Changes which came into effect yesterday will see almost two million people get more in their wage packet.
Financial Consultant Paul Merriman said the changes will also mean more relief for renters and higher tax credits.
Budget 2024 set out an overall package of €12.3 billion last October.
It was made up of a core budget package of €5.2 billion and non-core expenditure of €4.5 billion - as well as a package of once-off measures worth €2.3 billion.
Mr Merriman told Lunchtime Live the measures announced in Budget 2024 came into place yesterday.
"Almost two million people are going to be affected [by] having more in their wage packet, which is brilliant," he said.
"However it's a case-by-case [basis] because we still have high inflation pressures in Ireland and across the Eurozone.
"I think mortgage interest rates are probably going to increase for those on fixed rates or variable rates in 2024 as well.
"The big ticket item here is the standard rate of income tax has gone up by €2,000 - you can now earn up to €42,000 to obtain the lower rate at 20%.
"The other big one here is for renters with the Rent Tax Credit increasing from €500 to €750.
"A lot of people forget that if you're living with somebody - be it in a relationship with somebody or a few people living in a property together - you can all apply for the Rent Tax Credit as well.
"It's not just per house, it's per person paying rent."
Getting tax back
Mr Merriman said the level of Universal Social Charge (USC) has also reduced from 4.5% to 4%, while personal tax credits have also increased across a range of bands.
"It's around €800 on average, but it does depend on your own circumstances," he said.
Mr Merriman said people should continue to claim their tax back.
"The usual advice still stands for people that may want to claim tax back that they may have paid for medical receipts for 2023," he said.
"Since the 1st of January you can now apply to get that tax back.
"So, if you have any medical expenses, prescriptions, GP visits, etc get them in now.
"You have until the end of October to do it, but you might as well get the money back from Revenue as soon as possible".
Mr Merriman said people can apply through the Revenue Online Service (ROS).
