Are there still options to reduce my taxable income from 2024?
If it qualifies, you can present deductible tax contributions to an individual retirement account or a health savings account before the tax deadline of April 15 and make them apply to fiscal year 2024, said Eva Simpson, vice president of value services, taxes and advice of members with the American Institute of Certified Public Accounting.
It can contribute up to $ 7,000 to a traditional anger for 2024 and $ 1,000 if you are 50 years or older, says the IRS. The size of your deduction depends on several factors, such as your statement and if you or your spouse, if you are married, you are covered by a work retirement plan.
Contributions to HSA are also tax deductible, if you have a specific type of health insurance plan with a high deductible. If it is eligible, it can contribute up to $ 4,150 (including employer’s contributions) by 2024 if you have an additional $ 1,000 coverage if you are 55 years or older, for the presentation deadline.
Is there a tax exemption for university savings accounts?
There is no federal fiscal deduction for contributing to 529 university savings plans, but some states offer deductions or credits on their state taxes. Most of them require that the contributions be made at the end of the calendar year to qualify, but eight (Georgia, Indiana, Iowa, Kansas, Mississippi, Oklahoma, South Carolina and Wisconsin) allow you to make contributions up to the deadline for taxes and obtain a tax break for the previous year, according to the savings of the website for the University.
What happens if I’m not ready to present my tax declaration?
You can obtain an extension until October 15 by presenting form 4868 on the deadline of April.
But keep in mind: an extension gives you more time to present, but it does not give you extra time to pay if you owe taxes, Dimaggio said. You must estimate what you should and send a payment with your extension form. Otherwise, you can face sanctions in the balance owned late: 0.5 percent of the tax due for each month, the bill remains unpaid, up to a total of 25 percent. That can add. If you owe $ 10,000, your fine would be $ 50 per month, until the total has reached $ 2,500.
