IRS Releases New Inflation-Adjusted Tax Brackets for 2024
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- Опубликовано: 28 май 2024
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join.taxalchemy.com/join-thesu... In this video, I'll be discussing the impact of rising inflation and its effects on everyday expenses. With the inflation rate ranging from 3 to 4% and peaking at 9.1% in 2022, millions of Americans are feeling the pinch in their wallets. As a response to inflation, the IRS has recently released updated tax brackets and standard deduction figures for the year 2024.
Join me as I break down these changes and provide you with essential information for your taxes in the upcoming year. Let's get started.
Timecodes
0:00 Inflation Has Been an Issue Lately
0:37 Tax Brackets for Single Filers
3:31 Married Joint Tax Brackets
5:58 Head of Household Tax Brackets
8:20 The Changes in Taxes
11:47 Key Points
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*Disclaimer: I am not a financial advisor, nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#TheIRS #InflationAdjustedTax #TaxProfessional #NewTax2024
Imagine living paycheck to paycheck while we’re under inflation and then the IRS tells you you owe money
My situation
No imagining required
If u have 0 allowances you’ll always have a refund, if you claim yourself you’ll always owe. Fix your W2?
@@MaliEndz
Same here 🤦🏾♀️
@@daevid3927how I’m at the 22 % bracket single and no dependents and I owe every single time
Its time to get rid of the IRS altogether
I agree because this starting to get crazy.
Honestly
Where will the money come from to pay for all of our public infrastructure such as roads and military
@@ninenumbersmusic8269like it did before tax on drugs and whisky and a go fund me
Nearly 70% of all government spending goes to entitlements and foreign aid
That’s the government giving money to other people not the roads not the military
@@ninenumbersmusic8269the federal reserve is a private entity, governed by the central bank. They funded the north during the civil war & our country has been indebted to them since. Citizens are slaves to them now, instead of each other & they have used our country as a vehicle to overtake the world. Look at the dates of our major wars, the countries we fought against & compare them to their adoption into the central banking system
Wow, we keep getting screwed time and time again for paying taxes. How many times does one item get taxed? One gallon of milk gets taxed from the farmer at a dairy, then it gets taxed to be delivered, then at the store to the consumer. Everyone paid a tax on that gallon of milk.
Whatever happened to no taxation without representation!!! We pay taxes when we buy anything we pay taxes when we make money we pay taxes on everything!!! This has to change
You think the gov cares?
They just make up more taxes as time passes.
Do you think George Washington paid income, or property taxes?
No one from that time did, they would be rolling in their graves over the taxation laws we have.
But we are in an era where no one is really capable to fight back, or wants to fight back.
“Tea party” anyone???
But Zlenesky needs another HOUSE!!!
Remember, the Boston Tea Party happened because of 3% tax.
I keep saying this this is crazy
They do not deserve our money
Its their money. You dont like it, stop using it.
Deserve has nothing to do with it
It's not even money it's currency.
It wont take affect until 2025 smh
Taxes pays for Roads Schools etc - what we need is just 1 (one) tax. Either call it a flat tax or consumer tax call it whatever you want and here is the kicker:
One (1) tax and no income tax. Yes it will be high be it set as example of 22%. So you make a million dollars you pay 220,000
You make 100,000 you pay 22,000
You make 10,000 you pay 2200
That’s what you pay - oh and we adjust for inflation.
With Market tumbling, Inflation Soaring, Is the stock market actually getting better or could this be the regular new year market manipulation to entice new investors? I'm currently sitting on $500k inheritance and just wondering what better assets than stocks to invest in right now
You need a certified financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
'NATALIE NOEL BURNS' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
There’s no way it’s at 3-4%. Groceries have double if not tripled in price.
When inflation started getting out of hand back in the 80s they completely changed the way they calculated so that on paper it appeared much lower
They don't care.
Food and gas are not part of the number. Not many realize this so truly it is a factious number we get.
Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@hunter-bourke21 Do you mind sharing info on the adviser who assisted you?
