Nonprofit Resources


Key Federal Tax Figures for 2024

We are pleased to provide our annual Key Federal Tax Figures summary, which is designed to be a helpful reference tool throughout the year. You can download or print your free copy here:

Download the Table >


Several points of interest emerge from a review of the 2024 figures.


Increase in Standard Deduction

The tax reform legislation enacted in December 2017 nearly doubled the standard deduction. For 2024, the new higher amounts increased again by an inflation adjustment. For a married couple filing a joint return, the increase is $1,500, to $29,200. Similar increases occurred for heads of households, single individuals, and married couples filing separate returns.


Automobile Mileage Rates

The tax-free mileage rate for business use of a vehicle increased to 67.0 cents per mile from 65.5 cents per mile, an increase of 1.5 cents per mile from 2023.

The tax-deductible mileage rate for medical mileage decreased slightly to 21.0 cents per mile, a decrease of 1.0 cent from 2023. The mileage rate for charitable mileage remained unchanged at 14.0 cents per mile. Note that with the suspension of the moving expense deduction, there is no mileage reimbursement rate for moving mileage.


Other Inflation Adjustments for 2024 

Inflation adjustments affect many areas, but not everything. Examine the specific issues that affect your organization carefully. Some examples may include:

 In 2023 and Returns for 2023In 2024 and Returns for 2024
Foreign earned income exclusion$120,000$126,500
OASDI maximum wage base$160,200$168,600
Maximum annual contribution to defined
contribution plan
Maximum salary deduction for 401(k)/403(b)$22,500$23,000
Maximum income inclusion for NQ plans in 501(c)(3) organizations $22,500$23,000
IRA contribution limit$6,500$7,000
Maximum automobile value for using cents-per-mile rate$60,800$62,000
Highly compensated employee limit$150,000$155,000
Annual gift tax exclusion amount$17,000$18,000

Please contact us with any questions.


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