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Business Tax Services


Tax planning and strategizing should occur all year long, not just at year-end. We understand the many rules and regulations governing the tax landscape and can help you to determine the best solutions for your business.

Our tax team is knowledgeable about the numerous tax issues that face businesses and can help with business structuring, business tax planning, business tax credits, multistate/Nexus planning, and much more. Contact SVA today for all of your business tax needs.

What are the 2024 Tax Rates and Deductions?

Individual Tax Rate

Tax-bracket thresholds increase for each filing status but, because they’re based on percentages, they increase more significantly for the higher brackets.

2024 Ordinary-Income Tax Brackets

Tax Rate


Head of Household

Married Filing Jointly or Surviving Spouse

Married Filing Separately


$0 - $11,600

$0 - $16,550

$0 - $23,200

$0 - $11,600


$11,601 - $47,150

$16,551 - $63,100

$23,201 - $94,300

$11,601 - $47,150


$47,151 - $100,525

$63,101 - $100,500

$94,301 - $201,050

$47,151 - $100,525


$100,526 - $191,950

$100,501 - $191,950

$201,051 - $383,900

$100,526 - $191,950


$191,951 - $243,725

$191,951 - $243,700

$383,901 - $487,450

$191,951 - $243,725


$243,726 - $609,350

$243,701 - $609,350

$487,451 - $731,200

$243,726 - $365,600


Over $609,350

Over $609,350

Over $731,200

Over $365,600


Standard Deduction

  • Single: $14,600
  • Head of Household: $21,900
  • Married Filing Jointly or Surviving Spouse: $29,200
  • Married Filing Separately: $14,600

Alternative Minimum Tax (AMT)


2024 AMT Brackets

Tax Rate


Head of Household

Married Filing Jointly or Surviving Spouse

Married Filing Separately


$0 - $232,600

$0 - $232,600

$0 - $232,600

$0 - $116,300


Over $232,600

Over $232,600

Over $232,600

Over $116,300


  • The AMT exemption are also indexed for 2024:
    • Single or Head of Household: $85,700
    • Married Filing Jointly: $133,300
    • Married Filing Separately: $66,650
  • AMT Exemption Phaseouts Based on AMT Income:
    • Single or Head of Household: $609,350 - $952,150
    • Married Filing Jointly: $1,218,700 - $1,751,900
    • Married Filing Separately: $609,350 - $875,950

Estate and Gift Tax Exemption

The lifetime exemption is $13,610,000 with a top tax rate of 40%. A surviving spouse may be able to use the deceased spouse’s unused estate tax exemption. The annual gift tax exclusion is $18,000 per recipient ($36,000 if spouses elect "split-gift" treatment).

Education and Child-Related Breaks

  • The American Opportunity Credit: Maximum credit per eligible student is $2,500 and is phased out for taxpayers with adjusted gross income in the following ranges:
    • Single/Head of Household: $80,000 - $90,000
    • Married Filing Jointly: $160,000 - $180,000
  • The Lifetime Learning Credit: Maximum credit is $2,000 per tax return and is phased out for taxpayers with adjusted gross income in the following ranges:
    • Single/Head of Household: $80,000 - $90,000
    • Married Filing Jointly: $160,000 - $180,000
  • Student Loan Interest Deduction: Maximum credit is $2,500 per tax return and is phased out for taxpayers with adjusted gross income in the following ranges:
    • Single/Head of Household: $80,000 - $95,000
    • Married Filing Jointly: $165,000 - $195,000

FICA Rates and Additional Medicare Tax

The rate for the employee portion of Social Security tax is 6.2%, and the maximum earned income it applies to is $168,600, while the Medicare rate is 1.45% and applies to all earned income.

Self-employed individuals pay both the employee and employer portions, but get a deduction for the employer portion.

Cash wages totaling $2,700 or more to a household employee are also subject to FICA taxes.

An additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 (singles and heads of households), $250,000 (joint filers) or $125,000 (separate filers).

Employers must withhold the additional Medicare tax beginning in the pay period when wages exceed $200,000 for the calendar year, without regard to an employee’s filing status.

Retirement Savings Changes for 2024

The IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2024. The amounts increased more than they have in recent years due to inflation.

401(k) Plans

The 2024 contribution limit for employees who participate in 401(k) plans will increase to $23,000 (up from $22,500 in 2023). This contribution amount also applies to 403(b) plans, most 457 plans and the federal government’s Thrift Savings Plan.

