When politicians draft tax reform bills I usually try not to pay attention until they become law, since so few actually do. This tax reform bill is a little different. The Tax Relief for American Families and Workers Act of 2024 is a bipartisan bill that got through the Ways & Means Committee with a vote of 40-3. And since some of the tax changes would be retroactive to 2023, I figured it warranted some coverage. You might want not want to file your tax return quite yet if any of these changes apply to you.
Show Notes
[05.16] Tax Relief Act 2024 – Grant starts off the conversation by sharing the details of the Tax Relief for American Families and Workers Act of 2024.
[10.30] Child tax credit – Grant explains why you might want to wait to file your taxes until the Tax Relief Act 2024 is finalized, especially if you are qualified for the child tax credit.
[13.05] Employee Retention Tax Credit – The ERTC is a tax credit that can be refunded to certain companies and tax-exempt organizations that had employees who were affected during the COVID-19 pandemic.
[18.00] Research development costs – Grant explains the changes made for the research development costs under the Tax Relief Act 2024.
[23.25] 1099 Form – Grant explains how the new Tax Relief Act 2024 can be helpful for people who have to issue a 1099 form.
Resources
https://www.congress.gov/bill/118th-congress/house-bill/7024
https://taxfoundation.org/blog/bipartisan-tax-deal-2024-tax-relief-american-families-workers-act/