Tax Season Ready

Smart Tax Planning

Don't pay a dollar more in taxes than you legally have to. Discover deductions, credits, and strategies that keep more money in your pocket.

Reduce Taxable Income

Strategic contributions to pre-tax accounts (401k, HSA, FSA) can dramatically lower the income figure the IRS taxes you on.

Tax Timing Strategies

Knowing when to recognize income and deductions can shift your tax liability between years — sometimes saving thousands.

Claim Every Credit

Tax credits reduce your bill dollar-for-dollar. Many people miss the Earned Income Credit, Child Credit, and Education Credits.

2024 Key Deduction Limits

Know your limits so you can maximize every contribution.

Account / Deduction	2024 Limit	Tax Advantage	Category
401(k) Contribution	$23,000	Pre-tax / Roth	Retirement
IRA Contribution	$7,000	Pre-tax or Tax-free	Retirement
HSA (Individual)	$4,150	Triple tax-free	Health
HSA (Family)	$8,300	Triple tax-free	Health
FSA Contribution	$3,200	Pre-tax	Health
Standard Deduction (Single)	$14,600	Reduces taxable income	Filing
Standard Deduction (MFJ)	$29,200	Reduces taxable income	Filing

2024 Federal Tax Brackets

The US uses a progressive tax system — only income within each bracket is taxed at that rate.

10%

Up to $11,600 (Single) / $23,200 (MFJ)

12%

$11,601 – $47,150 (Single)

22%

$47,151 – $100,525 (Single)

24%

$100,526 – $191,950 (Single)

32%

$191,951 – $243,725 (Single)

35%

$243,726 – $609,350 (Single)

37%

Over $609,350 (Single)

Tax Planning FAQs

What's the difference between a tax deduction and a tax credit?

A deduction reduces your taxable income. If you're in the 22% bracket, a $1,000 deduction saves you $220 in taxes. A credit reduces your tax bill dollar-for-dollar — a $1,000 credit saves you exactly $1,000. Credits are almost always more valuable.

Should I contribute to a Traditional or Roth IRA?

If you expect to be in a higher tax bracket in retirement, choose Roth (pay taxes now, withdrawals tax-free). If you expect a lower bracket in retirement, choose Traditional (deduct now, pay taxes later). When unsure, contribute to both — many advisors recommend Roth for younger workers.

What is tax-loss harvesting and is it worth it?

Tax-loss harvesting involves selling investments at a loss to offset capital gains. You can offset up to $3,000 of ordinary income per year with net capital losses, and carry forward unlimited losses to future years. It's especially powerful in taxable brokerage accounts during market downturns.

Can I deduct home office expenses if I work from home?

If you're a W-2 employee (not self-employed), unfortunately no — the 2017 Tax Cuts and Jobs Act eliminated this deduction through 2025. However, if you're self-employed or a freelancer, you can still deduct a proportionate share of home expenses based on the percentage of your home used exclusively for business.

When should I start tax planning — year-round or just before filing?

Effective tax planning is a year-round activity. Many strategies (like maxing out retirement accounts, timing income recognition, or making charitable donations) must be done before December 31. Filing season is too late to implement most strategies — by then, you're just reporting what already happened.