2024 YEAR-END TAX PLANNING
11/21/2024
After years of pandemic recovery, followed by years of high inflation, 2024 saw the return of a quiet economic year. This was also true from a tax standpoint. While the IRS has continued to churn out guidance relating to the Inflation Reduction Act of 2022 and the SECURE 2.0 Act, most other areas of taxation are likely to be stable through the end of the year.
That isn't to say that 2024 was quiet across the board. After a highly contentious election, Americans voted to return Donald Trump to the White House on November 5. Much of Trump's tax agenda focused on the Tax Cuts and Jobs Act of 2017 (TCJA), the majority of which is set to sunset at the end of 2025. How the impending sunset is handled will be a critical issue throughout the next year.
But the sunset of TCJA is a 2025 problem, for the end of the 2024, the best plan is a continued application of tried-and-true year-end tax strategies from years' past. While there are always new strategies to consider, and indeed there are some changes from recent legislation that are in effect for 2024, the simple tactics of deferring income and increasing current deductions are the best bet for the next few weeks.
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