In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday highlights the significant increase in the standard deduction for the 2024 tax year. Married couples will see an increase of approximately $1,500, raising the deduction to $29,200, while individuals will have a deduction of $14,600. Dr. Friday emphasizes the importance of understanding these changes to make informed decisions about tax strategies, such as conversions and maximizing deductions. She also addresses the common shift from itemizing to standard deductions and offers her expertise for those needing guidance in navigating these tax changes. The episode concludes with an invitation to join the live Dr. Friday call-in show on 99.7 WTN every Saturday afternoon.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
New for 2024, they will be increasing the standard deduction for married couples. For about $1500, it will go up to $29,200, up from the 2023. As well as individuals will be $14,600. These numbers are very important. If you don’t know your standard deduction, which most people nowadays are not itemizing, how can you figure out, should I do a conversion? How much am I going to be paying taxes? What tax bracket am I in? What can I be maximizing in deductions that I might normally not be able to itemize? If you need help with this, just give me a call at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.