Tuesday Tips: 2024 Important Numbers

2024 important numbers
This week’s Tuesday Tip contains important tax planning numbers for the year 2024. Please watch the video to learn more.
This week’s Tuesday Tip addresses the topic of lowering your lifetime tax bill. Knowing some of the important tax planning numbers for the year 2024 can help. Please watch the video below to learn more. If you would like a free review of your current financial situation, please use this link to schedule a free call. You can find an edited transcript below the video.
Hi, Phil Weiss of Apprise Wealth Management. For this week’s Tuesday Tip, we want to remind you about something that can help lower your lifetime tax bill. At Apprise, we stress the importance of thinking ahead when it comes to taxes. For many, January represents a time to start gathering information for their tax return due on April 15th. Yes, you must file your return. But, if you want to lower your lifetime tax bill, future tax planning will provide much more value than filing your current year’s return. Why? 2023 is over. Maybe you can still contribute to your IRA or Roth IRA. But you can do a lot more to lower your tax bill in 2024 and beyond. You have plenty of time to plan and act. The actions you take now can potentially lower your lifetime tax bill much more than any action you take related to last year’s taxes.

Year-to-Year Changes

In most years, tax brackets change as they are adjusted for inflation. The amounts you can contribute to accounts such as IRAs/Roth IRAs, 401k’s, and HSAs have all increased for 2024. The income cap for each of the different tax brackets also increased. Each year, we put together a document summarizing the important tax numbers for the coming year.

Since we work with women facing new beginnings, we have included information for those who file as “Head of Household.” Oftentimes, those who are widowed or divorced file their returns with this designation. Many other similar tax documents only include data for those who file as single or married filing jointly. Knowing the information in our 2024 Important Numbers Document can help you lower your 2024 lifetime tax bill. If you would like a copy of Apprise’s 2024 Important Numbers document, please send an email to info@apprisewealth.com. We will be happy to send you a copy.

Thanks for listening and have a great day.

Some Additional Thoughts

If you are interested in discussing what tax planning opportunities may apply to your situation or how they could add value to your financial plan, please contact us. We would be happy to discuss them with you.

If you would like to talk to us about creating your life plan as well as other financial topics including your investments, saving for college, and/or saving for retirement, please complete our contact form or schedule a call or a virtual meeting via Zoom. We will be in touch.

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