IRS Releases NEW Inflation Tax Brackets...What This Means For You in 2024!

In this video, I discuss the newly released 2024 tax brackets by the IRS, which are adjusted for inflation. I'll explain how these changes may affect you and what steps you can take to reduce your taxes and prepare for 2024. We'll go through the tax brackets, deductions, and credits, and I'll provide examples of how you can optimize your tax strategy. Understanding these details can help you keep more money in your pocket and navigate the 2024 tax year effectively. If you have any questions or find this information valuable, please subscribe to my channel for more financial insights.

0:00 Intro
0:24 2024 Tax Brackets
1:55 2024 Standard Deductions
2:34 Simple Tax Calculator
4:18 Roth Vs. Traditional Retirement plan tax example
4:45 2024 Retirement Plan Limits
5:44 Tax Credit and Deductions
7:09 Retire Early

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
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Information in this video is for educational and entertainment purposes only.
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#travissickle

[TravisSickle]

2024 vs 2023 Tax Calculator…How much will you pay?

[stephenfromme]

Forfeiting over 1/5 of your paycheck for other countries border security is insane.

[SkyClears]

Yup. The amount of taxes taken out of my paycheck basically means i work nearly three months for free. We need to become the America of tea dumping again.

[Kenneth_R]

Honestly all income under $50k should be tax free since you will pay a bunch of taxes (sales etc) already just by paying living expenses.

[kevinkendall]

Do not assume you’ll be in a lower marginal tax bracket when you retire. You have no way of knowing. As an aggressive saver in my 401K and IRA who is now retired, my RMDs and my income’s impact on my Social Security (plus IRMAA impacts) make me wish I had put more savings into Roth vehicles . But at the time I was focused on the tax impact during my working years without knowing the tax pitfalls during retirement because I fell for the idea that retirement tax rates will be lower.

[ericfaley]

I can’t believe the 10% tax jump on single @47, 250. 12to 22% ouch. The middle class gets hit the hardest. IRS has it wrong like normal.

[VelcroElGato]

The tax system in the USA taxes income and not wealth. Build wealth correctly and it can in effect be almost tax free. I love the smell of captalism in the morning!

[marcelinorodriguez]

I feel like my tax preparation is going to up this year negating any saving I would have made

[Lefishn]

Man i wish we had this low tax rates up here in canada

[Maddog]

I pay so much tax in I could support another family a full year 😢

[itz.brandonlee]

I find it how bad thebsystem is we work and taxed already and when we do taxes we still get taxed country is sad news...

[berd]

Thank for the video great information
So can I get a suggestion on
How to get setup
Single and married with $240k
What’s the best way to setup my 401k and maximize my tax deductions

[michaelo]

Can you share the spreadsheet for the tax deduction calculator?

[wendydvb]

At 6:17 you made the single filer have a spouse!

[_K_W]

My taxes are a mess. I need to figure out how I can get more money and pay less

[requirementsrequired]

Nothing changes for me. Taxes are still too high.

[sophialuypaert-vediclifeever]

much less taxes than what we have to pay in Italy, but we are paying for free health care, which americans don't have

[jeffreywillis]

Remember folks, if for example you earn 100k a year, you pay 10% on 23.2k, then 12% on 71.1k, then 22% on 5.7k. NOT 22% on 100k.

[monixx]

22% for middle class earnings is insane

[DaveM-FFB]

Here's what most people don't realize: our federal tax system is designed to penalize salaried and hourly workers (with higher tax liability), while it rewards small business owners and real estate investors (with lower tax liability), for the same exact income. Essentially, workers are pulling the (tax) wagon while investors and business owners are riding in the wagon. Once I realized that, I became self-employed, earned much more income, and lowered my effective tax rate. It's no surprise that the folks riding in the wagon designed the system.