As inflation rates remain high, the IRS tweaked income tax rates in an effort to protect against bracket creep. If filers plan accordingly, these changes could help increase their take-home income in 2024.
In a Financial Planning article, James Bremis shares how these "adjustments could potentially give you some more flexibility with your tax strategy" if you previously struggled to stay in a lower tax bracket. With strategies such as delaying potential deductions for charitable gifts, filers may be able to find some wiggle room, Bremis explains.
"We're in a favorable tax environment currently, and receiving the two largest inflation adjustments in tax brackets in the last 30 years only improves the current tax environment," Bremis said.
Interested in learning more? Check out the full Financial Planning article here.
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