Tax Planning and Updates 2023 and 2024

Event description

Date:  Wednesday, April 17th, 2024

Time:  11:00am - 12:00PM

Attention Small Businesses!

Discover tax updates, strategies to lower taxes, business deductions, and Secure Act 2.0 in this webinar.

2023 and 2024 Tax Rate Update

-Income tax rate
-Capital gain rate
-Estate tax rate

Strategies to Lower Taxes

-Retirement contribution- individuals and business owners
-Contribution limits and phase out rage
-Itemized deductions vs standard deduction
-How to maximize itemized deduction with charitable contribution & RMD
-Health saving account contribution
--Electrical vehicle credit
-Rental loss
-Kiddie Tax

Business Deductions

-Children-employees
-Daycare reimbursement
-Tuition reimbursement
-PTET
-QBI deduction
-Assess purchase

The Secure Act 2.0

-RMD update
-Matching Roth account
-Emergency account inside retirement account
-Paying off student loan debt qualifies as contribution and             employer matching
-Convert 529 account to Roth IRA Automatic enrollment in -401(k)/403(b)

Presenter: Chunyee Wong Miot, CPA PC