Learn how the administration change, tax legislation and current economy impacts you, your family, and your retirement savings, and gain insight into what you can do to you reduce your tax liability as you plan for 2024's Tax season. Councilor, Buchanan & Mitchell's Director of Tax Services, Richard Morris, CPA, and May Barnhard Investment's Senior Portfolio and Relationship Manager, Gregory Estes, CFA, walk you through this year and beyond.
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Talk to a tax professional about filing your 2024 taxes or ask questions you may have about your specific tax situation: www.cbmcpa.com/contact/
00:00 - Intro & Disclaimer
01:18 - Market Overview
02:58 - Current Economic Conditions
05:49 - Labor Market
07:20 - Overall Picture - Citigroup Economic Surprise Index
08:45 - U.S. Inflation & Fed Funds
11:56 - Break Down of Stock Market Performance
15:20 - Long Term Perspective of International Investing
16:40 - Corporate Earnings: S&P 500 Sector-Level Earnings Surprise
20:51 - Growth Stocks vs. Value Stocks
25:04 - Tax Planning Overview
26:01 - Beneficial Ownership Information Reporting UPDATE
26:45 - Secure Act 2.0 Deadlines: Retirement Considerations
36:21 - Retirement Planning Limits and Inflation Adjustments
37:23 - Digital Payment Reporting: Paypal, CashApp, Venmo and Etsy
38:59 - Clean Vehicle Credit
40:30 - Expiring Tax Provisions: Bonus Depreciation Phase Out and Tax Cuts and Jobs Act Sunset
43:31 - Review 2024 Withholdings and Estimated Tax Payments
44:36 - Individual Tax Brackets for 2024
45:41 - Dividend and Capital Gains Rate for 2024
47:09 - 2024 Standard Deduction
49:00 - State and Local Tax Issues
49:14 - Review of Net Investment Income Tax (NIIT)
49:45 - Estate and Gift Taxes
50:34 - Cryptocurrency/Virtual Currency Transactions
50:54 - Miscellaneous Tax Items
51:00 - Tax Planning Opportunities
51:41 - Q/A
Questions answered:
Will moving to a state with less income tax like Florida or Delaware, save me money in taxes overall, or are there other factors I should consider?
How will the change in administration affect my tax obligations and do you see a big change for the market? What should we be preparing for?
What are some key tax obligations or changes specific to the DMV area that we should keep in mind as we plan for year-end?
With the IRS delaying the $600 threshold for 1099-K reporting again, what should small business owners and casual sellers do to prepare for potential changes next year?
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IMPORTANT DISCLOSURES:
• Neither Councilor, Buchanan & Mitchell P.C., May Barnhard Investments LLC, nor the presenter is affiliated or endorsed by the Internal Revenue Service (IRS) or affiliated with the United States government or any other governmental agency. • • • This material is for information purposes only and is not intended as tax, legal, or investment recommendations.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
CFA - Chartered Financial Analyst is a professional designation offered by the CFA Institute, an organization that measures and certifies the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management, and security analysis. To become a charter holder, candidates must pass three exams, hold a bachelors degree, and complete at least 4,000 hours of relevant professional experience over a minimum of three years.
CPA - Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.