Answer: The following are some of the tax changes for 2024. Maximum net earnings. The maximum net self-employment earnings subject to the social security part of the self-employment tax is $168,600 for 2024. There is no maximum limit on earnings subject to the Medicare part. Bonus depreciation. The bonus depreciation deduction under section 168(k) continues its phaseout in 2024 with a reduction of the applicable limit from 80% to 60%. Standard mileage rate. For 2024, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use during 2024 increased to 67 cents a mile.For more information, see Car and Truck Expenses in chapter 8. Bad Debts. Publication 535, Business Expenses, has been discontinued and the Bad Debts information provided in that publication has now been incorporated in Publication 334, Bad Debts section in chapter 8.
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https://www.irs.gov/publications/p334