Maximize your savings in 2024
Welcome to the BookkeeperPro blog. This time, we want to tell you about recent news that can benefit you as an entrepreneur: the Saver’s Credit, a special tax credit that helps you save for your retirement and reduce your tax burden. The Internal Revenue Service (IRS) has published a press release reminding you that you can save for your retirement from now on and possibly receive this credit in 2024 and subsequent years.
What is saver's credit?
The Saver’s Credit is a credit that allows you to offset part of the first $2,000 that you contribute on your own to your retirement plan, such as an Individual Retirement Arrangement (IRA), a plan under section 401 (k), or a similar employer-sponsored retirement program.
The maximum credit is $1,000 ($2,000 for married couples) and can increase your refund or reduce the amount of taxes you owe. To be eligible for the Saver’s Credit, you must meet certain requirements, such as being 18 years or older, not being claimed as a dependent on someone else’s return, not being a full-time student, and having an adjusted gross income within the limits set by the IRS. These limits vary depending on your marital status and are adjusted annually for inflation.
If you want to know more about the Saver’s Credit, we invite you to read the IRS press release, where you will find detailed and updated information about this tax benefit..
We also invite you to contact BookkeeperPro, which offers free advice on how to save taxes in Virginia and how to manage your accounting and taxes simply and safely. You can call us at (757) 401-7978 or visit our website www.bookkeeperpro757.com.
Thank you for reading us and see you in the next article.
Source: IRS