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Tax expert Ed Slott discusses Secure Act 2.0 provisions and what to know about higher income and estate tax rates in 2026.

00:00 Introduction

00:18 What Should Investors Have on Their Tax Radar?

01:30 2026 Tax Changes

03:27 Accelerating IRA Withdrawals

04:36 Catch-Up Contributions

08:12 Estate Taxes and TCJA

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As we approach tax season in 2024, it’s essential to keep a vigilant eye on any changes in tax laws that could affect your financial situation. With the ever-changing landscape of tax regulations, having a proactive approach in managing your taxes can lead to significant savings and compliance with the law. Here are some things to have on your tax radar for 2024:

1. Changes in Tax Laws: The tax laws are subject to frequent changes, and it’s crucial to stay updated on any new legislation that could impact your tax liability. Keep an eye on potential changes to income tax rates, deductions, and credits that may affect your tax return.

2. Retirement Contributions: Maxing out your retirement contributions can have significant tax advantages. Keep an eye on the contribution limits for 401(k), IRA, and other retirement accounts, and make sure to take advantage of these tax-advantaged savings opportunities.

3. Deductions and Credits: Stay informed about any new deductions or credits that may be available to you in 2024. For example, if you’re a homeowner, you may be eligible for deductions related to mortgage interest, property taxes, and home office expenses. Additionally, there may be tax credits available for activities such as energy-efficient home improvements or higher education expenses.

4. Healthcare Expenses: Medical expenses can be a significant burden, but they may also provide tax benefits. Keep track of any out-of-pocket medical expenses that may be deductible, as well as contributions to health savings accounts (HSAs) or flexible spending accounts (FSAs).

5. Charitable Contributions: Charitable donations can provide tax benefits, so it’s essential to keep detailed records of any contributions you make throughout the year. Additionally, consider donating appreciated stocks or securities to charities, which can provide tax advantages through capital gains tax savings.

6. State and Local Taxes: In addition to federal taxes, keep an eye on any changes in state and local taxes that may impact your overall tax liability. States and localities may have their own tax laws and regulations that could affect your tax planning.

7. Tax Planning Strategies: Work with a tax professional to review your overall financial situation and implement tax planning strategies that can help minimize your tax liability. These may include strategies such as income shifting, tax-loss harvesting, or maximizing tax-efficient investment opportunities.

By staying vigilant and proactive about your taxes, you can ensure that you’re taking full advantage of any available tax benefits and minimizing your tax liability. Keep these considerations on your tax radar for 2024 and consult with a professional to ensure you’re making the most of your tax situation.