Get a Jump on Tax Planning

Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use this IRS Interactive Tax Assistant to find your 2024 standard deduction.

If it’s looking like your itemized deductions for the year will be close to or exceed your standard deduction, here are some ways to increase your itemized deductions and possibly lower your tax bill:

• Accelerate elective medical, dental and vision care expenses into 2024.
• Beef up charitable donations to IRS-approved charities.
• Make your Jan. 1, 2025, mortgage payment in 2024, and consider prepaying state and local income tax and property taxes that are due in early 2025. (But watch out for the $10,000 annual limit on the state and local tax deduction; $5,000 if you’re married and will be filing separately.)

Contact us with questions.

If you need help navigating the tax code, please call the office at 406-652-7999 or BOOK your APPOINTMENT now!

Cheers!

Jake Linville, CPA, CGMA, MBA

406-652-7999

[email protected]

www.BOOKmyCPA.com

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.