Tax Info for Individuals
Self-Employed Business Tax Checklist – Click Here
Check the Business Info page if any of the following apply to your self-employed business:
• Your business is an LLC.
• Your business hires contractors and/or employees.
• You drive your personal vehicle for business purposes.
Rental Property Checklist – Click Here
Who can I claim as a dependent? – If you’re providing support for someone and want to check your eligibility to claim them as a dependent, use this IRS tool: (Click here to start.)
See the FAQ page for information on whether your child needs to file a tax return.
Itemized vs. Standard Deduction – Taxpayers may take the higher of the standard deduction, or the sum of their itemized deductions. This determination is made on an annual basis and may change from year-to-year depending on events that happened during the tax year. The most common itemized deductions are mortgage interest, state income and real estate taxes (capped at $10K), and medical expenses exceeding 7.5% of AGI. The 2017 Tax Cuts and Jobs Act increased the standard deduction, making it higher than itemized deductions for many taxpayers. This Act is in effect at least through the 2025 tax year. Generally, the standard deduction will be most beneficial unless a taxpayer has high mortgage interest (from a newer home, or multiple homes, or a refinance) and/or unusually high medical expenses (from a chronic illness/condition, a major illness, injury or surgery, the purchase of expensive medical equipment, etc). However, you should discuss your specific situation with your tax preparer to determine the best option for you.
See the FAQ page for more information on deductible medical expenses.
How do I value non-cash donations? – Non-cash donations should be valued at their fair market value. In other words, what would you expect to be paid for the item if you were selling it at a yard sale? The Salvation Army website has a helpful guide, as do some other charitable organizations.
(Click here to go to the Salvation Army’s valuation guide.)
Prior & Current Year Retirement Plan Contribution Limits – See the table below.
NOTE: Eligibility to make Roth IRA contributions starts to phase out when Modified AGI reaches $150K for Single and Head of Household filers, and $236K for Married Filing Jointly.
| Year | Traditional IRAs | Simple | 457 | 401(k), 403(b), and SARSEP |
Defined Contrib. Plan & SEP | Defined Benefit Plan | Comp. Limit |
|---|---|---|---|---|---|---|---|
| 2024 | $7,000 | $16,000 | $23,000 | $23,000 | $69,000 | $275,000 | $345,000 |
| 2025 | $7,000 | $16,500 | $23,500 | $23,500 | $70,000 | $280,000 | $350,000 |