Confused about the 2024 tax changes? Today, Rob and Archie break down some of the important changes to look out for in 2024. Know the changes and be prepared for 2024!

Here are some major changes:

– Adjustment to tax brackets: 10%, 12%, 20%
– tax brackets are moving higher

– Increase in the standard deduction
– single: $13,850 to $14,600
– married: $27,700 to $29,200

– Contribution limits
– Deferral limit increasing from $22,500 to $23,000
– 50 years or older – “catch-up contribution” is $7,500
– Simple plan – deferral from $15,500 to $16,000
-50 years or older – “catch-up contribution” is $3,500

– IRA deductible increasing
– $6,500 to $7,000
– 50 years or older – “catch-up contribution” is $1,000

– Health Savings Accounts
– Individual: $3,850 to $4,150
– Family plan: $7,750 to $8,300

– Cost of living benefit increasing by 3.2%

– Estate taxes
– Annual gift tax exclusion increasing from $17,000 to $18,000
– Basic exclusion amount: $13,000,618 per person
– At the end of 2025, these numbers will revert unless made permanent

– Roll over 529 Funds into a Roth IRA
–

– Required Minimum Distribution (RMD)
– People born after the year 1959, the age increases to 75 (2033)

-Qualified charitable distributions
–
– Increasing from $100,000 to $105,000

If you’d like to chat with Rob or Archie further, please schedule a consultation:

00:00 Introduction
00:20 2024 tax changes
01:49 Changes to tax brackets
05:38 Increase in the standard deduction
07:48 Contribution limits
09:36 IRA changes
11:45 Cost of living adjustment
12:20 Gift tax exclusion
14:45 529 to Roth IRA
15:58 RMD changes
16:53 Qualified charitable distributions
18:28 Conclusion

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.

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As we enter a new year, many individuals and businesses are gearing up for changes in tax laws that will affect how much they owe to the government. The year 2024 brings with it a number of tax changes that will impact a wide range of taxpayers. In this article, we will take a look at some of the key numbers and figures that are set to change in the upcoming year.

One of the most notable changes in 2024 is the increase in the standard deduction for both single filers and married couples filing jointly. For single filers, the standard deduction will rise to $13,900, up from $12,950 in 2023. For married couples filing jointly, the standard deduction will increase to $27,800, up from $25,900 in the previous year. This change is aimed at providing tax relief to individuals and families at all income levels.

Another change that will impact many taxpayers is the adjustment to the income brackets for the various tax rates. In 2024, the income thresholds for the 10%, 12%, 22%, 24%, 32%, 35%, and 37% tax brackets will all see slight increases. This means that individuals and families earning above certain thresholds will be subject to higher tax rates on their income.

For businesses, there are also a number of changes set to take effect in 2024. One of the most significant changes is the decrease in the corporate tax rate from 21% to 20%. This change is aimed at incentivizing business investment and growth, and is expected to benefit a wide range of industries.

In addition to changes in tax rates and deductions, there are also a number of other tax changes that will impact taxpayers in 2024. For example, the maximum contribution limits for retirement accounts such as 401(k)s and IRAs will see slight increases. This means that individuals will be able to save more for retirement while benefiting from valuable tax breaks.

Overall, the tax changes set to take effect in 2024 will impact individuals and businesses in a variety of ways. While some taxpayers may see lower tax bills as a result of these changes, others may find themselves paying more to the government. It is important for all taxpayers to stay informed about these changes and to consult with a tax professional if necessary to ensure compliance with the new laws.

In conclusion, the tax changes set to take effect in 2024 will have a significant impact on taxpayers across the board. From changes in standard deductions to adjustments in tax rates and contribution limits, there are a number of key figures that individuals and businesses should be aware of in the coming year. By staying informed and planning ahead, taxpayers can ensure that they are prepared for the changes that lie ahead.