Tax News in Hermiston & Pendleton, OR
The government seems to take exceptional joy at changing tax laws from time to time in order to better collect the full revenue that they anticipate needing to collect. This can be extremely frustrating for individuals as they try to keep up with the latest tax news and any new tax laws that may require them to adjust their personal finances to accommodate.
Most people are doing their very best just to get by and to continue to work in a tough environment to make ends meet. This is why we work so diligently to make sure that our customers are kept up to date with the latest tax news and information that they need as it pertains to their personal financial situation.
Tax News That You Need To Know
IRA & ROTH CONTRIBUTIONS:
If you’re eligible, you can contribute up to $7,000 for 2024 to a traditional or Roth IRA (up from $6,500 for 2023). If you’re age 50 or older, you can make another $1,000 “catch-up” contribution.
SIMPLE IRA’S: The maximum elective deferral to SIMPLE plans is $16,000 (up from $15,500 in 2023). The catch-up maximum remains at $3,500.00.
401(K), 403(B), AND MOST 457 PLANS LIMITS: The contribution limits for employees who participate in these plans, as well as a federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500.
GIFT TAX FOR 2024:
The annual gift tax exclusion for 2024 is $18,000 (up from $12,000 in 2023). This amount is adjusted only in $1,000 increments, so it typically increases only every few years.
| 2023 & 2024 MILEAGE RATES | 01/01/2023-12/31/2023 | 01/01/2024-12/31/2024 |
| Business | 65.5 | 65.5 |
| Medical/Moving | 22 | 22 |
| Charitable | 14 | 14 |
*(2024 mileage rates may change mid-year)