2023 Federal 1040 Individual Tax Update [2024 Filings] - 2023 Form 1040 filings in 2024 tax season

This video is about 2023 Federal 1040 Individual Tax Update [2024 Filings] - 2023 Form 1040 filings in 2024 tax season,

Includes updates for 2024 for the topic below:

Top Important updates :

1. The Child Tax Credit in the American Rescue Plan
2. Beneficial Ownership reporting – register with FINCEC
3. High Interest rates on Q4 estimated payment
4. New Clean vehicles credit
5. 1099K Update – show the website
6. SECURE 2.0 (officially known as Securing a Strong Retirement Act of 2022) was included in the Consolidated Appropriations Act, 2023.

Additional topics:

Tax Rates
Capital Gains Tax rates.
Virtual Currency
Stock Options
Social Security Benefits
Cancellation of debts
Adjustments to Gross Income
Alimony Deductions
Standard and Itemize deductions
Few other topics


🔗Useful Links:

🌐 Website: https://www.remotecpainla.com

📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers :https://www.remotecpainla.com


Contact info:
✅Email for any questions: [email protected]
✅Schedule strategy call : https://www.remotecpainla.com
✅LinkedIn: kateryna--khalandach-cpa

Thank you
Kat


On my channel you can find videos on How to Prepare Tax Returns and Use Different Tax Softwares, including Drake, ATX, and Lacerte. My tax preperation tools will be useful for you and I'm here to help tax preparers navigate the world of taxes.

My E-mail: [email protected]

Key Updates Include:
👶 Child Tax Credit: Boosted to $3K-$3.6K - not official yet
📊 Beneficial Ownership Reporting: New requirements for business entities
💰 Q4 Estimated Payments: Increased penalty rates
💼 1099-K Reporting: Status quo maintained
🚗 Clean Vehicle Credit: Exciting developments for eco-friendly purchases
👵 Secure 2.0 Act: Key retirement plan changes
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#VirtualCurrencyUpdates #IndividualTaxReturn #TaxCreditChanges #CapitalGainsTaxRate #TaxPlanningTips

CHAPTERS:
0:00 - Introduction to Tax Updates
1:46 - Child Tax Credit Explained
2:41 - Understanding Beneficial Ownership Reporting
7:03 - Avoiding Penalties: High Interest Rate on Q4 Payments
7:30 - Eligibility for New Clean Vehicle Credit
8:01 - Changes to 1099-K Reporting Requirements
8:27 - Overview of Secure 2.0 Act Provisions
9:24 - Updates on Individual Tax Rates for Current Year
10:23 - Tax Implications for NFT Transactions
10:47 - IRS Virtual Currency Taxation Updates
12:05 - Social Security and Cancelled Debt Taxation
13:12 - Simplified Tax Tips
14:58 - Tax Season Success Wishes