Hey ,
Here is an update that could impact your 2024 tax return (to be filed in 2025). 15 states have adjusted their personal income tax rates for this tax year.
This information helps you adjust your tax planning accordingly.
Your State Could Be Affected
Check out the list below to see if your state's tax rates have changed:
State | New Rate % | Change % |
Arkansas | 4.4 | -0.5 |
California | 14.4 | 1.1 |
Georgia | 5.49 | -0.26 |
Indiana | 3.05 | -0.1 |
Iowa | 5.7 | -0.3 |
Kentucky | 4 | -0.5 |
Michigan | 4.25 | 0.2 |
Mississippi | 4.7 | -0.3 |
Missouri | 4.8 | -0.15 |
Montana | 5.9 | -0.85 |
Nebraska | 5.84 | -0.8 |
New Hampshire | 3 | -1 |
North Carolina | 4.5 | -0.25 |
Ohio | 3.5 | -0.49 |
South Carolina | 6.4 | -0.1 |
Note: New Hampshire only taxes interest and dividend income.
How Does This Impacts You?
- Potential Savings (or Increases): Analyze the rate change in your state to determine if you'll pay less or more in taxes.
- Withholding Review: It may be necessary to adjust your paycheck withholdings to ensure you don't face a surprise tax bill next year.
Let's Talk Strategy
Don't hesitate to schedule a consultation with me. We'll dive into how these changes affect you and create a proactive tax plan. Visit my website to book a
consultation.
Your favorite accountant and tax professional,
Folasade,
(202) 618-1295
[email protected]
