The 2024 HONOLULU Tax Season is well under way and this year there has been a lot of changes in the HAWAII Tax Code so it is crucial to know what is new and what has changed in order to file taxes accurately to avoid errors and penalties while making use of incentives and loopholes that will benefit individual HONOLULU taxpayers as well as Small Business Owners.
Diamond Head Tax Group - OAHU Tax Planning and Tax Advisory experts are here to help with important advice for the 2024 Tax Season particularly for HAWAII business owners and property managers.
Our team of experts boast impeccable mastery of current tax law, complex tax code and new tax regulations, making us uniquely equipped to aid businesses and individuals to successfully and legally minimize their taxes throughout the year.
Hire Diamond Head Tax Group - OAHU Tax Planning and Tax Advisory experts to delegate the time consuming and complicated task of understanding the 2024 HONOLULU Tax Season changes to the tax code and filing your taxes so you can focus on running your business.
Dive into the 2024 Tax Season - Understand 2024 Tax Code Changes - Hire Diamond Head Tax Group OAHU Tax Advisory Expert Services - Schedule a Consultation: 808-468-8041
For individuals, small business owners, property managers and pretty much everyone tax season can be a hectic time of year as they comb through budgets and spreadsheets in order to account for each and every cent and file accurate tax returns. Plus there can be changes to the tax code, meaning that the formula or approach you used last year might no longer result in accurate tax filing this year.
Hiring Diamond Head Tax Group - OAHU Tax Planning and Tax Advisory experts is a great way to delegate this complicated task so that every penny will be accounted for, while making use of incentives and legal ways to minimize taxes and make the most out of deductions and refunds including new ones, and avoiding new penalties.
For the 2024 Tax Filing Season in HONOLULU, there are several key changes and updates to be aware of:
The Inflation Reduction Act
This act, signed into law in August 2022, introduced new tax provisions and extensions, particularly in areas related to energy efficiency, healthcare, and corporate tax. Some highlights include:
The solar energy credit has increased to 30% for residential energy-efficient property purchases like solar panels and water heaters, valid through December 31, 2032.
The energy-efficient home improvement credit amount increased from 10% to 30% of the cost of certain qualified improvements, with a maximum claim of up to $1,200 for some improvements and up to $2,000 per year for qualified heat pumps, biomass stoves, or boilers.
Electric Vehicle Credit
New changes are effective for electric vehicles purchased began Jan. 1, 2023 and include:
A credit of up to $7,500 can reduce taxes owed for new electric vehicles, with final assembly in North America being a prerequisite.
Used electric vehicle purchases might be eligible for a tax credit up to $4,000 or 30% of the sales price, starting in the 2023 tax year.
Student Loan Payments
Student loan interest payments resumed on Sept. 1, 2023, with payments due starting October 2023. Student loan interest can be deducted up to $2,500 on your taxes.
Retirement and health savings accounts
There are benefits to saving for the future. These are the tax incentives that will help:
The maximum contribution limits for 401(K) plans increased to $22,500 for 2023 ($30,000 if you are 50 and over).
The limits for traditional and Roth IRAs increased to $6,500 ($7,500 if you are 50 and over).
Health Savings Account contributions are up to $3,850 for self-only coverage and $7,750 for family coverage.
Flexible Spending Account contributions are capped at $3,050, with a maximum carryover amount of $610 for 2023.
Deductible Mileage Rates
The mileage rate for business is 65.5 cents per mile for the 2023 tax year. You can also deduct travel expenses to doctors’ visits at 22 cents per mile.
New Tax Brackets and Standard Deduction Adjustments
The IRS announced inflation adjustments for the 2024 tax year. Expect changes in standard deductions, tax brackets and other limits, with an approximately 5.4% increase over the previous year.
Diamond Head Tax Group OAHU offers tax planning and tax advisory for individuals, businesses and property managers in HONOLULU for the 2024 Tax Filing Season.
Small Business Owners can't afford mistakes in filing taxes. By hiring Diamond Head Tax Group OAHU you will benefit from our HONOLULU Tax Advisory Services that will help you utilize the intricacies of local and federal tax codes to minimize taxes across the year and make the most out of legal and safe deductions in order to claim the refunds you deserve.
Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.
We are available to assist you with your Tax Needs.
Individuals ● Business ● Tax Advisory ● Payroll Services
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