Tax Planning Guide for Businesses & Individuals (2023-2024)

Posted on October 31, 2023December 4, 2023

Year-end tax planning is the practice of evaluating your tax situation and trying to minimize your tax liabilities while looking at your overall financial position. It is also an opportune moment to reassess your estimated tax obligations, forecast cash expenses for the filing deadline, and take measures to prevent penalties from underpaying your estimated taxes. While this can take place at any time during the year, there are certainly actions taxpayers may take now to realize a more favorable tax outcome.

AAFCPAs encourages clients to review our 2023-2024 Tax Planning Guide for Businesses & Individuals to familiarize yourself with sections or strategies that may apply to your situation and discuss with your AAFCPAs Tax Advisor.

Personal Tax Strategies

Accelerating or deferring income
Maximizing or bunching deductions
Making tax-savvy donations
Contributing to a retirement plan
Claiming all possible tax credits
Taking child-related breaks
Timing capital gains and losses
Preparing for retirement plan distributions
Participating in a flexible spending or health savings account
Taking advantage of education savings plans
Making timely estimated tax payments
Incorporating tax strategies into your estate plan

Business Tax Strategies

Selecting or changing to a tax-advantaged business structure
Claiming all eligible credits
Deducting all eligible business expenses
Accelerating or deferring income
Using a tax-smart depreciation method
Qualifying expenditures as repairs
Taking advantage of 100 percent bonus depreciation or Section 179 expensing
Maximizing vehicle-related deductions
Choosing and offering tax-saving employee benefits
Setting up a retirement plan
Using a net operating loss to your tax advantage
Incorporating tax planning into your exit plan
Disposing of obsolete inventory
Optimizing pass-through entity tax
Paying previously accrued expenses owed to related parties

There are many ways AAFCPAs can minimize your tax liability. We welcome the opportunity to help you navigate the upcoming 2023-2024 tax season. Time is limited. Please contact your AAFCPAs Tax Advisor to discuss a tax plan that works this year and beyond.

A special note from AAF Wealth Management

Tax exposure affects the ultimate value of your investments, real estate, trusts, and other financial reserves. AAF Wealth Management advises that clients incorporate prudent tax planning into their overall personal financial plans. We leverage our shared knowledge base with AAFCPAs and apply that insight into your long-term plan while taking tax implications of decisions into consideration.

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