Dear Clients and Friends:
The end of the year is often an opportune time for tax planning, and any year-end strategies should account for the latest tax developments.
While no major tax legislation has been signed into law thus far in 2024—and this is likely to remain the case through year-end—the potential for significant tax law changes in 2025 should be considered. This is particularly relevant following the recent presidential and congressional elections. Many provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025. With President-Elect Donald Trump set to take office in 2025 and a unified GOP Congress, there is a greater likelihood that many of these provisions could be extended or made permanent.
With these factors in mind, here are some tax-related strategies to consider—whether you’re an individual taxpayer, a business owner, or an investor—along with estate and gift planning ideas:
- Tax Planning for Individuals
- Tax Planning for Business Owners
- Tax Planning for Investors and Estate/Gift Planning
Additionally, a key compliance deadline is approaching for many entities:
Mandatory BOI Reporting: Key Deadlines for Entities
Does your business need to file a Beneficial Ownership Information (BOI) report with FinCEN? The December 31, 2024, deadline is fast approaching for many entities. The Corporate Transparency Act requires most small businesses to comply, with strict penalties for non-reporting. Learn more about the requirements and how to ensure compliance.
Please note that the concepts discussed here are intended to provide only a general overview of year-end tax planning based on current federal tax law and are subject to change. We recommend reviewing your personal situation with a tax professional.
