Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law.
This course will examine:
- the inflation-changed limits effective for 2024 that are most likely to affect your work as an income tax preparer,
- changes to various tax credits,
- retirement account changes, and
- the tax changes taking effect in 2024 as a result of the SECURE Act 2.0.
After completing this course, you should be able to:
- List the 2024 changes in various amounts for items such as mileage rates, standard deductions, other deductions, exemptions, and expenses.
- Identify the 2024 changes affecting tax credits such as the Child Tax Credit and the EITC.
- Recognize the 2024 changes affecting specialized accounts such as HSAs and IRAs.
- List the changes effective for 2024 with respect to employer tax credits and mandates.
- Determine the changes to retirement plans resulting from the Secure Act 2.0 that affect income tax preparation.
