2024 Personal Tax Guide

Clarity Amidst Complexity: A Practical Guide to Planning for Your Future

Global conflict, political turmoil, the downfall of several financial institutions, progress in AI technology, and increasing worldwide natural disasters: 2023 was unequivocally a noteworthy year. On the tax front it was seemingly quiet without any major tax law enactments. However, a great deal of previous tax legislation impacts 2023 and future years. The Secure 2.0 Act, which builds upon the provisions of the original Secure Act of 2019, contains many provisions which help promote retirement savings. The American Rescue Plan Act of 2021 (“ARPA”) expanded the earned income tax credit while the Inflation Reduction Act (“IRA”) expanded the available tax credits, tax incentives, and other funding opportunities to help build our clean energy economy.

The new year is a leap year and promises a total solar eclipse, the Summer Olympics, a return trip around the moon, and a presidential election. AI is again expected to be the biggest tech trend. The outlook is improving, yet the economy still faces challenges as we navigate the obstacles in front of us. Congress heads into the year facing several tax issues including addressing the expiring tax provisions of the Tax Cuts and Jobs Act (“TCJA”), pending regulatory guidance, and the Supreme Court ruling in the significant Moore case expected in the spring or summer of 2024.

The tax code can be a challenge for even the most accomplished tax professionals. As editor-in-chief, I’m proud to present the EisnerAmper 2024 Personal Tax Guide which has contributions from more than 40 EisnerAmper tax professionals. Our goal is to minimize the complexity of the tax law by presenting the information in a straightforward manner; providing relevant summaries, charts, examples, and tips that can be readily implemented. All major tax law changes through February 14, 2024 have been included in this guide. As in the past, we hope the information provided will enable you to minimize tax exposure, accomplish your financial objectives, and preserve your family’s wealth. The guide provides tax information and summaries from a high level and we recommend you discuss any tax planning with a qualified tax professional prior to implementing these strategies.

Lisa Cappiello
Tax Partner
Editor-in-Chief