IMPORTANT TAX ANOUNCEMENTS!

Business income taxes are due March 15th!

The tax filing deadline for 2024 tax year is April 15th!

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Visit our "Prep for tax season" tab

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Welcome to G&K Taxes And Accounting. Our main goal is to always achieve a high level of customer satisfaction with the services that we provide.

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Since being established in 1998, G&K Taxes And Accounting has been known for an unparalleled commitment to customer satisfaction. It’s this standard of excellence that has provided the impetus for us to grow into the business we are today. For more information about our services and how we can assist you during the tax season and beyond, please contact us by phone or email. We sincerely appreciate your business and look forward to serving you.

We look forward to serving you during tax season and beyond.

Tax Prep Checklist

Federal Income Tax Brackets

Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than

$609,350 ($731,200 for married couples filing jointly).

The other rates are:

35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)

The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).

State Income Tax

States generally take one of three approaches to taxing residents or taxpayers who earn income in their state.

They don’t tax income at all.
They impose a flat tax. That means they tax all income, or dividends and interest only in some cases,

at the same rate.

They impose a progressive tax. That means people with higher taxable incomes pay higher state income tax rates.

There are nine states that do not levy income tax on income earned in their state.

Alaska.
Florida.
Nevada.
South Dakota.
Texas.
Washington.
Wyoming
New Hampshire
Tennessee

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The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

The personal exemption for tax year 2024 remains at 0, as it was for 2023. This elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be (rates to be used for 2023 tax year also):

67 cents per mile driven for business use, up 1.5 from 2023.
21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.