2024-2025 Tax Planning Guides for Business and Individuals Copy
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Year-end tax planning involves a comprehensive review of your estimated tax requirements, anticipated cash outlays, off-season filing deadlines, new and expired tax laws, and relevant tax breaks. By taking a well-thought-out approach, taxpayers may optimize their retained, or after-tax, earnings and avoid penalties.
This being an election year, our team is closely monitoring potential tax policy changes, which may arise from the incoming administration. While the outcome of the election could influence whether these are extended or modified, now is an opportune time to begin tax planning.
AAFCPAs wants to ensure clients have the tools and insight they need to claim all the tax breaks to which they are entitled. We encourage clients to review this guide and the many strategies available for both personal and business filing. The sooner you get started, the greater your advantage when it comes time to file your 2024 returns.
Personal 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 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 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 2024-2025 tax season. 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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