Ep. 119 | 2024 Tax Year Filing Updates
Download MP3In this episode of the Teaching Tax Flow podcast, hosts John Tripolsky and Chris Picciurro jump into the crucial tax filing updates for 2024, making sure listeners are well-prepared for the new tax season. With their signature blend of insightful advice and engaging banter, the hosts explore the potential impact of both current and anticipated changes to U.S. tax laws.
Listeners who tune in to this engaging discussion will gain essential insights into the nuances of the Tax Cuts and Jobs Act adjustments, as well as important updates on standard deductions and tax brackets. Chris especially highlights the significance of understanding one's marginal tax rate over their tax bracket. Additionally, they touch on the implications of the new 1099K reporting rules, IRA changes, and earned income tax credits, all while making the subject matter accessible to everyone, from tax novices to seasoned professionals.
Key Takeaways:
- Adjustments to standard deductions for 2024 could significantly impact your tax filing strategy.
- The introduction of the 1099K reporting rule change may affect how digital transactions are reported and perceived.
- Bonus depreciation percentages have decreased, which may alter tax strategies for self-employed individuals and business owners.
- Changes to the earned income tax credit and digital asset reporting are anticipated, potentially affecting many taxpayers.
- Estate and gift tax exclusions have seen an increase, providing new estate planning opportunities.
Notable Quotes:
- "Your marginal tax rate is more important than your tax bracket." - Chris Picciurro
- "This is why we're doing the podcast, John. This is why people want to listen to this podcast." - Chris Picciurro
- "Be aware of that rule and don't be alarmed. The rule changed." - Chris Picciurro
- "We are right now in the highest estate tax exclusion era ever." - Chris Picciurro
- "Tax agencies are your involuntary business partner." - Chris Picciurro
Resources:
- FREE On-Demand Session: https://event.webinarjam.com/register/9/mz4qqtg
- Tax Prep Services: www.2025.tax
- (00:00) - 2024 Tax Filing Updates and Pickleball Gear Discounts
- (03:21) - Repetitive Streaming Ads and Target Market Confusion
- (04:09) - Tax Changes and Inflation Impact on Deductions and Brackets
- (07:33) - Understanding New 1099K Rules and Their Impact on Transactions
- (12:12) - Tax Changes in Bonus Depreciation and Estate Planning for 2024
- (18:15) - IRS Introduces 1099 DA Form for Digital Asset Reporting
