Understanding the Zero Personal Tax Exemption in 2024: Dr. Friday’s Insights

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Understanding the Zero Personal Tax Exemption in 2024: Dr. Friday's Insights
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In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an experienced tax professional, delves into the continuation of the zero personal tax exemption for 2024. This policy, originating from the Tax Cut and Jobs Act passed in 2020, has been in effect since 2018. Dr. Friday explains why the maintenance of this exemption rate is beneficial, despite initial reservations about zero exemptions in taxation. She emphasizes the potential changes in 2025 and encourages listeners with tax-related queries to utilize her expertise as an enrolled agent licensed by the IRS. The episode concludes with an invitation to join her weekly call-in show for more tax advice.

Transcript

G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

The personal tax exemption for 2024 remains at zero. Which doesn’t always sound good when we’re talking taxes, but this is a good thing. Eliminating the personal exemption tax was provided in the Tax Cut and Jobs Act that was passed back in 2020. So if you have a question and it’s been zero since 2018 all the way through 2024, 2025 may be a different story. But if you’re not sure what’s affecting your taxes, what’s not, I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. So you need to call me if you have any questions. 615-367-0819.

You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.