Federal Income Tax Changes 2024
Federal Income Tax Changes 2024: Key Updates and Implications
Each year, various limits affecting income tax preparation and planning change. In 2024, these changes are due to inflation indexing, new legislation, and the sunsetting of existing laws. This course will examine the Federal Income Tax Changes for 2024, focusing on the most significant updates for income tax preparers.
Key Areas Affected by Federal Income Tax Changes 2024
This course covers the 2024 tax changes resulting from the passage of the Inflation Reduction Act and inflation-adjusted limits. These updates are critical for tax professionals and include changes in:
- Standard mileage rates
- Standard deduction
- AMT exemption amount
- Limits related to income from U.S. Savings Bonds for higher education expenses
- Deductions for qualified long-term care insurance premiums
Tax Credit Updates and Other Changes
Additionally, this course identifies 2024 tax credit changes affecting:
- Saver’s credit
- Additional Child Tax Credit
- Earned income credit
- Adoption credit
We will also discuss updates to:
- Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits
- Roth IRA eligibility
- Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
Furthermore, the course will list changes effective for 2024 related to:
- Small employer premium tax credit
- Applicable large employer mandate
Learning Objectives: Mastering 2024 Tax Changes
Upon completing this course, you should be able to:
- List the 2024 changes in various amounts including:
- Standard mileage rates
- Standard deduction
- AMT exemption amount
- Limits related to income from U.S. Savings Bonds for higher education expenses
- Deductions for qualified long-term care insurance premiums
- Identify the 2024 tax credit changes affecting the:
- Saver’s credit
- Additional Child Tax Credit
- Earned income credit
- Adoption credit
- Recognize the 2024 changes affecting:
- Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits
- Roth IRA eligibility
- Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
- List the changes effective for 2024 with respect to the:
- Small employer premium tax credit
- Applicable large employer mandate
- Describe the principal Inflation Reduction Act (IRA) provisions affecting taxpayers in 2024.
Ideal Audience for This Course
This course is ideal for tax professionals, including CPAs, tax preparers, and financial advisors. It is also beneficial for individuals seeking to stay updated on the latest tax changes and their implications. Enroll now to stay informed and compliant with the Federal Income Tax Changes for 2024.
Additional information
| Audience | All Certified Public Accountants (CPAs), Enrolled Agents (EAs), Other Tax Return Preparers (OTRPs) |
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Original price was: $29.99.$19.00Current price is: $19.00.
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The Author
Paul Winn is a former insurance company senior executive and CEO of a registered investment adviser corporation. A published book author and creator of 100+ continuing education courses for tax, insurance and investment professionals.
