Tax Planning Guide 2024
Individual taxpayers can breathe a sigh of relief that fewer major tax changes await them in 2024 than they saw in 2023. That’s not to say there aren’t any changes for 2024. While annual inflation adjustments aren’t as dramatic as in 2023, individuals will welcome the higher thresholds for tax brackets and the alternative minimum tax and increases in social security benefits, retirement plan contribution limits, HSA contributions, and other deductions and credits. On the business side, taxpayers need to be aware of new eFiling and reporting requirements, among other tax tweaks.
Also, the IRS plans to allow taxpayers to digitally submit all documents and correspondence to the agency for the 2024 tax filing season. And there are a host of tax proposals in the air that could affect your situation. So, reviewing your investment, estate plan, retirement planning, and business strategies with your tax professional is as important as ever this year. They can help you look at the whole picture and assist you in taking steps to ensure a financially secure future.