Nov 28 2023 24 mins
This episode of Wealth Builders delves into the recently announced IRS updates for the 2024 tax year, offering listeners an in-depth understanding of the new tax brackets, standard deductions, and retirement plan contribution limits. Designed to assist taxpayers in proactive financial planning, this episode breaks down complex tax changes into easily digestible insights.
Key Segments:
- Understanding the Tax Bracket Inflation Adjustment:
- Analysis of the 5.4% increase in tax brackets for 2024.
- Discussion on how these adjustments may affect individual tax liabilities.
- Navigating the Increased Standard Deductions:
- Overview of the raised standard deductions to $29,200 for married couples and $14,600 for single filers.
- Expert advice on whether to itemize deductions or opt for the standard deduction.
- Maximizing Retirement Savings:
- Insights into the increased IRA contribution limits, now at $7,000, and catch-up contributions for those aged 50+.
- Strategies for leveraging workplace retirement accounts like 401(k)s.
- Estate Planning with Updated Gift Tax Exclusion:
- Explanation of the raised annual gift tax exclusion to $18,000.
- Tips on estate planning and gifting strategies under the new rules.
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This podcast is for informational purposes only. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. StatonWalsh and Founder’s Financial Securities do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
Ryan Staton is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
Devin Walsh is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
Check the background of this firm on http://brokercheck.finra.org/