Definitely! All of this happened in less than a year after *Gertrude Margaret Quinto* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
The median income for a single filer is 35k, its 70k for a *household*
I make more than that and I’m single and tried to work a second job to pay things down and get ahead. I allowed them to take out the maximum amount of money plus $50 per paycheck , I still owed them the next year.
It’s a total ripoff. They want us to be destitute and barely making it. And you have to be smarter than the average bear to learn how to finagle the tax laws and deductions.
Just because I’m single I have to pay more ? Why ? I don’t think that’s fair
@@Fluer-de-LisI completely agree . Single people get screwed. They have all the same bills as families but only one income to pay it with. Also no child tax credits or working family credits for singles.
How can you not think this is criminal.
Income tax is slavery. Property tax is theft. Government is organized crime with a monopoly on violence.
Because welfare helped me out when my family had nothing now im paying my dues as I work 80 hours a week in texas oilfield. Im not trippin
Yea notice how the top brackets straight dont exist. People making billions taxed the same as someone making 600k
@@suntzu6122
That's still 37% of your income though.
I need roads and schools and the USPS, what on earth are you talking about?😮😂
We can’t win for losing🤦🏾♀️
So we’re paying for the pandemic, PPP loans, 2 wars, immigration, AI, government officials scandals, etc…🤦🏾♀️
Lmao you said “Ai” idk why but that’s funny
The first tax bracket shouldnt exist and every one of those should be lowered.
Abolish the IRS!
Remember the man that flew his plane kamakazi style into the IRS? More of that energy, please.
10% jump from 47,150 to 47,151 is nuts
Should be more brackets
Bro he explained it. Only the $1 would be taxed at higher rate, everything below is still 10%
Does not matter it is still crazy taxes to pay@@oldschoolpanels
@@oldschoolpanelsthen explain why I made 55k this year paid 9k in throughout the year and still owe $500
@phar-syed6864 exactly they always say the taxes only apply after a certain amount but they always blast the entire amount for the same , always have and always will
@phar-syed6864 because this bracket is only for your federal income taxes.
On top of this, you have state taxes, fica (social security), medicare taxes. That's just off your pay stub.
Then, you have sales taxes when you buy stuff, fuel tax, use taxes (car reg, licensing, fees).
Then hidden taxes employement taxes (your boss pays half your taxes out of his pocket just to have you as an employee, why you hardly ever get raises), and inflation (gov printing money, devaluing yours).
Inflation is A WHOLE lot more than 3%
Naw you're just thinking that lower inflation means prices going down when it actually means prices going UP but less fast. Deflation is the term for prices going down.
I was told by the President on my TV that. If you're making 400000 or less, you have 0 taxes, just your social security. Is this not true anymore
Was never true. Don't trust liyin biden
😎😅😅
It's never been true.
😂😂😂
I think you’re referring to long term capital gains which is true. Not for ordinary income. Meaning if the entirety of the money you made for the year was in qualified dividends then yes you would pay 0 in federal taxes
That's a big jump from 12 to 24 percent! Its time for a flat tax!
I was thinking the same thing why such a big gap?😢
You don’t want a flat tax
That is insane my hard earned money has to go to the hands of our filthy government.
Nothing you can do buddy 😂
@@superbadisfunmyobviously there is if we have republican candidates willing to adjust the tax system
@@MaliEndz
Friend… no… what we need is to take lessons from the french. They did it right for awhile…
@@MaliEndz Oh yeah, those republicans will absolutely change your tax bracket, just like they'll change your retirement age
@@awsomeman253 you mean the candidate that nobody was planning on voting for to begin with? Lol only 3 of them were publicly open to abolishing the IRS and one of them being Trump
All we have to do as a society is refuse taxation
Damn 22%! That’s a big jump from 12.
Remember, this is only your federal return brackets. You also pay: state taxes, fica taxes, medicare taxes, property taxes, sales taxes, use taxes, fuel taxes, registrations, licensing, employment taxes (your boss pays half your taxes before you even get your paycheck just for employing you), capital gains taxes, and many many more.
