Tax Deductions Explained: Maximize Your Savings in 2024!


Tax Deductions Explained: Maximize Your Savings in 2024!

Tax season is here! At RSK TAX AND CONSULTING, LLC, we’re dedicated to helping you maximize your deductions and keep more of your hard-earned money. This guide will walk you through common tax deductions you may qualify for in 2024.

What Are Tax Deductions?

Tax deductions reduce your taxable income, lowering the amount of tax you owe. Unlike tax credits, which directly reduce your tax bill, deductions help you pay less in taxable income, potentially moving you into a lower tax bracket.

Common Tax Deductions to Consider in 2024

1. Standard Deduction vs. Itemized Deductions

  • The standard deduction for 2024:
    • $14,600 for single filers
    • $29,200 for married couples filing jointly
  • If your eligible deductions exceed this amount, itemizing may be a better option for maximizing your savings.

2. Mortgage Interest & Property Taxes

If you own a home, you can deduct:
Mortgage interest on loans up to $750,000
Property taxes (capped at $10,000 for state and local taxes)

3. Student Loan Interest

If you’re repaying student loans, you may deduct up to $2,500 in interest paid during the year.

4. Charitable Contributions

Donations to qualified 501(c)(3) charities are tax-deductible. Keep receipts for:
Cash donations
Non-cash contributions (clothing, furniture, etc.)

5. Medical & Dental Expenses

If your medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct costs such as:
Doctor visits & prescriptions
Health-related home improvements
Long-term care insurance premiums

6. Retirement Contributions

Contributions to Traditional IRAs and 401(k) plans may be tax-deductible, helping you reduce taxable income while saving for retirement.

7. Educator Expenses

Teachers and eligible educators can deduct up to $300 for out-of-pocket classroom expenses, even without itemizing.

8. Self-Employment Deductions

Freelancers, contractors, and small business owners may deduct:
Home office expenses
Internet & phone bills
Health insurance premiums
Business-related travel & meals

Final Tip: Keep Accurate Records!

Save all receipts, invoices, and financial statements to ensure you claim every deduction you’re eligible for.

Need Help?

Tax laws change every year, and missing deductions could mean leaving money on the table! Let RSK TAX AND CONSULTING, LLC help you maximize your savings and file with confidence.

📞 Contact Us Today!
📍 520 White Plains Road Suite 500 Tarrytown NY, 10591
🌐 https://rsktaxandconsulting.com/

📅 Schedule a Consultation: https://form.jotform.com/240835421573455

Happy Filing!
RSK TAX AND CONSULTING, LLC

520 White Plains Road Suite 500 Tarrytown NY, 10591
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