Financial Guides

Big Tax Changes to Know for 2024

by | Apr 9, 2024

2024 has brought some big tax changes with it. It’s essential to stay informed about these developments to ensure compliance and make the most of available opportunities.

Here are Some of the Key Topics Covered in this Report:

SECURE 2.0 Adds New Escapes from the 10% Early Withdrawal Penalty, page 1

Ordinarily, you must pay a 10 percent penalty when you withdraw your money from an IRA or other retirement account before you reach age 59 1/2.This is in addition to paying the regular income tax in the case of tax-deferred accounts. But there have always been exceptions.

NFTs and Taxes: New Rules and What You Need to Know, page 6

Non-fungible tokens (NFTs) are a type of digital asset that can be bought and sold. Some people have made a lot of money from NFTs. Many people have lost money. Where there’s money, there are taxes. Here’s what you need to know about taxes for NFTs.

Back Again: Dutch-Treat Business Meals—but Beware, page 14

If you go to a Dutch-treat lunch with a colleague or have a member lunch at your monthly chamber of commerce meeting, you face two opposing tax laws:

  • The law that denies your deductions for personal living expenses (food)
  • The law that allows business meals as tax deductions

IRS Makes a Mess of the ERC—What to Do Now?, page 19

The IRS barrage of negative information and intimidation scares many tax professionals and business owners. But here’s the deal: don’t be afraid of legitimate ERC claims.

Beware: New 2024 Businesses and Rentals Trigger FinCEN Filings, page 22

If, in 2024, you start a small business or buy a rental property using a new limited liability company (LLC), you can trigger the need to file new federal reports and keep them up to date.

Businesses and Rentals Existing on Jan. 1 Trigger FinCEN Filings, page 30

Do you use an LLC to own a rental property or operate a business? If so, you likely face the new filing requirement by the Department of the Treasury’s financial intelligence unit, Financial Crimes Enforcement Network (FinCEN), including big penalties and possible prison time for failure to file. More on this later.

These topics are just a snapshot of the tax landscape for 2024. Our aim is to equip you with the knowledge necessary to navigate these changes effectively and optimize your tax situation.

If you have any specific questions or concerns related to these subjects or any other tax matters, please don’t hesitate to reach out to our team. We are here to assist you.

Download the Free Special Report

Big Tax Changes to Know for 2024

Stay informed about big tax changes for this year. 



The information contained in this post is for general use and educational purposes only.  However, we do offer specific services to our clients to help them implement the strategies mentioned above.  For specific information and to determine if these services may be a good fit for you, please select any of the services listed below. 

The 4x4 Financial Independence Plan ℠

The Smart Tax Minimizer ℠ (For Consumers & Home-Based Businesses)

The Smart Tax Planning System for Business Owners ℠

Tax Planning

Coaching and Consulting

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