I see most of us will be paying for Wars and Illegal immigrants 🤦🏾♀️
You guys acting like y’all don’t ask for food ebt or free medical 💀
I'm not aware of any federal programs that pay for illegal immigrants
100% And lining pockets of the elite along the way.
If you black you shouldn’t be complaining lol
Most of you have everything handed to you.
Fun fact because the government / federal reserve just prints money taxes don't pay for anything they can print more money to pay for things. Taxes are just a way to delete money and reduce inflation.
It's also a way for them to keep people down. They don't want you to be able to take control of your life.
Yet it hasn't reduced inflation
My three favorite channels: Karlton Dennis, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Boom!
This guy spams all channels with this comment always switching up thr names for engagement. Avoid!@karltondennis
Thank you for this update!!! Much appreciated
Awesome, thourough, and easy to understand video.😊
This is helpful brother, thanks for sharing
I sent a letter today instructing the IRS to print money for any taxes due. The Fed called back and said there's a waiting period behind the global reset wars in Ukraine, Gaza, Yemen and the funding of the Southern border invasion force.
Boston tea party
Helpful video! Thanks
Thanks for sharing
Thank you for this information
Great video well explained!
Thank you!
Making $100,000 a year is a dream. From the majority, it is
Thanks!
We need to get congress to factor in a child support deduction if we pay.
That’s the single stupidest comment that has ever been made. Congratulations!!!!!!
Wouldn’t that be apart of the child tax credit
@@curtisjohnson2433 naw men don’t get anything from child support. And the child support we pay is after tax .
@@Biagaschris geez. Glad I’ve avoided kids my nearly 30 years of life. Sleep with married women they’re more than likely gonna drop that baby without anyone knowing lmao
@@curtisjohnson2433 😢
My brother is jacked AF. Keep it up!
Thanks broo!
Great video!
My dude, you will go far
love your videos! Suggest a more elaborate example, extrapolating how this impacts your effective tax rate on ordinary income (showing an income earners at 50,150, and 250k per year). A lot of your comments highlight that people don't understand the total taxes due under this structure - they're assuming your top tax bracket becomes your effective tax rate - which is widly misleading, and not your intention. Two similar topics i think could add value to your audience:
1-House hacking & the impact of IRS 701 (also show examples of how the proration rule can help people who bought a house but had to move quickly, and the key points related to spouse in home for a shorter period of time etc).
2-LTCG/STCG and IRS 409 (capital gains); and explain related concepts to help the "everyday joe" be smarter about their financial decisions in late & early parts of the year (tax loss harvesting, when to trigger LTCG vs defer a controllable sale date).
BONUS topic - give an example of how much real estate you'd need to own for someone making $100k / year to have a $0 federal tax bill, and then a $200k earner with a cost seg.
You can't have too many financial experts to create your channel, too. Most welcome. Average jo.
I think he has a video explaining this in detail
@RioTheHitman Can you link the video, I did not find did it
If you make 11k a year, you should not be taxed
Yes you should.
You Da Man!!!
Any update to IRA contribution limits based on income? thanks!
22% is wild man. They need to start calculating child support on net income.
In a lot of states child support is calculated on the difference of the two parents income not a flat 22% for example my ex and me made almost identical income. Because he was not very involved in his parenting time the court rules $168 per month support to me for 2 kids But I have to pay the $220 a month medical and dental and all out of pocket. I get to claim both kids on taxes.
INTERESTING.😃
What is the song playing in the back?
I make 188k after taxes at 27. Alittle over 15k a month. But only 6k of that 15k is taxed😂
Military benefits are❤
I wonder which bracket chnaged. Mine at 12% did not.
It’s a struggle daily, and annually Uncle Sam makes sure to shake you down a bit too.
When discussing a 2% saving of any kind the word “significant” should not be used
It’s important to add “taxable income” for these brackets
What mic and mic arm are you using please?
That's interesting
24%. I'm heated.
