Tax Calculator
Estimate your federal and state income taxes for the 2024 tax year. Calculate your tax liability, potential refund, and effective tax rates.
Tax Information
Tax Calculation Results
Federal Taxes
State Taxes
Tax Summary
Tax Rates
2024 Federal Tax Brackets
Single Filers
Married Filing Jointly
Tax Planning Tips
Maximize Deductions
Compare itemized vs. standard deductions annually. Key itemized deductions include:
- • State and local taxes (up to $10,000)
- • Mortgage interest on primary residence
- • Charitable donations with proper documentation
- • Medical expenses exceeding 7.5% of AGI
Retirement Contributions
Maximize tax-advantaged retirement savings to reduce current taxable income:
- • 401(k): $23,000 limit (2024), $30,500 if 50+
- • Traditional IRA: $7,000 limit, $8,000 if 50+
- • HSA: Triple tax advantage with $4,300 limit
- • SEP-IRA: Up to 25% of income for self-employed
Tax-Loss Harvesting
Offset capital gains with capital losses from investments. You can deduct up to $3,000 in net capital losses against ordinary income annually, with excess losses carried forward.
Timing Strategies
Consider timing of income and deductions across tax years. Defer income to next year or accelerate deductions into the current year when beneficial for your tax situation.
Important Disclaimer
This calculator provides estimates only. Your actual tax liability may differ based on various factors not included in this simplified calculation.
Tax laws are complex and subject to change. This calculator does not account for: Alternative Minimum Tax (AMT), additional taxes on high earners, tax credits, business income, capital gains, or other special circumstances.
Always consult a qualified tax professional for personalized advice and accurate tax preparation, especially for complex tax situations.
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