Posted on 01/03/2024 10:31:16 AM PST by davikkm
IRS provides tax inflation adjustments for tax year 2024.
TLDR — your taxes will DOUBLE unless you’re married, in which case your taxes will TRIPLE.
via IRS:
IR-2023-208, Nov. 9, 2023
WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 provides detailed information about these annual adjustments.
(Excerpt) Read more at citizenwatchreport.com ...
God forbid the government does with less.
“your taxes will DOUBLE unless you’re married, in which case your taxes will TRIPLE.”
LOL!
I retired 2.5 years ago. I now pay zero income tax, federal or state. It’s kinda weird just how freeing that is. I no longer feel like a serf.
I also found out I could earn an additional $20k a year before I start getting into any income tax area at all.
The way I was able to do this was to take the “low cost of living” retirement plan. That is, low income, but low monthly cost of living. I have zero debt. House is paid for, etc. And I live in a commonwealth where my property tax is almost non-existent. I had no idea just how freeing this would be. It was quite a revelation.
The title doesnt seem to match the content, or am I reading it wrong. Looks to me like standard deductions, etc are going up, which generally is a good thing, and rates are staying the same. I didnt expect any changes this year based on discussions with my tax planners, so this last minute panic title seems like click bait???
Someone cannot read English. These inflation adjustments reduce taxes on otherwise inflated income.
Hard to imagine that being more than the decreases in income tax due to inflation like (also stated in the article):
A) Higher standard deduction
B) Higher income ranges for tax brackets
C) Higher AMT exemption
You can get around the marriage penalty by not getting married according to the state but to the church instead.
Where my aunt lives in a retirement community there are a lot of people from the Midwest who have union pensions. When the husband dies the wife gets the pension. If she gets remarried she loses it. So she has a covenant wedding.
It’s not registered with the state.
https://www.crosswalk.com/family/marriage/what-is-the-purpose-of-covenant-marriage.html
The regime is going to raise taxes like that in an election year?
> Someone cannot read English. These inflation adjustments reduce taxes on otherwise inflated income. <
Yes. The article is misleading trash. I suspect that both the poster and the author of the article are deliberately trying to deceive us to get clicks.
Well, the article says what deductions etc. are being raised, but it doesn’t say what the actual tax rates are now, only what they will be—that’s the missing info that, one presumes, is higher than the previous year and allows for the articles’ title’s conclusion that the rates have been increased. I don’t have time now to check my 2022 or 2023 rates, but I can see from the article where I’ll fall for the 2024 rate. So before we all jump to conclusions about click-bait, this needs to be resolved, and yes, the “article” should have done that.
Rates can only be changed by act of congress, or lack of act in the case of expiring rates. Nothing has changed from the rates put in place by Trump, but they will expire in another year or two.
Here are the 2023 tax rates (see below). The 2024 tax rates actually look to be more generous, due to inflation. I don’t see taxes doubling or tripling, as the article claims.
But the IRS code is a confusing mess. Maybe I’m missing something here. If so, I hope someone comes along and corrects me.
https://taxfoundation.org/data/all/federal/2023-tax-brackets/
Maybe I don’t understand, but the IRS cannot raise taxes or set tax rates at all. That is set by the congress and is a purely legislative function. Is that correct?
“Someone cannot read English. These inflation adjustments reduce taxes on otherwise inflated income.”
Exactly - this is a reduction in taxes not an increase!
And most freepers, per tradition, don’t bother to read the article or read only the idiotic headline.
You can use it to estimate your 2023 tax returns. At some point, he will update the site with forms for the 2024 tax year.
Excel1040.com -- Federal Income Tax Spreadsheet ©
Note that the site Excel1040.com redirects to a Google sites page.
-PJ
Inflation, my foot. Tax increase is due to forgive student loans.
Student loan forgiveness? I thought Biden got shut down on that?
This is just part of Biden’s pledge to tax the rich ... oh wait, I’ve warped into the wrong universe again.
Okay all you have nots line up at the buses to the camps.
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