Each New Year brings with it some form of change, especially when it comes to taxes.
But let's face it: with so much going on at the start of the year, who has time to keep up with all the tax changes, right?
Well, fortunately, I’ve been keeping an eye on some of the tax developments coming down the pike this year, so you don't have to.
And what did I find?
Well, beyond the usual inflation adjustments to tax brackets, deductions, and contribution limits, there are few material changes to note in 2024.
Even so, constant gridlock over a seemingly never-ending budget deal on Capitol Hill, coupled with general elections later on in the year, could likely complicate Federal returns once again.
And while we don't anticipate any meaningful tax legislation to pass in the current election cycle, certain portions of tax law are scheduled to sunset in the next couple of years, likely leading to higher taxes for many households.
So then, the big takeaway here is that while there are few legislative changes to worry about this year, there are still a few steps to consider today so you can take full advantage of tax changes now and into the future.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery
Each New Year brings with it some form of change, especially when it comes to taxes.
But let's face it: with so much going on at the start of the year, who has time to keep up with all the tax changes, right?
Well, fortunately, I’ve been keeping an eye on some of the tax developments coming down the pike this year, so you don't have to.
And what did I find?
Well, beyond the usual inflation adjustments to tax brackets, deductions, and contribution limits, there are few material changes to note in 2024.
Even so, constant gridlock over a seemingly never-ending budget deal on Capitol Hill, coupled with general elections later on in the year, could likely complicate Federal returns once again.
And while we don't anticipate any meaningful tax legislation to pass in the current election cycle, certain portions of tax law are scheduled to sunset in the next couple of years, likely leading to higher taxes for many households.
So then, the big takeaway here is that while there are few legislative changes to worry about this year, there are still a few steps to consider today so you can take full advantage of tax changes now and into the future.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery