2024 Tax Planning Considerations and Strategies

This guide outlines various tax planning considerations for individuals in 2024. It discusses the potential impact of significant income changes, such as receiving a windfall, starting a new job, or beginning Social Security payments, which may affect tax liabilities. The document emphasizes the importance of consulting with a financial planner to assess how these changes might influence tax strategies. Additionally, it details the implications of taking the standard deduction versus making qualified charitable distributions, particularly for individuals aged 70.5 and older. The guide also addresses the recent IRS changes regarding inherited IRAs and the potential benefits of making catch-up contributions for those in their late 50s or early 60s. Lastly, it highlights the need for taxpayers, especially those with large estates, to review the potential effects of reverting to pre-2017 tax brackets and the implications of the Tax Cuts and Jobs Act expiring in 2026.