2024 Year End Tax Planning Guide

Besides some IRS inflation adjustments, calendar year 2024 has brought limited changes in individual tax laws. This report focuses on information that could be helpful for individuals in conjunction with tax planning for the calendar year 2024. It also has a section that shares some of the tax laws currently set to sunset at the end of 2025.

Remember, the Tax Cuts and Jobs Act (TCJA) enacted in 2017 brought many changes to the tax code. The Tax Cuts and Jobs Act included many provisions for individuals that took effect in 2018 but are currently set to expire after 2025. One big uncertainty for all taxpayers is what will happen to the tax code after 2025.

As financial professionals, we try to be proactive. The primary objective of this report is to share strategies that could be effective if considered and implemented before year-end.

CLICK HERE TO SEE OUR 2024 YEAR-END TAX PLANNING GUIDE

*Please note that this report is not a substitute for using a tax professional. In addition, many states do not follow the same rules and computations as the federal income tax rules. Check with our tax team, Prestige Accounting Services Group, to see what tax rates and rules apply to your state.