So they basically telling us to remain poor
I have a LLC for my commercial bee farm. I just reinvest all my capital each season to bring in more product. I just work a wage job for insurance while my honey company grows like crazy.
The trans music hit, good hot off the press info too, thanks 👍
How do they come up with those numbers
Last year when they did the same thing, I owed money. Never have owed before. Anyone who thinks the government will bring in less money because they changed the brackets is a fool. They probably take in more.
Does this apply for taxes filed this tax season
Is this before expenses or after ?
What does the % rate include (ss unemployment etc ?)and what are the individual %s
That 22% tax bracket killing the middle class
do you have any disability videos for taxes?
So it goes from 12 to 22! Wow
Any change in dependents
And how many in those last 2 brackets actually get taxed at that rate?
So government gives billions to other people, and we are stuck with the bill yet again, man this is like when you go out with a billionaire to a nice restaurant and he says he will pay for all the expenses then he leaves you with a 100k bill at the table.
What if high income earners have so many write off showing losses, huge expenses or write offs?
That is likely only if they own businesses. Also, a 10k loss or write off IS NOT 10k tax savings. Just meats you may not pay tax on 10k. Write-off are not things to strive for, they are still losses
Thank you for the info because I was wondering if the IRS will remain the same as we are in dire inflation straight.
Do you honestly think they won't take in the same amount? The tax bracket changes is a joke. They did the same thing last year, the same year I owed taxes the 1st time in my life.
It's basically the same
Great video - I guess. My eyes glazed over within 2 min
I don't understand why not make everyone pay 10%. More salary means I pay more anyway.
Because the people really complain that the rich aren't paying their fair share.
Because that’s not enough to pay for for stamps and immigrants
Been following Karlton since he had like 400 something subscribers... not surprised his channel has grown so much 🫡
That last one should be much higher like 45 percent at least.
This the same as last year??
If you paid off your student loans how can u get a deduction for that payment
Wow A.I. video and voice generation has gotten crazy!
Recently married, My wife and I both make about 120K and only one of us Itemizes deductions. What's our best approach?
I like it when you write it down. It is easier to grasp the numbers.
Gold mine channel. Thx
Do we get money back at the end of the year? I'm making 45k and still getting tax 23% just wondering
What if you recently separated would be better to file married filing separated?
This person has dependent children, and the divorce has not finalized ....
Everything you buy or energy used is freaking taxed! Those companies you paid your taxed money to will have to pay taxes on it as well. These demons gonna find a way to tax oxygen.
what if you put down 0 depended and pay a lot of taxes out and when it is time to file taxes you find out you still owe taxes only because a company didn't pay the right amount of taxes to the Fed what do you do now?
This doesn't make sense, I mean I understand how it all works but anything that comes out of my check is some form of tax. After federal, state, social security and all of the other letters that I don't know what they do, I'm paying almost 50% tax. I'm not rich, I'm average at best. We aren't even talking about property tax yet. How is this fair?
Through all the funnels I goes into their pockets
can someone please answer this so I made 160,000 last year hourly. so this year will all my checks be taxed at 24%? or do you work your way threw the brackets as the year goes on and you make more money.
So when are we protesting?
Flat tax rate would reduce taxes on the more productive people in the middle working class. In turn improving the standard of living for everyone.
What about the marriage penalty?
lets go brandon
that inflation adjustment does nothing for people with a small business not making much money.
So saving in 401K are good since tax brackets are changing. So when peopl say taxes will be higher in the future what does that mean if IRS is changing tax brackets accordingly. I dont see how taxes are increasing
What they mean is eventually they have to raise income tax across the board to pay down the national debt
My family is in the 12%
Oh boy - I fall into tax bracket 6 this year. However, I don’t feel like I’m the top 1%. Just a normal dude.
How do you file a 1040 without waving your fifth amendment ?
Inflation was reported at almost 33%.
I can never understand the complete BS of working your ass off then having to pay the government for doing nothing. Only to then pay them more at the end of the year.