9 IRS Tax Updates You Need to Know | 2024 for 2025 Returns

Here are 9 crucial income tax updates that you need to be aware of for the year 2024 for your 2025 federal tax return. Stay informed and stay ahead of the game when it comes to your taxes! Watch now to make sure you are up to date with the latest income tax updates.

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Ugh 🤦🏾‍♀️ - the CPA in me is always looking at the money! So, if you buy something through a link, I might get a commission.

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As a former IRS Agent, I try to explain federal taxes to defend against an audit. While there are no guarantees, it’s good to have an insiders view.

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00:00 - Tax updates
00:20 - Foreign Earned Income Exclusion
00:45 - EV Tax Credit
01:32 - Capital Gains Tax
02:25 - Health Savings Account
03:00 - Flexible Spending Account
03:28 - Retirement plan hardship withdrawals
04:33 - Earned Income Tax Credit
05:10 - Tax brackets
05:45 - Standard deduction

SUMMARY:
Tax planning for the 2025 tax year just got easier! This video breaks down 9 key changes in 2024 tax laws that impact your upcoming tax return.
Save for the Future & Reduce Taxes:
• Foreign Earned Income Exclusion: Increased to $126,500 for qualified expats.
• Health Savings Account (HSA): Higher contribution limits ($4,150 individual, $8,300 family).
• Retirement Plan Hardship Withdrawals: Penalty-free withdrawals allowed once per year for emergencies (see video for details).
Claim Valuable Credits to Lower Your Tax Bill:
• Electric Vehicle Tax Credit: Up to $7,500 for new EVs, $4,000 for used (check dealer discounts!).
• Capital Gains & Qualified Dividends Tax: More income exempt, potentially reducing your tax burden. (See video for details)
• Earned Income Tax Credit (EITC): Increased credit amounts for eligible taxpayers (see video for income limits and amounts).
Tax Brackets & Standard Deduction:
• Tax Brackets: Increased income thresholds, potentially lowering your tax rate.
• Standard Deduction: Increased amounts for all filers (single: $14,600, Head of Household: $21,900, Married Filing Jointly: $29,200).
Want to Deep Dive? Click the linked videos for more information on:
• Electric Vehicle Tax Credit
• Health Savings Accounts (HSAs)
Stay informed and make smart tax planning decisions!

ABOUT US:
Welcome to Tax Axe! It’s time to learn some federal income tax strategies. It's true taxes can be complicated, so we’re here to help you navigate it. On our channel, we believe you shouldn’t have to pay more tax simply because you don’t have enough knowledge on the subject. Ready to learn?

👉 𝐈𝐟 𝐲𝐨𝐮 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬 𝐯𝐢𝐝𝐞𝐨, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐥𝐢𝐤𝐞 𝐢𝐭 𝐚𝐧𝐝 𝐬𝐡𝐚𝐫𝐞 𝐢𝐭.

👉 𝐃𝐨𝐧'𝐭 𝐟𝐨𝐫𝐠𝐞𝐭 𝐭𝐨 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬

MEDIA COURTESY OF:

[wendyhenry]

Then when I called the number ext 1242 they told me they going to send me a letter in 180 days it's bin pa's that's still in reviewing status

[wendyhenry]

My tax preparer gave me a gov loan with filing which I hot approved for and I went in person to it's 4/15 around that time
E in person was on a Saturday the lady says congratulations it will be 185 days for refund I then checked my status Tuesday it says processing then I checked again it says reviewing

[wendyhenry]

What bout if I'm still waiting on my refund from 2022

[gmarc]

Question: I invested in foreign currency and it’s going to fund. Do I have to pay capital gains or count it as income??? Thank you

[bruceblackwell]

Well if you're on social security because the doctor ordered you to quit working and then social security still wants to tax what they give me every month why is that that is plum stupid