
Purchases of residential energy-efficient property, such as solar panels and solar water heaters, between January 1, 2022, and December 31, 2032, will qualify for a 30% solar energy credit.
Congress didn’t stop there.
The amount of the energy-efficient home improvement credit was increased from up to 10% to up to 30% of the cost of certain qualified…