The catch-up contribution limit for employees age 50 and over who participate in 401(k) plans and the other plans mentioned above will remain at $7,500.

SEP Plans and Defined Contribution Plans

The limitation for defined contribution plans, including a Simplified Employee Pension (SEP) plan, will increase from $66,000 to $69,000. To participate in a SEP, an eligible employee must receive at least a certain amount of compensation for the year.


Limit on Contributions to SIMPLE Plans: $16,000

Limit on Catch-Up Contributions to SIMPLE Plans: $3,500

Other Plan Limits

The IRS also announced that in 2024:

  • The limitation on the annual benefit under a defined benefit plan will increase from $265,000 to $275,000. For a participant who separated from service before January 1, 2024, the participant’s limitation under a defined benefit plan is computed by multiplying the participant’s compensation limitation, as adjusted through 2023, by 1.0351.
  • The limitation used in the definition of “highly compensated employee” will increase from $150,000 to $155,000.
IRA Contributions

The 2024 limit on annual contributions to an individual IRA will increase to $7,000 (up from $6,500 for 2023). The IRA catch-up contribution limit for individuals age 50 and older isn’t subject to an annual cost-of-living adjustment and will remain $1,000.


sva-certified-public-accountants-2023-2024-tax-planning-guideClick the image above for the 2023 - 2024 Tax Planning eGuide
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Click the image above to download SVA's Record Retention Checklist

Services Offered: How SVA Can Help

Business professionals need easy access to information to make timely decisions. SVA has what you need, when you need it. Choose a topic below or just contact us directly. Our expertise is ready anytime you need it.

The best way to stay current on all the ways your business can save time and money is to enlist an experienced accounting firm. SVA can help you with:

  • Accounting Methods
  • Consolidated Multi-Entity Tax Returns
  • Entity Selection, Formation, and Structure Planning
  • Executive Compensation Models
  • Inventory Method Planning
  • Ownership Planning

Tax planning should occur all year long, not just at year-end. SVA’s tax team is always in the know about the latest legislation and will help you minimize your business tax burden. Along with all the tax credits listed above, SVA can also help you with:

The tax-deferred exchange remains the most important tool in planning for non-personal real estate transactions. The 1031 exchange is a swap of one investment property for another, allowing capital gains to be deferred.

We work with clients to navigate the many rules and regulations that affect these transactions. We also will act on our clients’ behalf to arrange and act as a liaison between the various other professionals required to complete the transaction according to strict IRS rules.

BIZ TIP: Defer Capital Gains on Investment Properties With a 1031 Like-Kind Exchange

Everyone is familiar with sales tax and the role it plays as a consumer. However, understanding the complexities and laws involved with sales and use tax as it applies to business is another story.

Reduce the impact of sales tax on not only your business but your customers by proactively planning for the tax consequences of your business-related activities.

There are many tax credits currently available, along with new ones available each year based on stimulus legislation and changing presidential leadership. Here are a few SVA can help you with:

Nexus, also known as sufficient physical presence, determines whether an out-of-state business selling products into a state is liable for collecting sales and use tax on sales into the state. Nexus is required before a taxing jurisdiction can impose its taxes on an entity. Congress enacted Public Law 86-272 which protects companies with only minimal state activities from being taxed.

Our professionals can assist you in determining your company's multistate tax situation, take steps to insulate your activities from overzealous states, and minimize your overall state tax liability.

Biz Tip: What Manufacturers Should Know in the Wake of Wayfair Vs. South Dakota

Paycheck Protection Program (PPP) funds provided billions in economic relief for businesses. The program includes round 1 funding, round 2 funding and loan forgiveness opportunities. Each round has specific guidelines and determining when to apply for funds and forgiveness requires talking with a tax expert.

Navigating the other credits like the Employee Retention Credit that work together with the PPP funds can be complex. SVA has a team of experts who consistently monitor the latest news regarding these programs from the SBA and legislative efforts.



The Definitive Guide to Business Tax Credits and Tax Deductions

This eguide covers different tax credits and deductions available to businesses, as well as what to look for in a tax advisor, choosing a tax-advantaged business entity and more!


SVA® Web Tax Guide

Visit SVA’s Web Tax Guide to access a wide array of resources that can help prepare you and your business for the upcoming tax season.


2023 Federal Tax Rates

This easy-to-use resource has all the tax rates, deductions, credits and limits in a quick view format.


Understanding the Types of Depreciation Businesses Can Utilize

This eguide describes what depreciation is, the different types, how to calculate them, and answers common questions about depreciation.

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