Maximize Your Returns: Top Deductions and Credits for 2024

Originally published February 28, 2025. This archived article may refer to rules, amounts, or deadlines that have changed. Confirm guidance for your filing year before acting.

Tax season is here, and MacNeal LLC is here to help you make the most of your return. With tax laws evolving each year, staying informed about the latest deductions and credits is essential. Taking advantage of these tax breaks can lower your tax liability and potentially increase your refund. Here’s what you need to know for the 2024 tax season.

1. Standard Deduction Updates

For 2024, the IRS has increased the standard deduction to account for inflation:

1. Single filers: $14,600
2. Married filing jointly: $29,200
3. Head of household: $21,900

The standard deduction is likely your best option if your itemized deductions (such as mortgage interest and medical expenses) don’t exceed these amounts.

2. Expanded Child Tax Credit

Families can still benefit from the Child Tax Credit (CTC), which remains at $2,000 per qualifying child under 17. A portion of this credit is refundable, meaning you could receive a refund even if you owe no taxes.

3. Earned Income Tax Credit (EITC)

The EITC can provide significant tax relief for low- to moderate-income workers. For 2024, eligible taxpayers may receive up to $7,000, depending on income and family size. If you qualify, this credit can boost your refund significantly.

4. Educational Tax Benefits

If you’re paying for higher education, consider these valuable credits:

1. The American Opportunity Credit – Up to $2,500 per student for tuition and expenses.
2. The Lifetime Learning Credit – Covers 20% of tuition costs, up to $2,000 per return.

These credits help students and parents offset the rising costs of education.

5. Retirement Savings Contributions Credit (Saver’s Credit)

If you contribute to an IRA or workplace retirement plan, you might qualify for the Saver’s Credit, which can reduce your tax bill by up to $1,000 ($2,000 for married couples filing jointly).

6. Homeowner Tax Benefits

If you own a home, don’t forget deductions such as:

1. Mortgage Interest Deduction – Allows you to deduct interest paid on loans up to $750,000.
2. Energy-Efficient Home Credits – If you’ve made energy-saving upgrades like solar panels or new insulation, you could qualify for a 30% tax credit.

7. Medical Expenses Deduction

If your medical expenses exceed 7.5% of your adjusted gross income, you may be able to deduct out-of-pocket costs not covered by insurance, such as doctor visits, prescriptions, and dental work.

Make the Most of Your Tax Return

Navigating tax laws can be complex, but you don’t have to do it alone. At MacNeal LLC, we ensure you take full advantage of all available deductions and credits. Maximize your refund and reduce your tax burden today! 📞 Schedule a consultation now at MacNealLLC.com!

Related service: Mac Neal LLC offers individual and business tax preparation. Book a call to talk through your situation.