Maximizing Tax Benefit Opportunities for the 2024 Filing Season: Key Law Changes, Deductions, and Refundable Credits

Tax season is here, and if you’re looking to maximize your refund for the 2024 filing year, understanding the latest tax law changes, key deductions, and valuable credits is essential. The IRS has introduced some updates, and knowing what’s available can help you keep more of your hard-earned money.

In this guide, we’ll break down the most important tax deductions, highlight refundable credits, and provide a checklist to ensure you’re fully prepared.

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Key Tax Law Changes for 2024

The IRS makes annual adjustments to tax brackets, standard deductions, and credits based on inflation. Here are some of the most notable changes for 2024:

• Higher Standard Deduction – The standard deduction increased to $14,600 for single filers and $29,200 for married couples filing jointly.

• Earned Income Tax Credit (EITC) Adjustments – The maximum EITC increased to $7,830 for qualifying taxpayers with three or more children.

• Child Tax Credit (CTC) Expansion – More of the credit is now refundable (up to $1,700 per child).

• Higher Contribution Limits for Retirement Accounts – 401(k) contributions increased to $23,000, and IRA limits rose to $7,000.

📌 Make sure you take advantage of these changes! Click here to work with us.

Key Tax Deductions You Shouldn’t Miss

Deductions reduce your taxable income, potentially lowering your tax bill or increasing your refund. Here are some of the most valuable deductions for 2024:

✅ Student Loan Interest Deduction

Deduct up to $2,500 in student loan interest, even if you don’t itemize.

✅ Mortgage Interest Deduction

Homeowners who itemize can deduct mortgage interest on loans up to $750,000.

✅ Medical Expense Deduction

If medical expenses exceed 7.5% of your adjusted gross income (AGI), you may qualify for a deduction.

✅ State and Local Taxes (SALT) Deduction

Deduct up to $10,000 in state and local income, sales, and property taxes if you itemize.

✅ Retirement Contributions (IRA & 401(k))

Contributions to a traditional IRA or 401(k) are tax-deductible and reduce taxable income.

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Refundable Tax Credits That Boost Your Refund

Unlike deductions, tax credits directly reduce your tax bill—and refundable credits can increase your refund even if you owe nothing.

🔹 Earned Income Tax Credit (EITC)

Worth up to $7,830 for low- to moderate-income workers.

🔹 Child Tax Credit (CTC)

Families can claim up to $2,000 per child, with $1,700 refundable.

🔹 Child and Dependent Care Credit

Claim up to $3,000 in childcare expenses for one child or $6,000 for two or more.

🔹 American Opportunity Tax Credit (AOTC)

Up to $2,500 per student for tuition costs, with $1,000 refundable.

🔹 Saver’s Credit

Get up to $1,000 ($2,000 for married couples) for contributing to a retirement account.

📌 Not sure which credits apply to you? Click here to get expert tax help.

Tax Preparation Checklist for 2024

To file smoothly and claim every deduction and credit you’re eligible for, use this checklist:

✅ Personal Information (Social Security numbers, bank details)

✅ Income Documents (W-2s, 1099s, rental income statements)

✅ Deductions & Credits (Mortgage interest, student loans, medical expenses)

✅ Retirement & Investments (IRA/401(k) contributions, capital gains)

✅ Other Important Documents (Last year’s tax return, estimated tax payments)

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Final Thoughts: Don’t Leave Money on the Table

Maximizing your tax refund starts with knowing what deductions and credits you qualify for. Take advantage of recent tax law changes, claim all eligible benefits, and use refundable credits to boost your refund.

Want to ensure you’re getting the biggest refund possible? Let’s make tax season easy.

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